How Much Is My Trade Worth?

This is a question that I frequently get from customers on the phone or by email, and it’s not an easy question to answer. There are a lot of things that go into appraising a vehicle, and doing this by phone or email is difficult.

The easiest way to find out what your trade is worth is to bring your vehicle to our dealership for a free professional appraisal. This is something that generally takes 5 or 10 minutes if we aren’t very busy, and about another 5 minutes if you are waiting for us to crunch the numbers for you at the dealership. It can take longer to crunch the numbers if your vehicle is something we don’t typically see at our dealership. In extreme cases, like if you have an exotic car or a limited edition luxury car that we don’t typically sell, it can take a couple hours for us to hear back from the wholesalers we work with.

Car salespeople don’t exactly have the best reputation with the general public. A recent survey by Gallup found that the only profession less trusted than car salespeople are lobbyists. And most buyers want to be sure they are getting a fair deal. The best way to make sure you are getting a fair deal is to do your homework. Our professional sales staff can walk you through the market-based pricing that we use to value your trade as well as third party sites with trade pricing information.

When looking at trade values, it is important to know the difference between a trade price, third party sale price, and retail price. When researching the value of your trade, it is important to make sure you are looking at trade prices. If you are selling your vehicle to a dealership, the dealership is not going to pay a retail price.

This is also something that you can research yourself at home. One of the best resources out there for valuing your trade is Kelley Blue Book Instant Cash Offer. Kelley Blue Book began doing Instant Cash Offer about two years ago. This is one of the tools that we use at the dealership to make sure you are getting the best price for your trade. When we do our appraisal, if the Instant Cash Offer is higher than our appraiser’s number, we use the Instant Cash Offer number. If our number is higher than Instant Cash Offer, we use our number.

You can find the website for Kelley Blue Book Instant Cash Offer by clicking this link. The downside of doing this at home is that Kelley Blue Book requires your contact information to get the Instant Cash Offer and you will be contacted by one or more dealerships trying to buy your vehicle. The benefit to doing this at our dealership is that we have the dealership app from Kelley Blue Book which does not require you to provide your contact information to Kelley Blue Book.

Aside from Kelley Blue Book Instant Cash Offer, there are several other websites that can provide pricing information for your trade. Some of the more popular ones are Kelley Blue Book, NADA, and Edmunds. The downside is that these websites don’t buy and sell vehicles. They are offering an opinion, not a check. Additionally, the information they provide is only as accurate as the information you enter in for your trade evaluation. Very few trade ins are in perfect or excellent condition. I’ve seen fewer than 5 in the last two years.

If you are ready to have a professional appraiser evaluate your vehicle, give me a call at 812-331-2200 and ask for Robert Kobey.




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How Much Is My Trade Worth?