How Dealers Determine Auto Resale Value
Consumers looking to pawn or trade in their automobile are sometimes disappointed in the offer they receive from dealers, getting less money than they expect. There are several factors involved in how much a dealer offers on a trade, and understanding these factors can help you better budget your next auto purchase or make the decision to pawn your car for cash.
Dealers consider the following when valuing a used car:
Book value – The book value of your vehicle takes into consideration the make and model of your vehicle, as well as its condition. Higher-end vehicles will fetch higher prices than bargain brands. Also, the better the shape your vehicle is in, the higher its value will be.
Demand – Dealers will often take consumer demand for your vehicle into consideration when valuing a trade. For example, when oil prices are high, small, fuel-efficient vehicles that consumers want may get higher prices than normal.
Mileage and history – High mileage on your vehicle may drive down its price. Also, if your vehicle has been involved in an accident, this will also reduce its price.
Modifications – Aftermarket modifications and personalizations will often decrease the value of your vehicle, as it may limit the vehicle’s appeal to other buyers.
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