The worst thing that you can possibly do when buying or selling a truck is a simple mistake.
Not understanding what your truck is worth!
The value of your truck is influenced in part by its blue book value, wear-and-tear, damage, and many other factors. So it’s important to understand how trucks are valued.
For the most part, the blue book value is an indicator of the true value of a truck.
The blue book value quotes is a median (middle-of-the-road) selling price for a vehicle. It’s not the highest price, not the lowest - so it takes into account an “average” amount of wear and tear to a truck (and let’s face it - trucks are work vehicles… a little bit of damage, some chipped paintwork - it’s expected!)
But if your truck has a lot of damage, or is in pristine condition, then your truck could be worth a lot more, or a lot less.
How much more or less?
Well, this is a function of the market - how much someone is willing to pay.
Obviously buyers and sellers both want to get the best deal possible.
Truck-owners want to get the biggest price for their truck;
And truck buyers want to get a bargain.
So naturally they will find a price that’s somewhere in the middle.
This is why the truck value blue book (the official Kelley’s book, or the NADA book, or another market value) is a reasonably good indicator of what a a truck is truly worth.
For all those who can’t get enough truck tips, have a look at the following posts:
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