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Know your car resale value

Understanding the different types of car values can help the sellers in getting better deals. Trade-in, market and resale values are some of the most frequently trusted car valuations.

If you have plans to sell your car, getting a car valuation is one of the most important steps to take. With a little research, you can feel more comfortable knowing you’re getting a reliable and fair price for your vehicle.

Here are the types of car values you should know about:

Car resale value

Understanding the concept of car resale value can save you from loss and scams. Below are all the factors which determine a car’s resale value:

  • Any upgrades in the performance of the vehicle
  • Mileage of the vehicle
  • Condition of the vehicle
  • The popularity of the car model’s brand
  • Number of features in the car

Car market value

Car market value plays a major role in determining just how much money you can get in exchange for your car. Car market value is not a constant value as it varies for different cars of the same model. Retail value of the car, coupled with the odometer’s kilometer reading and condition of your car, determines the market value of your car.

Car market value is dependent upon the following factors:

  • Car’s mileage
  • Condition of the car
  • Car’s accident history
  • Service history of the car

Car trade-in value

Are you willing to exchange your current vehicle with a new one of similar value? If this is the route you’re planning to take, the car trade-in value is something you should understand. In simple words, the trade-in value of a car is actually the amount a dealer is offering to pay you once you exchange your current vehicle for purchasing a new one.

Although car trade-in value is based on the car market value, these types of car valuations are different. Here are some of the factors that directly influence the trade-in value of your car:

  • How popular is the model and make of the car you are willing to exchange?
  • What is the age and condition of the car which you want to trade?
  • How many similar cars does the dealer already have in its lot?

Documents you need to sell your car

Selling your car can be a stressful experience, so it’s important to do your homework and be sure of the way forward before beginning this journey.

Find out more