What Is My Trade In Worth
What Is My Trade In Worth – How much is my car worth? Find out how to determine your car’s value before you go to the dealer.
When it’s time to upgrade your car, the first step is to get rid of your current car, and you’ll have two options: sell it or trade it in. Buying and trading have their pros and cons, but before you decide which is best for you, you’ll want to know how to determine what our current car is worth to help you budget for your new car.
What Is My Trade In Worth
Fortunately, there are pricing tools available to answer the question, “How much is my car worth?” We’ll go over these tools and provide an easier way to use them below.
Question About Trade In Value
To get the current market value of your car, you can spend hours surfing the internet looking for similar cars for sale and their prices. The problem is, age, make, and mileage are just a few variables that affect the price of your car. You should also consider condition, Carfax history, color, location, financing price and more. You can also skip all the steps and check out a car rental service that does all this work for you.
Sites like Kelly Blue Book have data on new and used cars to determine their value, value of accessories and more. They will determine the resale value based on the condition and mileage of your vehicle and whether you intend to use it as a trade-in or private sale.
Canadian Black Book used to offer a separate vehicle valuation tool, but has since been pushed back to only offering trade-in valuations.
Trading in your vehicle is a tax incentive, which can add another layer to determining the value of your vehicle when you sell it separately or trade it in.
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For example, you can buy a Honda Civic privately for $11,000 or trade it in for $10,000 in Ontario. Private sale may seem like a difficult matter in this case. However, the total value of the vehicle at the dealership is $11,300 if you consider that you only pay sales tax on the difference between the value of your vehicle and the new vehicle being sold. Since Ontario has a 13% HST, that’s a $1,300 tax savings ($10,000 x 0.13 = $1,300), so the total value of your vehicle, including the tax savings, is $11,300. That’s $300 more than retail.
These valuation sites are free, but there is no guarantee that you will get the correct value for your vehicle. This service gives you a wide price range, but the final purchase price depends on the demand for your vehicle in your area and the constantly changing market conditions.
When you sell your car privately on the public market, you must set a first asking price for your used car. Both the Canadian Black Book and the Kelly Blue Book can give you a good shot at your vehicle’s value.
The Canadian Black Book does not provide an opportunity to seek compensation for certain groups. It only offers retail prices.
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In Kelley Blue Book (KBB) click on the “Select Model” drop down menu and select the type of vehicle, do the same for model and click “Search”. We will use the 2018 Ford Focus Titanium 4D Sedan for this example.
Scroll down to find and click on the year, fuel type and transmission that match your vehicle on the next page. Then click on the trim level and body style that match your vehicle.
On the next screen, click on “Personal Vehicle Value”, then enter your vehicle’s mileage and condition. For example, we chose 50,000 km in “Very Good” condition. If you want to add more tools, click the “Change optional tools” button.
For our model, the Ford Focus, KBB estimates a single-unit value of $20,703 and a reasonable price range of $19,856 to $21,551.
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When shopping for your car, CBB and KBB are great resources but it is recommended that the values are lower than the individual group values. This is because dealers have to pay their own purchase and repair costs for the vehicle.
If you use CBB, click on “Track Your Vehicle” at the top of the home page. Scroll down to “Get Your Trade-in Price” Start entering the year, make and model in the “Enter Vehicle Number, Make and Model” text box and then select your vehicle from the list.
Enter the kilometers and zip code as prompted and click “Next: Transport Options”. We use the previous information: K2H1A1 for our zip code, 2018 for the model year and 50,000 for the mileage.
Next, select your vehicle options and click “Next: Your Profile”. Enter your personal information when prompted, including phone number, address, and more. Scroll down to select your next car to buy when you trade in your current car.
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Check the box to accept the terms and conditions and then click “Verify your phone”. Make sure your phone number is correct and choose whether you want to place an order or call. Enter the PIN you received on your phone and click “Get Value” to get your purchase value.
In KBB, the process is the same as finding the value of a used car of a certain group. Click on the “Select Make” drop-down menu and select the vehicle manufacturer. Click on the “Select Model” drop-down menu and select your vehicle model. Click on “Search”. We will use the 2018 Ford Focus Titanium 4D Sedan for this example.
Then scroll down and click on the year, fuel and transmission that match your vehicle. Then click on the trim level of your vehicle.
On the next screen, click on “Trade-in value”, then enter your vehicle’s mileage and condition. For our Ford Focus model, we chose 50,000 km and in “very good” condition.
Value My Trade
If your vehicle has optional equipment, click the “Change Equipment Options” button and select its options. KBB will record the value of your vehicle as a trade-in.
For our model, the Ford Focus, KBB estimates a retail value of $12,479 with an expected trade-in range of $11,663 to $13,295.
These pricing tools show the value of your vehicle but not the full value. Other variables that KBB and CBB do not take into account can affect the value of your vehicle. Here are some variables to consider:
Car buyers want a vehicle that holds up and a full service history record is a great way to show that you’ve taken good care of your car. With these listings, you can expect the seller to pay at the upper end of the price range for your vehicle.
How Much Is My Trade Worth?
If a dealer tries to trade you in, use the impeccable service history as a selling point for your car. The best way to prove this is to keep all your service numbers or take your car to a dealer who records your service history on their Carfax report.
The history of the vehicle is another concern in the car buying process. If the vehicle has been in an accident, flooded or damaged, its value will decrease. If your car has no problems and you want to prove it, just send a Carfax report to show the dealer.
Many people try to sell their cars privately and compare the price of their car to what the dealers are selling it for. After weeks of not selling the price has come down but wonder why dealers are able to sell this car for others.
If you buy a Toyota Corolla, should you pay $15,000 to Joe from Mississauga? Or buy this Corolla from a large, reputable dealership that sold hundreds of similar cars last month for the same price. Most people choose the latter.
Selling Or Trading In Your Car To Carvana
Getting a valuation from KBB or CBB does not guarantee what you will get for your vehicle at a sale or private auction. This is only an estimate based on the data available at the time. Then there’s the problem of going to a used car dealer to get the right value when they try to sell you a car. You can also skip the hassle of listing a car for sale privately and wasting time on emails, texts, phone calls, small fans, tire kicks and unnecessary showings.
You can answer your question, “How much is my car worth,” and skip all that pain with Clutch, Canada’s first 100% online car dealership. We have an online car rental tool that gives you a great price after entering a few details about your car.
All done from the comfort of your own home when it suits you. Avoid the hassle of taking your car to the dealership and waiting for a used car dealer to personally inspect it to get your car’s value. Find out how fast and hassle-free it is to buy a car today.
You can use this offer to replace your car with a clutch engine before you buy it from us. Either way, we’ll collect the vehicle and take care of the paperwork, saving you time and stress.
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