How to Find the Resale Value of Tow Trucks
by Shannon Johnson
Determining the resale value of a tow truck is an important process, whether an individual is purchasing new or pricing a used tow truck to sell. The Cars website explains that the residual value of the vehicle should be analyzed in order to determine its current and future worth. Residual value, along with the current condition of the vehicle, power capabilities, special features, and mileage all combine to determine the tow truck's resale value.
Step 1
Research all necessary information about the tow truck to determine its resale value. The Cars website explains that the residual value of a tow truck will impact the resale price because it estimates how much its value will decrease over time. On average a new truck's value decreases by at least 50% within the first three years after purchase.
Step 2
Log on to the internet and use a reputable search engine to locate a variety of car purchasing and selling guide websites. Kelley Blue Book is an example of a reputable vehicle guide to assist vehicle owners in accurately determining the suggested retail value of any vehicle. Finding a reputable guide is important because it confirms the validity of the final resale price chosen for the tow truck.
Step 3
Go the Used Car section of the guide website and select the "Used Car Value" search option. Begin the price determination process by entering the year, make, and model of the tow truck. The information provided is used to determine the trade-in value, retail value, private party, or certified pre-owned price of the tow truck.
Step 4
Enter all of the required information about the tow truck including the engine size, mileage, drivetrain, transmission, and special features or equipment on the vehicle. The Kelley Blue Book website explains that accurate information must be provided in order to obtain a correct pricing. Once all of the information is provided the website will calculate the truck's suggested retail value.
Step 5
Visit tow truck advertising websites to determine how other individuals or companies are pricing comparable trucks. The Used Tow Trucks for Sale website explains that the resale value can vary depending on the specific truck and the location where it is offered for sale. Compare the suggested retail value to the resale price of other tow trucks before establishing a final price for the tow truck you plan to sell.
References
Things You'll Need
- Computer with internet access
- Vehicle-specific information including year, make, mileage, engine size, pulling capacity, special features, 4-wheel drive
Writer Bio
Shannon Johnson has been a freelance writer since 2008, specializing in health and organic and green-living topics. She practiced law for five years before moving on to work in higher education. She writes about what she lives on a daily basis.
