What is "Current Market Value" and how do you determine
it? Current
Market Value is the actual wholesale value of the vehicle---the amount
the top bidder at an auction would pay for it. After you select which
Planet
vehicle you would want to own, we ask you some questions about your
vehicle.
Then we inspect your vehicle's mechanical and cosmetic condition,
optional
equipment, color, service history, resale potential, and other factors.
How do you ensure the Current Market Value is
accurate?
Depending on the situation, we use a combination of the following:
We consult dealer-only, subscription-based auction databases.
We consult the bidding at internet auctions where we can buy vehicles
similar to yours.
We refer to our prior experiences retailing similar vehicles to yours.
We call other dealers and wholesalers who specialize in certain vehicles and
therefore will pay top dollar.
Why does your Current Market Value differ from values I found on
consumer websites?
With consumer pricing websites, at best you get a ballpark. At worst, they can give an
air of authority to values that are not grounded in reality. Consumer sites use
algorithms to depreciate the original price of the car when new. However, there
can be a big difference between a "depreciation prediction" and Current Market
Value.
What are some examples of these errors?
To see for yourself, add
200,000 miles to the mileage of your trade. This would diminish the actual value
of the vehicle to almost zero. However, internet sites typically deduct only a
thousand or two. Other errors occur on vehicles with terrible repair records,
such as Land Rovers, because the computer doesn't deduct enough value for their
poor reputation for reliability. Other errors occur when the condition is rated
improperly---not surprisingly, most consumers tend to see their used vehicles in
a much more flattering light than they will be seen by the ultimate purchaser.
Why is there such a big difference between trade in value and
retail value?
Depending on the vehicle, this difference is usually $3,000 to
$4,000. That sounds like a big margin. But after you deduct reconditioning
expenses (they average almost $1,000 per car), advertising expenses (hey, you
found us somehow, didn't you?), facility expenses (you think your home mortgage
is expensive, imagine eleven acres of prime commercial real estate), personnel
expenses (we need money to buy all those polyester suits and pinky rings), and
we don't always get "retail value" (cars depreciate and if we don't sell them
quickly then we need to reduce the price.) Is there an option if my trade isn't worth much? Get a $500 tax deduction when you donate your car to the Special Olympics! Click here to learn more.
Want an appraisal? Complete the form below and we'll get back to you with a value.
