The Pricing of Used Trucks
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The Pricing of Used Trucks
Finding the fair market value of your truck for sale, or finding the market value of the truck you want to buy can be a challenge when you’re not aware of pricing resources available to you.
You can get a good idea of used truck’s value by looking up its book value. Your truck’s book value is based on the year, make, and model of your truck combined with statistics from the rest of the industry.
Industry-wide statistics look at typical use, typical problems, and a range of other factors collected from sources like insurance claims, inspection records, accident reports, and others.
The value of your truck is likely to be different from its book value but it should not be far off – this makes the book value a good benchmark. Book values are available from NADA and Edmunds. Sometimes you’ll find that these book value books are referred to by color: blue book or black book depending on where you live.
With the book value representing the benchmark price, think about your truck’s maintenance records, overall condition, and your local market conditions – all of these can increase or decrease the value of your truck.
Your truck’s maintenance record affects the value of your truck: if you don’t have any maintenance records you may not be able to sell your truck for anything close to its book value. More complete maintenance reports are always better than partial ones, yet any information is better than none.
Your truck could have mechanical problems. Get a rough estimate for fixing your truck’s mechanical problems and use that value to determine if the cost of repairs is really worth the money. You could end up spending as much as, or more, than the truck’s value. If repair work is valued at more than the value of the truck, consider this as a part of the sale and make it clear to a buyer.
Local market conditions
Conditions in your market area can also make a big difference in your truck’s value. Some models of truck can be in much more demand in some places as compared to other places. Some models are limited to begin with and may be more sought-after for that reason – this can become a significant source of price variation. If your truck is common, and there are many similar trucks already on your local market, expect the truck’s value to be very close to, or even below, the book value regardless of its condition.
Keep in clean
Even though it is a truck, its value is affected by how clean it is. A clean truck is likely to get more money than one that has not been washed. A clean truck says a lot about how you maintain your vehicle. Dents and scratches should not affect the value at all, unless the dents are in areas of the truck that affect performance or safety.
Pricing of used trucks can seem more like an art than a science, yet start with the book value and consider the condition of the truck you want to buy or sell. The book value is a great place to start since the value is derived based on a variety of industry-wide statistics.
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