What Is Resale Value?
At Toyota of Clermont, we believe in “Making it Simple™.” Whether it’s your first car or a gift for your teen driver, our team of expert sales specialists is here to guide you every step of the way. One of the biggest and most confusing parts of the process is understanding the resale value and your car’s trade in value. Toyota of Clermont is here to break it all down for all of the car shoppers out there.
What is Resale Value?
Resale value is what your vehicle is worth in the current market conditions when you go to sell or trade it in. This number represents the expected amount of money you’ll get back from your car when you're ready to move on to trade in your ride or sell it. This number plays a major role in your overall Toyota car buying process. Additionally, it’s super important if you’re relying on it to pay off an existing loan or reduce the amount you need to finance your next vehicle.
If you’ve ever wondered why some cars seem to hold their value better than others, that’s because resale value varies based on a range of factors (Toyota is known to keep its resale value). Some vehicles are known for long-term durability and reliability (like Toyotas), while others depreciate faster due to market conditions, limited features, or brand reputation. That’s why it's a smart move to consider resale value before you even buy your next car. It could save car shoppers thousands of dollars down the line!
How is Resale Value Determined
Understanding what goes into calculating your vehicle’s resale value can help you make smarter decisions when it comes time for your resale value. Here are some tools (like Kelley Blue Book and Edmunds) that Toyota of Clermont uses to determine how much your car is worth:Make and model: Some car brands naturally retain their value better than others. Toyota of Clermont rides consistently rank among the highest for long-term resale value thanks to their reliability and popularity.
Age of the vehicle: The older the car, the lower the resale value, which is what people typically think. However, classic cars can be worth a lot more depending on demand.
Mileage: The fewer miles on the odometer, the better the resale value. Low-mileage vehicles are more desirable because they usually show less wear and tear.
Overall condition: Scratches, dents, worn tires, and a stained interior can negatively impact your car’s resale value at Toyota of Clermont. Keeping up with car care can help preserve its worth.
Service and accident history: Vehicles with detailed car maintenance records and no accident history are more attractive to buyers and dealers. This means that this is a car that’s genuinely been taken care of.
Number of previous owners: Single-owner vehicles tend to be worth more since they’re typically better maintained and have cleaner histories.
Market demand: The current market conditions play a role, too. SUVs might be in higher demand in some areas, while smaller sedans (like the Toyota Camry) might have a higher trade in value.
Time of year: Believe it or not, timing matters! Convertibles usually sell for more in spring and summer. Who doesn’t love a ride with the top and windows down?
Current warranties: If your Clermont Toyota is still under warranty, that can give your resale value a boost. Car shoppers love the peace of mind that comes with added coverage.
Trade in Value vs Private Sale
Once you know your car’s estimated resale value, you’ve got two main options: trade it in or sell it privately. Each of these has its own pros and cons.Trade in Value
Trading in your vehicle is more convenient for you. Bring your car to Toyota of Clermont, we appraise it on the spot, and you can apply the trade in value directly to your next vehicle purchase. It’s quick, easy, and hassle-free. Plus, we have a ton of variety on our lot that can be for everyone!Plus, you avoid the stress of advertising your car, meeting with potential buyers, and negotiating prices. At Toyota of Clermont, we accept a wide range of makes and models and we’re known for offering top dollar on your trade in value.
Selling Privately
If you’re willing to put in the time and effort, you may be able to get a little more cash by selling your car privately. However, you’ll need to clean the car, take good photos, post online listings, manage communications, handle test drives, and complete the paperwork yourself. You might get more money this way but time is money!
Why Your Trade in Value Matters
Your vehicle’s trade in value is a key component in the overall cost of your next car. The higher the trade in value, the less you have to finance. It can help you with the following:
Pay off your current loan: If you still owe money on your car, the trade in value can cover all or part of what’s left.
Put money toward a down payment: A solid trade-in offer can reduce the upfront cash you need for your next vehicle. This means you’ll have to save less money for this purchase!
Lower your monthly payments: The more money you apply to your next purchase, the less you have to borrow. This means smaller monthly payments (thank you trade in value).
Understanding trade in value puts you in a better position to negotiate and make informed financial decisions. But, our Clermont Toyota sales specialists are here to help you every step of the way!