The pricing of brand-new Jeeps is on a steady rise. It’s pretty burdensome for most riders. This persistent pricing rise is one of the crucial reasons for people jumping on the bandwagon of reselling and purchasing pre-loved, used Jeeps. But do you know what the Jeep is worth? Hmm. This truly is a nail-biter for all buyers and resellers.
Since this trend began, the famous Jeep models such as the Compass or Wrangler’s value have been questioned. You must be no stranger to this question either – What is my Jeep worth? Well, if you’ve been on the lookout for the answer to this question, keep skimming. Let’s check out how you can resell your valuable Jeep.
Does Jeep Hold Its Value
To determine one’s Jeep value, one needs to consider a few factors, mainly consumer information, depreciation, and dealer transactions. Furthermore, they must also get the exact value rate based on the Jeep’s making year, model, features, mileage, and trim specifications. The good news is almost any Jeep can be appraised with several value-calculating tools on the Internet to guide resellers.
How To Determine Jeep’s Value?
The truth is, we all lose it a little when we first experience a Jeep death wobble. As the name itself says, it’s pretty frightening. However, issues and questions arise when potential buyers look into the resellers’ models.
So, if you’re willing to understand how to determine your Jeep’s value, keep reading, as we’re only getting started.
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Demand
Believe it or not, certain Jeep body parts are more in demand than the rest. Regarding our previous dilemma of the death wobble, many users utilize steering stabilizers for jeep JKs before reselling to fix such minute issues and get their pickups or SUVs up and running without deteriorating their value.
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Location
This one’s a bit of a surprise, but where you resell your vehicle matters too. Some Jeep models have higher worth than other states. For instance, Southern California puts essential importance on convertibles than most other states. So, it’s a give-and-take for the model you own.
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Condition
Every tiny detail, from the internal mechanism to the gas mileage to even intricate exterior details such as the Jeep step bars, must be assessed before the valuations. All these factors and more are countered for boosting or even lowering a Jeep’s worth and price.
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Powertrain
Before valuation, resellers must consider the driving wheels, their performance, and the engine type.
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Body
It’s a no-brainer that some vehicle type is more in demand and style than other. Some of these models are the wagon, convertible, van, pickup, coupe, and SUVs.
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Trim
The trim indicates various editions for a specific model; each of these editions comes with varying standards and levels of equipment. For instance, the Jeep Cherokee has a fuller base than the well-known Cherokee X.
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Model or Make
The model or make can also assist users in setting or accumulating the price value. This value can also be traced back to the original selling range.
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Year
It’s evident that a newly launched car will hold more value as the older ones get depreciated. However, there’s an exception for the classics, but that’s a different story.
Are Gas-Efficient Jeeps Worthy?
Currently, there’s a great lineup of the 2022 Jeeps as being the most fuel efficient. The Compass, Renegade, and Cherokee are some of the best-selling Jeeps for seamless fuel economy. According to experts, due to their impressive off-roading capabilities, efficient fuel management, and torque.
Why Jeep Wranglers Have High Resale Value?
When talking about lifted Jeeps, Wranglers hover at the top of the list. But what makes them so special? Let’s check out.
- They’re entirely customizable! Don’t you love the Jeep running boards? Get a new edition.
- Jeep Wranglers come in both four-wheeler and convertible options.
- For the price point, people love that this SUV has a different class level and a luxurious feel.
How To Value Your Jeep?
Before you begin the infamous trade-in process, you must comprehend that there always remains a distinction between the Jeep’s retail value and trade-in value. However, some factors determine them. Let’s take a gander at what they are.
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Private Party
If you’re determined to make some time, private party value can often quickly turn out to be the most competitive factor. This is because the Jeep is sold directly to another party rather than involving a broker or middleman.
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Trade-In
This procedure entails users reselling their Jeep via a dealership. Prices in these scenarios tend to be lower than the original retail value as the dealership will find the buyer for you and complete the entire transaction and exchange process.
