Monday, August 15, 2022

How Much Is My Car Worth Trade In

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How Much Is My Car Worth? – Getting The Best Trade In Value For Used Car

Looking to find out what your vehicle is worth? Now you can in under 30 seconds with our Instant Vehicle Value Report. We use a database filled with every vehicle available for sale in Canada to determine what the resale value of your car, truck, or SUV is. Simply type your vehicle year, make, and model into the search box above and get the value report instantly. Once you get the report, you can enter your postal code and vehicle mileage to find out what your vehicle is worth in your local area.

Using our vehicle value report is fast, easy, and secure. Ready to get started? Simply start your search above. Have a specific question? Enter it into the contact box below and we will get in touch with you right away!

What Is The Difference Between Blue Book And Black Book Values

Though they are sometimes mistakenly used interchangeably, Black Book is an automotive industry tool aimed primarily at dealerships, while Kelley Blue Book is directed at the average consumer. A consumer would use Kelley Blue Book to determine his or her car’s trade-in value, browse new and used car listings, and get in touch with a dealership to get more information on a given vehicle. As for Black Book, a dealer would use it to establish the value of a trade-in or determine an accurate price for a used car.

Kelley Blue Book, Edmunds and Black Book all look at millions of data points from dealer and auction sales to determine the market value of a vehicle. Kelley Blue Book and Edmunds both offer the option to get aninstant offer on your vehicle.

Dealing With The Dealer

Even if you are considering selling privately, theres no harm in at least hearing what a dealer would offer you and finding our what your Mazda CX-5s trade-in value is.

Be sure to get your car properly cleaned and detailed before trying to negotiate a price, just as you would if you were selling privately. And the key word is negotiate, remember that a dealers first offer is just that, an offer, and they always have room to move. Also remember that you, as the seller/buyer are in a strong position and if you dont like their offer, you can take your business, and your car, elsewhere.

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Always remember that the dealer is likely to offer you anywhere up to 30 per cent less than he or she believes they can sell your car for later, and if its worth that much more, you might be able to get that figure for yourself.

Once youve got a price from the dealer, check our Price Tool and search for similar listings to see if you can do better privately. Then it simply becomes a question of how much convenience is worth to you – time vs money.

As is always the case, the newer, cleaner and straighter your car is – and the fewer kilometres it has on the clock – the better price youre going to get.

Its also worth considering getting an independent evaluation of the trade-in value of your car before you approach a dealer.

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How Does Part Exchanging Work

Part exchange, or part ex is when you sell your car to the dealer and pay the difference for your new car. You might want to consider part exchange if you own your car outright and you want to upgrade it for a more expensive or newer car. It can be helpful to value your car online before you go to the dealership so you have a figure in mind when you negotiate the part exchange value. Read our guide how can I part exchange my car?

Can You Trade In A Leased Car For Another Lease

Car Trade

Yes and no. Depending on where you are at in your lease term, it may not be financially advantageous for you to do so. Working with your dealership, they can act as your liaison with the lease company to calculate what your contract obligations are to see if it makes sense to payout your obligations or roll it into your new lease. The leasing company may not be willing to take on excessive debt and deny the new lease.

The new lease will include all of the fees and penalties from your original lease and add them onto your new lease, so it usually more expensive. So any costs you incur because of excess damage or annual kilometre penalties get added to the new lease, but that also means the cost is spread out over the lease rather than all up front. If you can take that extra financial hit, there are plenty of times when it can make sense.

You can read more about this situation in our guide to getting out of a lease early.

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How Much Is My Car Worth

Whether you’re buying or selling a car, you’ll want to find out its real value.

Our free valuation tool gives you an up-to-date price based on the car and its mileage.

  • Find out a car’s value, whether it’s being sold on the forecourt, as a private sale, or if it’s being traded in.
  • Our free valuation tool gives a car’s price instantly.
  • All you need to know is the car’s number plate and mileage.

The valuation report will tell you:

  • Details of the car – its registration date and MOT history
  • Price for selling privately – in very good to excellent condition
  • Trade-in price – how much you’d be offered for it as a part-exchange
  • Forecourt price – how much you could expect to pay for it if buying from a dealer
  • Quicksale price – the price you might expect to be offered if you need a quick sale

Here’s an example of what a valuation report looks like:

All you need is the registration and mileage.

