How the Trade-In Value of Your Car Is Determined

Let’s say you’ve had a vehicle for a few years, and now you’re ready to move on to something new. You probably want to go to a dealership and turn in your old ride to put the cost towards your next vehicle, but you might be unsure how the trade-in value of your old car will be determined. According to the experts at CarsDirect.com, different factors go into determining how much the dealer will pay for your vehicle such as:

Age

The year of your car will play a big role in its trade-in value. Typically, older cars have less value than newer ones.

Make and model

Some brands and nameplates hold their value better than others. For example, sports cars will usually sell for more than a sedan from the same brand.

Condition

If your vehicle has been well-maintained and/or has low miles on the odometer, it will likely sell better than a more damaged car that has been driven a lot.

Popularity

Some cars are just more popular than others. Dealers know that more popular vehicles will sell faster, so they’re willing to pay more from the get-go.

If you have a used vehicle and you’re wondering what kind of trade-in value you can get for it, don’t hesitate to contact us at Pollard Used Cars in Lubbock; we would be happy to assess your vehicle’s trade-in value.

Trade-in value for the Toyota 4Runner

Top Cars That Retain Their Value

When you drive a new car off the lot immediately after purchase, you automatically lose a significant portion of its value due to depreciation. This is one of the major reasons that so many drivers decide to buy used models—they do not suffer the same major depreciation that new cars do upon purchase.

But if you’re buying used at Pollard Used Cars in Lubbock, how do you know which car to choose? A common way to choose a solid used daily driver is to look at which models retain their value the best. Websites like Edmunds, KBB.com, and more hand out awards every year to models that have the fewest mechanical issues and retain their value the best over three to five year timelines.

Top Cars That Retain Value

If you’re in the market for a used sedan or a used coupe, you’ll want to consider some of the following models, which have frequently won retained value awards in the last few years:

  • Ford Mustang
  • Honda Civic
  • Honda Fit
  • Lexus GS
  • Nissan Altima
  • Porsche Panamera
  • Subaru Impreza
  • Subaru Legacy
  • Subaru WRX
  • Toyota Camry

Top Trucks, Vans, and SUVs That Retain Value

If you are instead looking for a used truck, used van, or used SUV, take a look at the list of the following models, which retain value better over the years:

  • Audi Q7
  • Chevrolet Suburban
  • GMC Acadia
  • Honda CR-V
  • Honda HR-V
  • Honda Odyssey
  • Jeep Wrangler
  • Lexus GX
  • Ram 2500
  • Toyota FJ Cruiser
  • Toyota Highlander
  • Toyota Tacoma
  • Toyota Tundra

How to Retain Your Car’s Value

Want to ensure a better resale price down the road? Follow these steps to retain your car’s value:

  • Wash and wax it regularly, and store it in a garage.
  • Stay current with all maintenance.
  • Don’t smoke or keep trash in the car.
  • Drive it well, with minimal rapid acceleration and hard stops.

10 Steps to Buying A Used Car

Buying a used car
Searching For The Best Used Car

Buying a car can be fun, but that doesn’t mean it isn’t stressful! Pollard Used Cars is here to take some weight off your shoulders. Here are some important steps to buying a used car.

  1. Calculate Your Budget. Before you look at cars, you’ll need to know what you can afford. Be realistic.
  2. Pick Your Model. Know what make and model of car you want before you go in.
  3. Read Reviews. Read some reviews of the car and do some research before you make the plunge.
  4. Look into CPO Programs. Consider Certified Pre-Owned programs, which give you even more benefits than a used car.
  5. Take Your Time. Don’t rush into choosing a car. Take your time at the dealership.
  6. Read the Reports. If you’re getting a CPO car, you’ll have CARFAX reports to look over.
  7. Inspect the Car. Make sure you look at the car yourself for any flaws.
  8. Test Drive. How will you know if you love it if you don’t drive it?
  9. Be Ready to Say No. Sometimes, you just can’t afford a car or have to walk away for a different reason. Prepare yourself.
  10. Be Ready to Say Yes. And of course, be ready to say yes!

Now that you know for what to look, visit Pollard Used Cars in Lubbock, TX to find the perfect used car!