How Much is My Car Worth to Trade In?

Trading in your car can be a great way to upgrade your vehicle from an older model to the car of your dreams. How much money you receive back from a dealership depends on how much your trade-in is worth. Knowing its value can help you budget for a newer model. Here at Fort Myers Mitsubishi, we want to provide you with all the tools you need to make a smart decision about your trade-in, so we’ve compiled a guide to help you determine the value of your car.
 

What Factors Affect a Vehicle’s Trade-In Value??

Image via Mitsubishi Motors

Before you can purchase a new car or trade in your current car for cash, it’s important to determine the value of your vehicle. This refers to the car’s market value, or how much a dealership is ready to pay you for the vehicle you already own. Depending on your preference, you may receive this payment as cash or as a discount put toward a new car. Here are some factors that affect a car’s trade-in value:

Age of the Vehicle

The year the manufacturer released your car is an excellent determination of its value. Vehicles from recent years typically have a higher value. Newer cars may have lower mileage and less wear and tear, and they are likely to have a lot of recent features that a customer may want in a used car. Older cars can still have a decent trade-in value depending on other factors, but you can use the year to make a quick estimate.

Mileage

The mileage of your car is how many miles you or a previous owner have driven it. Mileage can indicate what kind of wear and tear the engine or other more degradable parts of the car have sustained. A car with higher mileage may need new tires or an engine replacement, which can affect the vehicle’s trade-in value. Cars with higher mileages that have received extensive repairs, like a new engine, can have higher values.

Make and Model

The model of the car can be a good signifier as well, as models are updated yearly and often have a certain reputation among customers of a brand. Some models have better reputations, so those cars may have a higher trade-in value. You can look up reviews of your car’s make and model to determine if it’s an in-demand model that may be worth more to a resale customer.

Features

Car models come in different trims, meaning they have different features available. Some cars may have optional add-ons like better speaker systems or higher-quality interior materials. These features can impact your car’s trade-in value because they offer a more luxurious experience. You may also have a car with specific modifications that were added after manufacturing the vehicle. Depending on how successfully the car was modified, these features can also affect the value of your trade-in.

Local Market Demand

Local market demand refers to the customer demand for the make and model you are trading in. Some local markets may have an influx of vehicles of a certain type that can drive down the price on what may be a highly valued vehicle otherwise. For example, if there are a lot of pickup trucks for resale in your area, a pickup truck from a recent year may not be as valuable in your local market as it may be somewhere else.

The best way to determine how the local market demand and all the other factors can affect your trade-in value is to visit our finance center. We can take a look at the condition of your car and compare it against the local market to see what trade-in value we can offer. This is a great way to get a trustworthy quote.

We also have an online tool that helps you estimate your car’s trade-in value by entering the year, make, model, and trim into a calculator. Our calculator indicates what you may expect for your trade-in value. This information can help you prepare for an appointment to trade in your car or help you understand how much of a discount you may receive on a new car.

Benefits of Trading in a Car at Fort Myers Mitsubishi

Trading in a car at our dealership has several benefits for the seller. We can help you trade in your car with our excellent customer service and knowledge of the used car market. Here are some benefits we can offer:

Remove the Stress of Selling

Finding a customer for your vehicle can be a challenging process. You may need to be creative with getting the word out about your car being for sale, and you are reliant on the potential buyers you reach to set the price. When you sell your car independently, you may have to deal with confusing paperwork and loan agreements that can be a headache. Selling your car this way can also drive down the market price. Trading your car in at For Myers Mitsubishi can help eliminate the stress of these independent sales while getting you a good deal.

Give You a Fair Price

You can always expect a fair price from our finance center because we consider the above factors before we make an offer. We always determine what the value of your car is so that we can give you the same value. We also have access to many customers and broad exposure to a market that may be willing to purchase your car, so we can offer a fair price that isn’t dependent on immediate finances or a small pool of potential customers, which you may experience with an individual sale.

Count the Value Toward a New Car

You can count the value of the trade-in toward a new vehicle at our dealership. Depending on how much you owe on an auto loan, you may roll it over into a loan on your new car to consolidate the payments and pay the lowest price for your new vehicle.

Here at Fort Myers Mitsubishi, we are dedicated to offering superior customer service in selling and trading. Come to our finance center to learn more about what the trade-in value of your car may be. While you’re here, you can also check out our inventory of new and used vehicles available for purchase or lease.