How We Get A Trade-In Value

 
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How do you get a Trade Value?

A question we are frequently asked here at Larry H. Miller Super Ford in Salt Lake City is, how do we come up with a value on the trade? The answer is not a crystal ball, but a series of tools that our Used car manager uses to determine a value that not only benefits the consumer, but protects the financial wellbeing of the dealership.

Some of the tools you may have heard of and some maybe new to you. As always, we believe in transparency and here are the tools that will be used to give you a value.

Kelley Blue Book

Kelley Blue Book was established in 1918. It was then known as the Kelley Kar Company and sold Fords. They began collecting data on the vehicles they sold and purchased, eventually publishing the first Blue Book in 1926. Since then, they have gone on to become one of the most recognizable online evaluators; they have since sold to Cox Automotive, who owns Autotrader.

We use Kelley Blue Book to get a base line value to show what banks, like Wells Fargo or Chase, will lend on that vehicle. **You need to remember that a dealership has to recondition your vehicle and fix any issues that it may have. It would not make business sense to own a vehicle for more than what a bank will lend on it.

NADA

Like Kelley Blue Book, NADA (which stands for National Automobile Dealers Association) is another well recognizable online evaluator. Established in 1917, NADA monitors federal legislation and regulation affecting dealerships, in addition to collecting data and projecting market trends.

We use NADA to get a base line not only on vehicle specific trends, like if a F150 has good resell in Utah, but also to get a value as to what Credit Unions (like Mountain America or America First) will lend on a vehicle. **You need to remember that a dealership has to recondition your vehicle and fix any issues that it may have. It would not make business sense to own a vehicle for more than what a credit union will lend on it.

Manheim Auction

Manheim auction is a local auction that runs every week here in Utah. This is where we buy pre-owned vehicles for the lot as well as sell vehicles that we have difficulty selling or have issues that will cost too much money and time to fix.

We use this to get a value on the worst-case scenario. This is the least amount of money we will get for the vehicle. This value is really only truly considered when we buy a vehicle that has issues, or is a vehicle that we just do not sell well here at the dealership or in the Utah market.

Store History

Sometimes Kelley Blue Book and NADA and even the Auctions get it wrong. In some instances the value maybe more than what they claim because of the local market or demographic. As an example, the F150 sells extremely well here in Utah but not so well in downtown LA. For that reason we will give more than KBBs or NADAs value.  It also sometimes works the other way around. A Ferrari 360 Spider will sell better in the LA market than here in Utah, so we would give less in value than what KBB or NADA will give.

Appraisal Central

As part of the Larry H. Miller Group of dealerships, we assess the value of your trade-in across all seven western states we do business in. We have a dedicated team of trained professionals, evaluating your vehicle in real-time by analyzing demand and supply in all of our 60+ dealership locations across 20 manufacturer brands. That is why we are, historically, able to offer more for your trade-in.


This will only help your case, so remember when coming in and dealing with a Super Ford TV member to please ask where they got the value from. Not only will this give you a better understanding of the process, but a much more interactive and transparent experience.


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Hours

  • Monday 8:30 am - 9:00 pm
  • Tuesday 8:30 am - 9:00 pm
  • Wednesday 8:30 am - 9:00 pm
  • Thursday 8:30 am - 9:00 pm
  • Friday 8:30 am - 9:00 pm
  • Saturday 8:30 am - 9:00 pm
  • Sunday Closed
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