How Soon Can You Trade In A Financed Car

Once youve got a car loan and made a car payment, you can typically trade-in your car after several months of making on-time payments.

How soon you can trade in depends on the type of finance contract thats been created with your dealer.

It is better to wait a bit before trading in your car usually a brand new car usually depreciates by 20% or more in the first year so it will be better to wait for at least 6 months.

If you try trading in your car before the depreciation happens, you might get less than what you owe on your loan so it is best to wait for the value of your car to go down before doing any transactions with a dealership.

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If You’re Trading In Your Vehicle

When filling out an appraisal form, you’ll often be asked if you want an instant cash offer. The offer lets you sell your vehicle at participating dealerships. Alternatively, you can simply take your car to the dealership and ask the staff to appraise it. Regardless of the route, you’ll want to have a reference point to see if the dealership’s trade-in offer is in the ballpark. This is where the Edmunds trade-in value comes into play.

The process is simple. Just compare your trade-in offer with the Edmunds trade-in value. If the offer is more than that value, you’re in the best-case scenario and should take the offer. If the offer is less than the trade-in value, it could be due to a number of factors. Sometimes the dealership has too many vehicles like yours on the lot. Perhaps you made an error in selecting optional equipment, or you were too optimistic about your car’s condition. Or perhaps market conditions have shifted, as they did at the beginning of the COVID-19 pandemic, and online tools haven’t caught on to the trend.

Ultimately, keep in mind that the appraisal is an educated guess. The more real-world offers you get on your car, the better feel you’ll have for its real-world value.

Is A Car Warranty Transferable

How Much Is My Car Worth?

Usually, yes.

If you buy a used car and the car is still within the original manufacturers new car warranty, the warranty transfers to you as the new owner. The warranty is connected to the Vehicle Identification Number , a 17-character identifier thats unique to every vehicle. But as the second owner, knowing the length of the remaining coverage can be tricky. Warranty coverage starts from the date of the vehicles original purchase and is not based on the model year alone. This could mean almost a year of additional coverage or a year less of coverage depending on when the car was purchased. Warranties have both a time and a mileage limit, so you might have bumper to bumper coverage for 36 months or 36,000 miles, whichever comes first.

One more thing to know: there isnt just ONE warranty on a new car. What you might think of as a single warranty is made up of different coverages for different parts, and each part may have its own coverage terms and duration. The powertrain might be covered for 4 years but the rust-through coverage might be 10 years. So even though your cars bumper-to-bumper warranty mightve lapsed 5,000 miles ago, there may be parts of the vehicle that are still covered.

And were sorry to be the bearer of bad news. But generally NO warranty will cover wear items like the brakes or wipers or things like a broken windshield. Youre on your own there.

To get the whole story on transferable warranties, read full article

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Find Out What Your Car Is Worth

Enter your vehicle information above to get started. It’s super quick, like 30 seconds.

Our database compares your vehicle to similar vehicles locally & gives you an instant value report.

If you choose to sell, we will make an instant cash offer online, where you can redeem right away at our buying centre.

You are paid cash the same day! Or you can apply your cash towards a new or pre-owned vehicle and get a tax credit!

Tips To Get The Most For Your Trade

Now that you know how to find your trade-ins value, did you know that there are a few different ways that may help you get more for your trade-in? Its possible, and these four tips could help:

  • Keep it clean You dont have to have your vehicle detailed necessarily, but you should make sure its given a fresh look. Remove any stains, vacuum, dust, and give it a nice wash. A little bit of tidying up can go a long way when it comes to value.
  • Fix small things Any small dents and scratches should be fixed before you trade it in. However, if your car needs major repairs, it’s typically not in your best interest to spend a lot to fix them dealerships can usually take care of repairs at a much cheaper cost once they have your trade-in.
  • Provide service records While you dont have to have service records to trade in a vehicle, its smart to keep them on hand. This shows dealers that you kept up with the maintenance schedule and took good care of your car, and helps you in case they ask questions about a repair or the condition of certain things.
  • Remember, if a deal isnt good, or a dealer isnt willing to negotiate, you can always walk away. Nothing is official until you sign the documents.

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    What Is The Difference Between Redbook And Black Book Car Values

    RedBook is an Australian vehicle valuation and information website. RedBook has a history in print dating back to the 1940s. It has since expanded to New Zealand, Malaysia, Thailand and China. Black Book is an American company that provides car values primarily to dealerships. It was founded in 1955 and is now based out of Lawrenceville, Georgia.

