What Determines Vehicle Trade-In Value?

trade-in value | Crest Cadillac | Brookfield, WI

Key Factors for a smooth Trade-in

Many car shoppers trade in their old vehicles when they get a new one. However, it can be difficult to know how much your old car is worth. Even if your car is like-new, the value is often determined by demand, though condition definitely plays an important role in shaping trade-in prices.

 Age

According to CarsDirect, the year, make, and model are among the biggest factors that determine trade-in value. Newer cars tend to sell easier than old ones, and the specific make and model are also important. For example, Cadillacs often have high resale values because their luxurious and intelligent designs hold up well over time.

 Condition

Next, the condition and mileage play major roles in a vehicle’s trade-in value. Generally, average drivers put 12,000 miles on a car per year. If your car is five years old and has less than 60,000 miles, it is worth more because it was used less than comparable vehicles. Alternatively, if it has more than 60,000 miles then it may take a dip in value. Of course, it also matters if your car was in any accidents or has any rust, as these will affect value as well.

Demand

Finally, desirability or demand can outweigh any factor. Cars that are in demand are easy to sell, and vice versa. Keeping up with car magazines and websites will let you know what’s in demand at the moment, whether it’s better to sell your coupe now or wait a few months. Now that you know what affects trade-in value, you’ll get more out of your car shopping experience. We at Crest Cadillac are happy to help you navigate the trade-in process.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>