When it comes to getting a value for a trade-in vehicle, that amount will almost always be below market value. There are a few reasons for this.
For starters, the vehicle will be resold at market value and whoever is making the transaction needs to account for unforeseen costs such as paying someone to sell it or repairing the vehicle to get it ready for sale.
That said, there are tax advantages to trading in your vehicle as well.
Let’s say that you sell your vehicle for $20,000, but the dealership gives you $17,000. You decide to apply the $20,000 to the price of your next vehicle that cost $30,000. The $30,000 plus tax and dealership fees which equals roughly $34,500. Your $20,000 will be reduced from the $34,500 to give you a net cost of $14,500 including taxes and dealership fees.
The trade-in is actually applied before taxes. That means that we take $30,000 and reduce $17,000 which equals $13,000. The tax is then added to the $13,000 which equals $14,950. In the end, selling the vehicle yourself nets you only $450. If we give you $17,500 for your trade-in, then you come out on top.
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