Would you buy a new car if you knew you’d get a fair trade appraisal for your current car? It’s something that tons of customers are concerned about, not just you. Just because you want to buy a different vehicle, it doesn’t mean you think your current vehicle isn’t worth anything. Why is it so many dealers want to low-ball you on the trade appraisal? Look, at Jay Wolfe, we understand. Your car has value to you, and not just sentimental value either. And because we want you to buy from one of the Jay Wolfe dealerships, you can always count on a fair trade-in value.
How Your Trade Appraisal is CalculatedPerhaps it helps to understand how your trade-in value is calculated. First, your car’s details are determined. These are things like the year, make, and model. It’s also important stuff like the trim level, the VIN number, and your title status. Next, one of our specialists takes a peek at your car’s condition. They look for details that make a difference for the trade appraisal. It could be damage to your car like scratches or dents, or worn-out tires that will need to be replaced for reconditioning. They also look for items that increase your car’s value, like popular accessories or new tires. If your car is in better than average shape, the appraiser takes notice! Then, the trade appraisal compares your car’s information with others in the industry. They use information from Kelley Blue Book and other industry tools to determine a fair trade-in value. They also take a look at comparable vehicles locally before assessing the trade value.
Why Does the Trade Appraisal Seem Low?There are a couple things to consider if you think your trade appraisal is lower than you expected.
- The appraised value doesn’t calculate the tax difference you receive. Your trade-in value is actually higher than that number you’ve been given.
- The trade appraisal is for your car in as-is condition. If you sell it privately, you’ll need to do repairs or at very least, get your car certified. When you trade it in, Jay Wolfe takes care of that stuff instead in the reconditioning process before it’s resold.