    If you were a car shopper in the Asia-Pacific region looking to determine the trade-in value of your vehicle, you’d likely use RedBook. If you were a car dealer in the U.S., Black Book would be one of many tools you’d use to determine the value of a vehicle on your lot. Most typical car shoppers would not have access to Black Book, so they’d have to use another tool.

    Here on Edmunds, we can bothdetermine the value of your vehicle and provide you with aninstant cash offer on your trade-in.

    How To Compare Car Prices In Your Area

    YOUR CAR HAS VALUE! We let you use it as collateral to get ...

    After getting a few car value estimates, its a good idea to compare your cars appraisal to what the vehicle is being sold for in your area.

    Look at popular used car marketplaces like Craigslist, eBay Motors, Facebook Marketplace, and Autotrader that advertise local used vehicles for sale. Start by searching for your cars specific make and model, with a similar model year and mileage. It doesnt need to be an exact match.

    This should give you a good idea of what your car is actually worth. For example, if KBB estimates your cars value at $10,000 but used models in your area are going for less than $7,000, its a good indicator of what your car will really be worth when you sell it.

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    What Can Decrease The Value Of My Car

    Modifications: You may have liked what youve done with your car, but when you come to sell it, prospective buyers may not be too thrilled with the bright pink paintwork or in-your-face body kit. Although to your taste, it may not be to the next buyer and may be worth less as a result. A car is only ever worth what someone is preparing to pay for it.

    Damage: From the odd stone chip on the cars bonnet to more substantial damage to the bodywork and paint, if theres something that needs to be fixed, this will be factored into the price that you are offered for your car.

    Wear and tear: The odd mark or interior stain is fine, no one expects a used car to be 100 per cent perfect, but signs that parts need replacing or the car will need costly repairs to bring it up to a decent standard means that buyers – whether a dealer or private – will factor that into the price that they offer you for your car.

    The number of previous owners: A car with a lot of owners in a short period of time may be a sign that this is a problem car. Again, this is likely to be reflected in the price youre offered for your car.

    Why Should I Get A Car Valuation

    Discover a car’s value* in seconds. Our free car valuation report gives you an idea of the market value of your car. Whether you’re buying, selling or part-exchanging, it pays to do your research so you don’t get stung financially:

    • When buying a car, you want to make sure you’re not paying over the odds and getting a good deal for your money.
    • If you’re selling a car, knowing how much to ask for it isn’t always straightforward. Undervaluing a car could mean you losing out some of the cash value while overvaluing could make it a hard sell.
    • If you’re thinking of part-exchanging, you don’t want to feel pressured into accepting an offer without knowing if it’s a good price or not.

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    How To Close The Dealand Sign Papers

    Always go in prepared and organize all documents for the sale including your drivers license, insurance documents, car keys and registration. If you want to modify your current loan terms such as interest rates or loan length, make sure to take copies of them with you.

    Dont forget that you can also sell your car to a private deal.

    A contract will be created between you and the dealer when you finalize the transaction. Make sure to read all details carefully and ask questions if anything is unclear.

    If You’re Shopping For A Used Car At A Dealership

    What Is Your Trade In Car Worth In 2020

    This option is for people who are buying a used car, not selling. In this case, go on Edmunds and enter the details of the vehicle as if it were your own. The dealer retail value will be the most pertinent to you. This is an estimate of what you’ll pay for that same car at a dealership.

    The dealer retail value gives you a reference point. It shows whether or not the advertised price is a fair or great deal. If the dealership’s asking price is higher than what you see on Edmunds, you can reference it and ask the dealer to match or beat that price. This sort of “informed negotiation” typically goes over better with a salesperson since it shows that you’ve done your research.

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    Can I Trade A Vehicle That I Still Owe Money On

    Life changes fast, and sometimes your vehicle needs change quickly, too. Maybe your family is growing and you need more passenger room, or perhaps your job has moved and you need a more fuel efficient ride. Whatever the circumstance and whether your car is paid off or not, trading is always an option.

    If you have positive equity in your vehicle , your trade-in vehicle will be paid off and the additional money will be applied to your new purchase as a down payment.

    If you have negative equity in your vehicle , the amount you still owe on the old vehicle will be applied towards how much you owe on the new vehicle.

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