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What Is A Fair Value For My Trade In?
After working in the automotive industry for the past 10 years, and been appointed the used car manager for the last 2. I have been asked these questions time and time again by customers, here are some of the most common scenarios when it comes to trade in evaluation.
1. Does a clean car affect my trade in value? No, people often think if their vehicle was clean it will get them a higher trade in value. Often enough it is the opposite effect due to several factors. 1. A clean vehicle will show more scratches, imperfections in the paint work, and any dents or body damages. It will almost certainly devalue your trade in amount rather than a increase.
2. Will my car be worth more if I fixed the repairs? No, mechanically if your vehicle needs work, by spending on the repair bill you are only bring your vehicle to a proper working condition. But it will not increase the value of your car in anyway. There is a difference between upgrading a vehicle versus repairing a vehicle.
3. What does a dealer base my trade in value on? There are several sources a dealer will use to determine the value of a vehicle. a) Canadian black book-It is for guidance purposes only, the book value will often give you a good indication of what your vehicle is worth on the whole sale market. But it is not the only tool in the dealer's arsenal. b) Auction report-This report is printed on a weekly basis, in which it will list all the vehicles that has passed the local auction. Generally speaking auction report value is lower than Canadian black book value. c) Online research-By looking at web portals such as Auto Trader, Craigslist, or Kijiji, a dealer can determine a fair resell value on the vehicle. Therefore determine the trade in value.
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