maine used car being traded in

4 Key Factors that Determine Your Car’s Trade-In Value

The current car chip shortage has led to a major vehicle shortage for dealerships across the United States and the world. To meet the current car demand, dealerships are paying top-dollar for quality used vehicles. So, if you’re considering trading in your used car, now is the time to do it!

Even with the current shortage on your side, there are still other factors that can help you maximize your car’s trade-in value.

The Year, Make, and Model

The first factor that will be considered when determining your car’s trade-in value is the year, make, and model. Newer cars will fetch a higher trade-in value than older ones, and certain makes and models will often be in higher demand than others. For example, a Toyota Camry or Honda Civic will always have an excellent resale value because of their reputation for being long-lasting, reliable cars.

The Condition of Your Vehicle

The condition of your vehicle will play a significant role in determining how much it’s worth. A car that’s been well-maintained and is free of dents, scratches, and other damage will always be worth more than one with visible damage. The number of accidents the car has been in will also be a factor, as will the severity of those accidents.

If your car is in good working condition but could use a little TLC, you can still get a decent trade-in value. If you have some minor dings and scratches, consider having them fixed before you trade in your car.

If it’s in need of a more significant repair, such as a new transmission, it may not be worth the cost to fix it. It’s best to speak with the dealership first to see what the value of the trade-in would be with the repair to determine if it’s worth your effort.

Vehicle Modifications and Upgrades

If you’ve made any modifications or upgrades to your vehicle, this could either increase or decrease the trade-in value. For example, if you’ve installed a GPS system, new tires, or a custom sound system, this will likely add to the value of your car.

On the other hand, if you’ve made any cosmetic changes, such as a unique custom paint job, this could actually decrease the value. Dealerships are typically looking for vehicles that are in factory condition with a cosmetic look that appeals to the masses.

Any modifications you’ve made should be disclosed to the dealership when discussing your car’s trade-in value.

The Car’s Mileage

The mileage on your car will also play a role in the trade-in value. The higher the mileage, the lower the value will typically be. This is because vehicles that have been driven more have a higher chance of developing mechanical issues.

If you’ve kept up with routine maintenance, such as oil changes and tune-ups, this can help offset the value lost due to high mileage. Remember to keep a verified routine maintenance history to show the dealership when discussing your car’s trade-in value. This demonstrates that you’ve taken care of the vehicle and can help add some value back in their eyes.

The Bottom Line

When it comes to trade-ins, taking good care of your vehicle from day one is the best way to ensure you get top dollar for it in the future. Even if you haven’t been as diligent with preventative maintenance as you should have been, it’s never too late to get your car on a routine maintenance schedule.

If you’re uncertain of your car’s current condition, visit us at Berube’s Complete Auto Care in Lewiston, Maine, for a full vehicle inspection. We’ll be happy to advise you on any repairs or services that could help increase your car’s trade-in value.

Get in touch with Berube’s today.