What is book value?
The "book value" of your car is the average value that your car is worth when trading in or selling your car. It is an industry guideline that car dealerships use in order to determine a purchase price when buying or selling a car.
Your car's book value is affected by several factors; therefore the book value or trade-in value is merely used as a guideline.
Some of the factors that affect this value include:
- High Mileage
- Depreciation / Age of the vehicle
- Wear and tear
- Supply On Demand
- Economy / Inflation
It is a common misconception that the book value of a car is the recommended selling or purchasing price. Considering some of the abovementioned factors, a car's value could either be significantly lower or marginally higher than the actual book value.
When trading in your car, it is worth considering to make use of our vehicle trade-in service. With several years of experience within the automotive industry, we assist with the entire trading process, from start to finish; for a nominal administrative fee that is already included in the selling transaction. This means that, more often than not, you get more than you bargained for. We go through great lengths to assist you with selling or trading in your car and making sure you get the best deal possible.