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Why Your Car's Trade In Value May Be Lower Than Retail Value
Why Your Car's Trade-in Value May Be Lower Than Retail Value
Your car’s resale value would differ depending on how you plan to sell it, particularly, if you plan on trading it in to a dealership, be prepared for it to be priced lower than its value.
Unlike selling the car directly to a private buyer who will end up using the vehicle, car dealerships typically plan to turn around and sell the car for as much of a profit as they can. Most dealerships make a lot of money on vehicles that are traded in. These departments offer minimal trade-in value on your used vehicle before selling it at a much higher value.
Another reason that your car’s trade-in value is lower than retail is that many trade-in vehicles need to be reconditioned. After receiving the car, the dealership will put some money into washing detailing and possibly even fixing worn out or broken parts. Thus, a dealer needs to offer a trade-in value that’s below the car’s retail value so they can still make some money when reselling it.
If you are planning to sell your car but would like to get the most value out of it, we offer you another option. You may not want to deal with the hassle of trying to sell your used car yourself so we make the process very simple! Don't believe us? Fill out our quote request form, and we will make you an offer that the dealership won't beat. Once we receive your inquiry, we will be in touch with you as soon as we can, and we'll make you a prompt offer.
If you are ready to sell your car, please visit our HOW IT WORKS FAQ webpage for details about how it works, appraisal value, required documents and other details.
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