What Determines a Vehicle’s Trade-In Value?

A man using a calculator while another works on paperwork

When drivers decide to purchase their next vehicle, many choose to trade in their old model right at the dealership. However, some drivers may want to know how their vehicle’s trade-in value is determined. Interested in learning what factors impact your vehicle’s trade-in value? Continue reading to learn more about how a vehicle’s worth is decided during a trade-in. 

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Vehicle Mileage  

Your vehicle’s mileage will play a significant role in determining your vehicle’s trade-in value. The more distance a vehicle has on the odometer, the more likely the chance for mechanical problems. Because of this, vehicles with higher mileage will have less value than vehicles with lower mileage. 

Mechanical Upkeep 

Vehicle owners who regularly take their vehicles in for service will be able to trade them in for more than drivers who don’t take the time to maintain their vehicle’s condition. Drivers who are interested in getting the most for their vehicle should follow the maintenance schedule outlined in their vehicle’s owner’s manual. 

Close-up on a Jeep Cherokee

Collision & Repair History 

Vehicles that have been involved in a severe collision and need to go in for repairs will be worth less when traded in, as they are more likely to face mechanical problems. In the event your vehicle has been damaged in a collision, it’s important for drivers to get it thoroughly repaired before trading it in. 

Market Demand  

The last factor that drivers should keep in mind when trading in their vehicles is local market demand. The more demand there is for a specific vehicle, the more it will be worth when traded in. Similarly, vehicles with popular or highly sought-after packages, colours, or features will be worth more than less popular configurations. 

Trade-In Your Vehicle at S&B Keswick Motors Limited

Interested in selling or trading in your vehicle in the Keswick, Ontario area? S&B Keswick Motors Limited would be happy to work with you. Have any questions about the trade-in process? Get in touch with the S&B Keswick team by sending us a message online or by calling us at (844) 655 – 0797.