Value Your Trade
When you decide that it's time for a new vehicle, you may be worried about taking on the responsibility of paying for it. Luckily, there are options available to you that'll help lessen a new vehicle's cost and ease the transition into new car ownership. One such option is to trade in your current vehicle for one of our new or used cars. When you do that, you can lower the price depending on the value of your old car.
What's My Car's Trade-in Value?
Your car's trade-in value depends on the vehicle's model, the condition, and the mileage. The dealer's price can then become discounted from the total price of the vehicle you wish to buy. Please consider that the more minor your new vehicle's total cost, the more options available to you when it comes to financing and warranty.
How Much Is My Car Worth?
Many things are taken into consideration when determining the value of your vehicle. Things to look out for in your car include the vehicle's mileage, the overall condition and the make of the vehicle. If you plan to use this option, the first thing you should do is keep your car in the best shape possible to create the most profitable cost for you.
The next thing to do is to determine your vehicle's market value. That's the make, model, and year of your car compared against other vehicles of the same type. Research your vehicle on Canadian Black Book to help you. Mileage, age, and total condition of used cars are all things that will make your market value go up or down. For example, if your vehicle is old but seldomly used compared to others made around the same time, then your car's value is more significant.
Dealers recommend trading your car in before it reaches 100,000 kilometres. It serves as a landmark where cars tend to become less desirable from a reselling standpoint. Late winter is the best time to trade your car because dealerships are more eager to sell cars to make room for the new car inventory coming in the following months.
Another great time to trade your car in is when it's only a few years old from its model year. Seventy percent of your car's value remains at this time, so dealers are generally interested in its resale value. After five years, that resale value, as well as dealer interest, will begin to drop.
How Do Dealers Determine My Car's Value?
Different dealerships have different values and goals to reach throughout the year. So there's no real way to guess how much they will offer for your used vehicle. One predominant factor the dealer will consider is your car's popularity and how fast it will sell.
Other than their reasoning and a little bit of behind-the-scenes knowledge, the information that they know about your vehicle's worth is the same that is available to you. Know your car and tell them about its desirable aspects like light use or newly replaced parts. That will help your numbers align.
Is This a Good Option?
Anytime you can make your life easier by profiting off the cost of your last purchase, it is a good idea. However, that decision is ultimately up to you and how you feel about your current vehicle situation. Ask yourself if it is worth it to trade your vehicle now or wait and risk further depreciation. A deal worth one sum today may become less in a few years or even months. Timing is often a significant factor in how great the value of your car will benefit you.
Contact High-Level Motors Today
In any case, if you are considering exchanging your car for a new or used one, then it couldn't hurt to talk to an expert about it. Contact us, and we will aid you in making the right decision. Visit us and browse our used and new inventory.