What Does "Market Value" Mean?
Getting the best price possible on used cars for sale in Billings
What exactly does "market value" mean? At Denny Menholt CarMart 360, you might hear us say, "We price all our used cars in Billings below market value."
Whether you're buying or selling used vehicles, you want to know if you're getting a fair deal. You want to know how car dealers determine your vehicle trade-in value. To get a full understanding of what "market pricing" is, you need to learn the answers to these important questions.
What Does "Market Value" Mean for Used Billings Vehicles?
Although it's a vague term, "market value" refers to the price your vehicle could sell for locally. Market pricing considers the average of a vehicle's "retail value," which is the price a consumer would pay to the dealership, and its "trade/book value," which refers to the price the dealership would pay you for your vehicle prior to any markup costs.
How is Market Price Determined?
Several factors determine the market price of used cars, trucks, and SUVs for sale in Billings. Factors like national sales trends, local economic conditions, and auction data all make up what will be the value of your vehicle. When it comes down to it, the value of your car will be whatever the purchaser is willing to pay for it.
Luckily, there are many resources to help you determine your vehicle's value. Kelly Blue Book is one of the most trusted sources on this topic. So much so that car dealers have coined the term "book value" from them.
How is Trade-In Value Determined?
Since market pricing is really an average of retail value and trade/book value, you might be wondering: how are those prices determined? Many car dealers in Billings have different approaches to this trade-in process.
Some end up offering you less, knowing they'll be able to mark up the vehicle later. At CarMart 360, however, we take a different approach. We're willing to offer you more for your vehicle in order to give you the fairest estimate possible. Curious what you can get for your Billings trade-in? Complete for short (and free!) trade-in evaluation!
Get a Fair Price on Used Cars, Trucks, and SUVs for Sale in Billings at CarMart 360!
At CarMart 360, our slogan is, "we give the BEST prices up front!" – and we mean it.
Giving you the "best price" is about passing along the lowest price we can possibly give you. in fact, we use real-time tracking software to research the current selling prices of similar makes and models to give you a price below market value. This ends up saving you both time and money.
We encourage you to stop by our store with any questions you have, or browse our used inventory online for a wide selection of great, affordable used vehicles!