Value Your Trade
What Determines Value When Trading in Your Car?
We generally look at five factors to determine a used car’s trade-in value. Those factors are the age of the vehicle, its mileage, its make and model, features, and local market demand.
Age of the Vehicle
Your car’s age can be the top factor when determining your trade-in value because age can indicate a few things about your vehicle. An older vehicle is likely to have wear and tear, thus driving down its trade value. An older vehicle may have required more work on its mechanics, which also decreases its value. Cars from a more recent production year may be worth more because they likely have more original parts, intact interiors, and newer technology under the hood and in the infotainment center.
Newer tech and clean interiors are good qualities in a used car, but sometimes, older cars can increase in value. For example, an older car that recently received a brand-new engine may be worth more than a slightly newer car with an unrepaired engine. In short, your vehicle’s age is just an indicator, and other factors help determine your car’s total value.
Mileage
How often did you use your vehicle? The less mileage your car has, the less likely it is to have wear and tear on its mechanical parts. An engine is full of moving parts that can grate on each other and may require replacement after a significant amount of traveling. A car with lower mileage may have received proper care and is almost like new. The closer your car is to a like-new condition, the higher its trade-in value may be. In this way, the mileage can indicate your car’s condition.
Make and Model
The make and model of your car can affect its value because some manufacturers are more popular than others. Also, some models and trims from the same manufacturer are standouts. If your car is closer to a luxury trim, it may be worth more than the standard trim of the same model because it still has the advanced technology and luxury interiors it had when you bought it. Additionally, a specific model with good reviews and reliability ratings may be worth more at a trade-in than a model that isn’t as popular.
Features
Luxury features on your vehicle can increase the trade-in value. For example, sunroofs, premium speakers, or leather interiors are specific features that not every model has. These features can make your car more desirable on the used car market, increasing its trade-in value. If you have kept those features in pristine condition, you can cash in on them when trading in your car. Likewise, premium models with upgraded features will likely have a higher value at trade-in.
Local Market Demand
The local market demand refers to the customer demand for specific types of cars in your area. We are responsible for reselling your vehicle, but the local market sets the resale price. If customers in your area are interested in cars that match your model, you may receive a higher value than you would in another part of the country or at another time.
We take the market and customer demand into account, so you always get a fair price. For example, you may own a premium truck in a rural area where there aren’t many other trucks available for resale. You may receive a higher value than you would in a more metropolitan location with less use for utility vehicles.
What Are the Benefits of Trading in Your Car?
Once you know the value of your car, you can decide to trade it in to reap the benefits. Here are some reasons you may want to trade in your vehicle:
Save time and Money
It takes extra time and money if you repair your car, advertise a sale, and find a buyer by yourself. For example, you may need to pay for additional inspections to ensure that your vehicle is at the resale quality that your customer wants. You may also pay a fee to use resale sites to put the word out about your car. We can handle all these tasks, and the process will be much easier for you.
Get a Fair Price
You can get a fair price from our dealership because we use the same factors for every trade-in. We are happy to talk through the value of your car with you to be sure you are getting fair value. Additionally, we have a broader reach because we have established advertising channels in the used car market that bring in more customers than a single seller may be able to access. That means we can provide you with a better price than a single customer.
Get a Discount on a New Car
You can apply your trade-in value to a new vehicle from our dealership. You can use that value to lower the auto loan you take out to afford a new car, reducing your interest rates and allowing you to pay off your loan sooner. Also, you won’t need to transfer funds or wait for your payment to go through.
If you have an old car you are looking to get rid of, trading it in is a great option, and it can help you get closer to affording the vehicle of your dreams. You can make an appointment with our finance center to learn more about how to trade in your car. If you are looking to upgrade, you can also browse our inventory of exciting new models from Hyundai.