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Retail Value
These values are the dealerships’ prices for any used car or Jeep. This often turns out to be the most expensive splurge for many as the dealership covers their costs through the transaction, which is generally higher than the trade-in value itself.
Why Is Jeep Trade-In Value Different?
Ever wondered why Jeep resales are treated differently? Well, according to the website Caredge.com, Jeeps persist at the No.8 position out of the other 18 mainstream companies and brands. Jeeps hold, on average, around 71.36% of their total value for over 3 years.
This comparison also counters Subaru, which is 78.08% in the ranking for its retained value. And RAM at 77.78% and Mazda at 76.41%, following closely behind. The worst of them is Buick which stands at 61.66%, and in comparison, Jeeps drop to the 12th rank after mere 5 years with a retained value of 58.79%.
When Jeeps go through generic model-level reviews, the Jeep Wrangler Unlimited generally comes at No.1 due to its mere depreciation of 30% at the 5-year mark. The Jeep Wrangler comes at a close second position with 31.5%.
Do The Math
There are multiple value-calculating tools on the Internet, for instance, the CoPilot’s Profit Calculator. All users need to do is enter some general information to get the process going. Moreover, you don’t require to insert any personal information either.
However, there are many other resources to take a gander at, such as TrueCar and KBB. In the end, you get a clearer picture of the distinctions between private sale prices, trade-in prices, dealer prices, and the most preferred and widely used private resale prices.
Let’s take the valuation of the Jeep Grand Cherokee Overland as an example. Let’s also assume that it’s in its finest condition with dedicated 45,000 miles, gray colored, clean, and without extra equipment such as a Jeep bed cover or any other outstanding engine issues and functional or mechanical troubleshooting.
Now even with such seamless background data, you Frequently Asked Questions (FAQ) can acquire a wide array of value-enhancing and retaining information from these tools. In essence, to the information given above, here’s what each calculating value tool estimated.
- TrueCar’s True Cash Estimated the value at $32,025.
- KBB’s trade-in estimated the value at $34,382.
- CoPilot’s real-time estimated the market value at $35,202.
Now, all resellers need to do is focus on converting these estimations into their purchase offers to potential buyers.
Frequently Asked Questions (FAQ)
Q1. What's the Market Value for Jeep Wranglers?
A) As of 2021, the Jeep wrangler's value stood at around $26,877 to $78,326.
Q2. Can Jeeps Go Up in Value?
A) Jeeps are highly reliable and have stood up to their value well for many years.
Q3. Which Year's Jeeps Are the Best to Buy?
A) Jeeps made in the late 80s or 90s have pretty solid construction thus, incredibly high value too.
Q4. Does Jeep Wrangler's Value Appreciate?
A) Jeep retains its MSRP quite well even after five years. Jeep wranglers are known for their best resale values.
Q5. Do Jeep Cherokees Have Value?
A) Jeep Cherokees start depreciating after five years at around 38% with a value of approximately $33,514.
Q6. Why Are Jeep Prices So High Now?
A) New Jeep transactions remain on a steady increase due to supply shortages which have been persistent for a few years.
Q7. Can Jeeps Flip Over?
A) According to NHTSA, Jeep Renegades and Wranglers could tip over. During lifting a Jeep, they could often flip over due to the higher center of gravity and taller construction.
Q8. What Is the Jeep Track Bar's Purpose?
A) Track bars prohibit unwanted swaying or lateral movement of the vehicle's axle assemblies.
Conclusion
To sum it up, we can all understand by now that reselling a Jeep requires some tedious work beforehand. There’s no straightforward answer to this question – What is my Jeep worth? There are many intricate details, information, and considerations resellers need to flip through before making the final decision.
As minute as it sounds, even the jeep seat covers need to be countered while making this life-changing decision. Therefore, acquiring as much guidance as possible before listing and selling is wiser. At the end of the day, you also need to maintain and service your Jeep regularly to sustain its value which is vital during resales.
