Assess the Value of Your Vehicle Trade-In in Peterborough, Ontario

Trading in a used car for the first time requires slightly more work than you'd think, but luckily, Peterborough Mitsubishi is happy to shed some light on the process. Before you contact or visit us at our flagship establishment in Peterborough, ON - which also serves the Lakefield, Millbrook, Lindsay, and Port Hope areas - here's everything you should know to assess the timing and value of your vehicle trade-in:

What's My Used Car's Trade-In Value?

Simply put, the trade-in value is the amount a dealership will pay for your used vehicle. While the value essentially acts as the sales price, it also comes in handy as a negotiating tool if you intend to obtain financing for a new car and leave with more flexible lending rates or an extra service or two. 

How Much Is My Used Car Worth?

Before visiting our dealership, it would be best to fill yourself in on the current market value of the make, year and model of your car, which you can find through Kelley Blue Book. That said, your used vehicle's mileage and physical condition remain arguably the most important factors in determining your trade-in's worth. The annual average mileage for trade-ins sits between 18,000 and 22,000 km, and Peterborough Mitsubishi will want to know if your car is better acquainted with highways or city streets. As for physical condition, we recommend cleaning and servicing the vehicle before bringing it in for a trade-in evaluation inspection. A clean maintenance record is always a welcome plus come negotiations.

When Is The Best Time To Trade In My Used Car?

Unlike real estate, your vehicle depreciates over time, especially if it bears a lot of mileage and damage. Therefore, it may be wise to trade in your car before it hits the 100,000-km milestone, although mileage becomes less of a hindrance to value if you've treated your car with some TLC. And here's an inside tip: there's no time like late winter to trade in your used car, as dealers will be clearing their lots to make way for the new year's fleet and offering the previous year's untouched models at a discount.

How Do Dealers Determine the Trade-In Value of a Used Car?

Although each dealership has its own goals and targets, our Peterborough Mitsubishi team will base their interest in your used car on these criteria: your needs, your vehicle's condition, and how we can help you upgrade your car ownership.

For more information on how we can help you get the most for your trade-in, contact us.