Trade-in Vehicle Valuation

SB 226 clarifies how trade-in vehicle values are calculated in new car purchase contracts under Florida's Motor Vehicle Warranty Enforcement Act. It revises the definition of "purchase price" to require that any trade-in allowance be based on either J.D. Power or NADA valuation guides if the consumer and manufacturer disagree on the amount. The bill mandates that manufacturers provide the applicable valuation guide (J.D. Power or NADA Official Used Car Guide) to ensure transparency. This directly affects consumers buying new vehicles and dealers handling trade-ins by standardizing how trade-in values are reflected in contracts. The change takes effect July 1, 2026.