Vehicle trade-in – what you need to know

Steering into your new vehicle is easy. Here we will explore trading in your old vehicle for a new one. One way to do it is a trade-in.
A trade-in is a transaction between a dealership, who is the buyer and a vehicle owner, who is the seller. The vehicle to be traded-in would have its value assessed, based upon maintenance cost and vehicle’s history. The value may be then used towards a new or pre-owned vehicle at the car dealer.

Plan your trade-in

Before going to a dealership, search listings of auto traders for similar vehicles to get an approximate estimation of your vehicle’s value. Comparing local prices gives you an informal estimation of its worth. Also noting real car reviews from actual owners can be a guide to be a huge success in your trade-in.
Used car dealerships determine value by inspecting the year, make, model, and trim level, thus gathering the used vehicle’s information package for sale price. A trim level will be indicated on your VIN (vehicle identification number) or written near the back area of the vehicle. Any extra features in the vehicle will be noted. The number of kilometers, the appearance and cleanliness of the exterior, including dents, and interior will be examined. Lastly, the prices of similar and local vehicles will be used as a tool in the evaluation. A dealership considers the value of the trade-in as their cost of any repairs or beautification, and whether there is potential for profit to resell as a used vehicle. Vehicles may also be sold or auctioned at wholesales.
The value of a vehicle depreciates the longer you have it or the older it is. Keeping records and receipts of vehicles’ maintenance can assist in reselling and holding its value. Receipts are gold for proof of value.It gives evidence of pricing. Washing your car’s exterior and detailing the interior will make the best impression for a trade-in. Repairing any damage will ensure vehicles’ optimal value. For future considerations, a well-maintained vehicle will keep its value better than a neglected vehicle.
If you are still making payments on the vehicle you want to trade-in, reading over your formal agreements and legal contracts. This will help to figure out if trading-in is a good or possible option for you.
Being informed of your situation and coming up with a plan can help you get the most value for your trade-in. Contact CRS Automotive Hamilton so that we can find your new car for your trade-in.