If you want to purchase a new vehicle—you might want to consider the benefits of trading in your old vehicle at the same time. When deciding to trade in a vehicle, many people don’t know where to start. The car buying and selling process can get overwhelming—but we’re here to help make the trade-in process quick, easy, and stress-free—while giving you the best deal possible. When asking, "What's my car’s trade-in value?” we want you to consider these steps...


Get Your Vehicle Appraised

You can take any used car to a dealership or dealer trade outlet to get it appraised and find out the trade-in value. But it’s important to research your car's trade-in value before going into the dealership so you know you are getting a good offer. There are many free websites to use to check your car’s make, model, mileage, and condition to get a general estimate before you bring it in. If you are trading in a vehicle you still owe on or you have negative equity in a vehicle—meaning you owe more on your car than it’s worth—then you can still trade in your vehicle, but the outstanding loan amount will simply be added to the cost of your new car. 


Trading In Your Car at a Dealership

Using a dealership to trade in your old vehicle is the easiest way to make money off your car because the dealership will take care of all cleaning, marketing, title transfer, and more—saving you considerable time and hassle in the selling process. Plus, if you already have a new dream car in mind, trading in your old vehicle can lower the cost of your new car and your monthly payment, as well as a tax savings off the new vehicle purchase. The more money you make from your trade-in, the less you will need to put down or borrow for the new vehicle. 


Common Car Trade-In Myths and Mistakes 

A common myth and mistake we encounter when our clients try to trade in their vehicle is thinking that repairing small dents or adding new tires will significantly raise the price of the trade-in value. It usually doesn’t. Because most reputable car dealerships will take trade-in vehicles through a thorough reconditioning process before they will sell it again—the amount you would make by fixing small details won’t add up in the long run. 


If you stop into the dealership, our Bob Penkhus Mitsubishi representatives will help you get from point A to Z, whether you are wanting to trade in an old vehicle to purchase or trade in your lease early for something new. We’ll take you through the car appraisal process and help you understand the best options for you. Have a car in mind already? Stop into the showroom today (in person or virtually) and we’ll get you on the road with a test-drive today! 


If you think it’s time to trade in your old vehicle for a new car, we’re here and happy to help. 


- Your Friends at Bob Penkhus Mitsubishi