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Assess Your Used Car's Trade-In Value With the Help of Erin Mills Acura
If You're looking to trade in your used car but aren't familiar with the process, we at Erin Mills Acura can help you along. Our dealership proudly serves the faithful folks of Mississauga and the nearby areas of Toronto, Oakville and Brampton, and we're happy to impart some of the wisdom we've accrued over our 30-plus years in the industry. For more information on how to determine your used vehicle's trade-in value, feel free to contact us.
What Exactly Does Trade-In Value Mean?
In short, your used car's trade-in value amounts to what a dealership such as ours will pay for it. In other words, trade-in value essentially equates to sales price and also opens the proverbial door to negotiate additional services or more accommodating lending rates for when you finance your next vehicle.
How Much is my Used Car Worth?
In order to figure this out, you'll first need to find the going market value of your used car's make, year and model, which you can look up through Kelley Blue Book. Then comes your car's mileage relative to its age. The average mileage of a trade-in ranges from 18,000 to 22,000 km, and we may want to know whether said mileage has been accrued on highways or city streets.
Equally important in determining trade-in value is the car's physical condition, which we'll gladly assess ourselves. We recommend cleaning and servicing your vehicle before bringing it in for inspection to ensure the smoothest of negotiations, and a clean maintenance record will only facilitate the process.
When Should I Trade in my Used Car for the Best Possible Value?
Unlike real estate, a car's value tends to decrease over time, especially if it bears a fair bit of mileage and wear and tear. We therefore recommend trading in your used car before it hits the 100,000-km milestone, although that becomes less of a factor if you've taken good care of it.
As for which time of year is best to trade in your used car, late winter is usually best, as we tend to clear our lot to make way for the new year's fleet and will likely sell the past year's untouched stock at a reduced price.
How Does a Dealership Determine Trade-In Value?
While some dealerships, ours included, have made online assessment tools available to their customers, many tend to max out at wholesale price in order to sell your trade-in at a reasonable profit. That said, the popularity of your used vehicle and the amount of similar stock already for sale on the lot will often play a role come negotiations.
For more information on determining your used car's trade-in value, contact or visit our Erin Mills Acura dealership in Mississauga, ON.