How Do Dealerships Value My Trade?

Is something missing from your commute? Looking to get behind the wheel of a luxurious BMW? Then we at BMW of Spokane are here to help! Not only do we have the inventory needed to help you find your dream model, but we also have an on-site finance center where our financers can help finalize your trade-in and purchase.

You may be wondering, “How do dealerships value my trade?” Keep reading to learn all about the different factors that lead into your Spokane, Spokane Valley, and Liberty Lake, WA, trade-in!

How Do Dealerships Value My Trade?

Trade-in values are usually determined several ways. Typically, the trade-in amount is determined on the market price. Using reputable sources like Kelley Blue Book® gives the dealership insight into your vehicle’s trade-in amount, based on:

• Mileage
• Trim level
• Features
• And more

Another important factor of trade-in price is the vehicle’s condition. For example, when a model is in near-perfect condition and up-to-date with maintenance, it’s more likely that it will have a higher trade-in value than a vehicle that requires extra maintenance before it can be sold.

Can I Increase My Car’s Trade-in Value?

Yes! There are lots of ways you can increase your car’s trade-in value. Some of the things you can do to increase your car’s value include:

• Perform any necessary maintenance: If it’s time to have your car’s oil changed or wiper blades replaced, do that before visiting the dealership. This simple act can help boost your vehicle’s trade-in value. This also includes resolving any open recalls.
• Give your car a good cleaning: First impressions are everything, so make sure you take your car to the car wash before trading it in. Don’t forget to give the cabin a good cleaning too!
• Negotiate the trade-in value: Make sure you do your research before visiting the dealership. Check out trade-in tools, so you have an idea of your vehicle’s value, and don’t be afraid to negotiate with the financer.

To maximize your car’s trade-in value, you’ll want your vehicle to have a positive equity if you still have an outstanding loan. That means that the trade-in value is more than the loan’s remaining balance.

How We Do Trade-ins Differently

When you visit our finance center to trade in your car, you’ll notice that we do things a little differently. We still use the market to aid in our trade-in offer, but we also factor in other components. We also study the local market, as well as local demand.

How We Determine Trade-In Value:

• Local Supply: How many of the same vehicle are in the current local market?
• Local Market Demand: How popular is your car in the area?
• Estimated Value: What does the overall market say your car is worth?

After factoring in these components, you’ll have a much more specific trade-in amount based on the area.

Want to get an in-depth look at your vehicle’s value before visiting our finance center? We offer complimentary market reports, so you can see how the local market affects your specific trade-in amount.