By visiting the National Automobile Dealers Association (NADA) website, you will be able to determine an accurate value on your used trade-in. Trading in your vehicle will often alleviate the price of buying a new vehicle and will also help you come into some extra cash if you are looking to sell. The market for used vehicles has shown positive gains over the past couple of years, and many buyers are looking to purchase old vehicles due to better gas-efficiency or expiring terms on leased vehicles. So, if you have a sturdy vehicle that has served you well in your driving career, trading it in may be something to look into.
Depending on what type of vehicle you own, some – like SUVs – often have a higher trade-in value than if you were just going to sell. For example, in 2016, a study run by the Kelley Blue Book determined that out of the top 10 resale values, 8 of them were SUV's or trucks. Don't forget that there are several way to get money for your used vehicle:
- The easiest method is going to the dealership and trading in your vehicle. This will get you the least amount of money.
- You can go to a dealership like CarMax and they will give you an offer on your car that is good for 7 days. Usually, you can get a little more money by doing this than by trading in your car to the dealer. A good idea is to go to CarMax first to get your quote, and use that to negotiate your trade-in value with the dealer.
- And finally, the most bang for your buck is going to be selling it privately. However, this will take more time and not many people have the ability to show their vehicles in the middle of a work day.
Whatever method you use to trade-in your vehicle, using the NADA guide will help you determine which value will result in the highest monetary gain. Remember, most dealerships and financial institutions use this guide to determine values. It is up to you, the owner – to research and uncover the residual value of your vehicle and determine whether the trade-in value is truly profitable. This article will help you navigate the NADA website in order to determine the suggested NADA trade-in value.
Visit NADA online at www.nadaguides.com to get started. On their homepage, click on the “New and Used Car Center” link to bring you to the Car Research page. From here, it pays to have some background information on your car. Consult the owner’s manual for any specifics, or take your vehicle to a trusted mechanic to get a full assessment on its condition and performance.
Once you are on the Car Research page, select the make and year of your car from the list provided. Next, select model and trim. The trim is the style of the car, be it sedan, coup, or sports utility. You will also want to factor in any amenities, such as power steering and automatic windows. These details will influence value and the price you can negotiate for your vehicle. Providing the required information will help their system to generate the estimated NADA trade-in value for used cars.
Finally, you will want to enter the car’s mileage. The average wear and tear of your vehicle is represented by the miles it has on it, and this too will influence price and value. Higher miles do not necessarily mean lower value, so again it helps to include all the information you have and know on your vehicle in order to get the most accurate price.
From here, click “Continue” to receive your free trade-in report. On it, NADA will list four different values, but you will be interested in the trade-in value. This is broken down into 3 subcategories based on the condition of your car. Be honest when you answer whether the vehicle’s condition is rough, average, or clean. Remember that condition is relative, so what may be average to you, may be better or worse to potential buyers and dealers. Always shop around and conduct thorough research before you settle on a final asking price.