What Affects Your Vehicle’s Trade-In Value?
Trading a vehicle to a dealership is a great way for many drivers to get money for their vehicle without having to worry about the hassles of selling a model on the private market. But many drivers who go this route want to know: What affects your vehicle’s trade-in value? To educate drivers about their vehicle’s potential value, we’ve broken down the most important factors that have an impact on a vehicle’s overall worth.
Vehicle Mileage & Condition
A vehicle’s mileage and condition both play important roles in determining its value. Poor-condition vehicles with higher mileage are more likely to experience expensive mechanical problems, and as a result will have less resale value. On the other hand, low-mileage models that have been kept in great condition will be worth more.
Vehicle Configuration & Options
The configuration of a vehicle will also be a factor in determining its trade-in value. Colour, trim level, and options are all aspects of a vehicle that can raise or lower a vehicle’s trade-in value, depending on their rarity and popularity. Similarly, drivers who have customized their vehicle should note that personalized vehicles typically have less trade-in value than those that have been kept close to their factory standards.
A vehicle’s make can also determine how much drivers will get for their vehicle. Certain brands, such as Toyota and Honda, have higher resale value than others. Typically, popular models will retain more of their value as they age and make their transition to the used market. The less popular the model, the harder it will be for dealerships to sell, reducing its value.
Local Market Factors
Location can also play an important role in determining a vehicle’s trade-in value. As an example, dealerships located in areas with harsher winter conditions are likely to pay more for a vehicle with all-wheel drive and heated seating. The more popular a certain vehicle is in the local area, the more it’ll be worth once traded in.
Auto Depot Sudbury is the perfect place for drivers in and near Sudbury, Ontario to trade in their vehicle. Wondering how much your vehicle is worth? Visit our online trade appraisal page and submit your vehicle’s information through our secure form. One of our team members will reach out to you with a fair appraisal of its overall value. Have any questions you’d like to speak with our team about? Give us a call at (705) 673 – 6079 or send us a message right here online.