What's My Car Worth?

When it’s time to sell, everyone wants to get the most they can out of their vehicle. Regardless of whether you choose to sell it outright or trade it in, you definitely want to go into the selling process with a good idea of what it’s worth. Here are some things to consider.

Dealer Trade-in

For convenience’s sake, many people prefer to just trade in their old vehicles at the dealer. Drive up in your old car, drive away in the new. But while this is definitely more convenient, you won’t get the best price. The dealer is looking to pay as little as possible for your trade-in so the dealership can make a larger profit on the resale. Your price can depend on such factors as year and make, condition, and mileage, even the dealer, and the price difference to selling outright can be significant, sometimes between 15-20% less.

Selling Outright

While selling a vehicle outright can provide a better selling price, it also comes with its own headaches. You’ll need to place ads to attract buyers. Your schedule needs to be flexible and your vehicle will have to be clean at all times in case a buyer wants to show up quickly. How about collecting all the maintenance paperwork to prove your car care commitment? Not to mention, you’ll want to make sure you receive payment in cash or money order. Are you ready to play the role of salesperson?

The sale of your vehicle is a decision that pits convenience vs. better price. Either way, you’ll need a starting point on which to base your asking price. There are a number of reputable websites available that provide both trade-in values and outright sale values.

Kelley Blue Book
NADA
Edmunds

Of course, these sites will also provide a good starting point for negotiating the price on your new vehicle. Good luck!