Trade-In Value of Used Cars in NADA
National Automobile Dealers Association (NADA) website allows you to determine the value on your used car trade-in. Car trading usually reduces the price of new car purchasing. It also helps you to get some extra cash if you are going to sell the vehicle. Used vehicles market shows positive gains for more than a couple of years ago. There are also lots of buyers looking for old vehicles because of better gas-efficiency or looking for leased vehicles with expiring terms. Therefore, if you have a sturdy car which has been served your well throughout your driving career, trading can be a great thing to consider.
Some trade-in vehicles value more than when you are going to sell depends on the vehicle type such as SUVs. For instance, in 2016, a research conducted by the Kelley Blue Book revealed that 8 out of 10 resale values were trucks or SUVs. You need to remember that there are several ways to earn money for a used vehicle:
- The easiest way to get some money from used-vehicle is visiting dealership and trade-in the vehicle. This method will get you the least amount of money.
- Go to Dealership like CarMax. They will likely give you offer to the car which is good for 7 days. By doing things, sometimes you can earn a little more money than trading the car in the dealer. The great idea is you go to CarMax and get the quote. Use the quote to negotiate the car trade-in value with the dealer.
- Lastly, the most legit way to get money from your vehicle is to sell it personally. This method may take lots of time. The fact is there are not many people who are able to show the vehicle in the middle of the work day.
The method for trade-in your car is enormous. Whatever the method that you chose for the trade-in, NADA guide will surely help you decide which value that will give you the highest monetary gain. You need to remember that most financial institutions and dealership also use this guide to determine the value of a vehicle. You – as the owner – have the right to do research and reveal the residual value of the vehicle. Then decide if the trade-in value actually gives you profit. This article will guide you to navigate the NADA website and help you determine the suggested NADA trade-in value.
To get started, visit NADA online at www.nadaguides.com. on the homepage, click the “New and Used Car Center” button. You will be directed to the Car Research Page. From this page, it is required to give some background information about the car. You can consult with owner’s manual for specification or take your vehicle to a trusted mechanic and get a full assessment of performance and condition.
After you are landed on Car Research Page, you can select the year and make of the car on the provided list. Next, select trim and model. The trim section involves the car styles, such as sedan, sports utility, or coup. You will also need to factor some amenities such as automatic windows and power steering. These details will influence the car value as well as the price that you will negotiate for the car. Providing the required information about the car is important because it helps the website system to generate accurate estimated NADA trade-in value for your used car.
Lastly, you will need to enter the car mileage. Car mileage represents the average tear and wears of the vehicle. This will also influence the value and price of the car itself. Higher car mileage does not always mean the car has a lower value, but it helps to gather all the information that you know about the car to get the most accurate price and value.
Then you need to click the “Continue” button and you will receive free trade-in report. On the report, NADA gives a list of four different values of the car. The lists are divided into 3 sub categories according to the car condition. It is also important to be honest when you give the information about the vehicle whether the car condition is average, rough, or clean. Car condition is relative; therefore, what you think as average can be worse or better to potential buyers and dealers. Make sure to always shop around and do in-depth research before asking the vehicle price.