When Is Trading in Your Vehicle a Good Idea?

June 19th, 2022 by

Welcome to North Coast Mitsubishi of Akron, your home for all your automotive needs. We proudly serve Akron, Cleveland, and the surrounding area by providing reliable automobiles at affordable prices. Over the years, we’ve often been asked when is trading in your vehicle a good idea. Of course, the answer varies depending on your circumstances, but typically it’s a good option. So, we had our finance experts explain why you should consider trading in your vehicle, explore how the process works, and dispel a few myths.

Why Trade-in Your Vehicle?

We understand that you usually receive more money from a private sale than you would from a trade-in. That’s the nature of the automobile industry. As a dealership, we pay wholesale prices because we have to make a profit on your trade-in. If you need to get more money from your car than our wholesale offer, we are content to let you sell it privately and buy your new vehicle from us in a separate transaction. However, today’s economic environment has increased used car values more than ever.

We hear from many customers who have tried a private sale, only to return to us frustrated by the attempt. Customers repeatedly confess to being overwhelmed advertising their vehicle, answering calls, meeting interested parties, and rejecting low-ball offers.

Selling your car takes time, and we all place a premium on our time. You might indeed receive a little less money from us than you would from a private sale. However, when you consider the time a private sale takes and the money you’ll spend, you could come to the same realization as many of our customers that trading in your car makes more sense.

How Trade-Ins Work

Trading in your vehicle isn’t complicated. You start by bringing in your car. Now and then, we have a customer come to us without their trade-in. We can begin the process without the vehicle present and give you an estimated value. However, we must inspect the vehicle before committing to a firm trade value.

We have to assess the car’s condition. One of our expert appraisers will go over the vehicle inside and out and take it for a drive. After their inspection, our appraiser will ask you several questions to fill in the car’s history. Lastly, they’ll input their findings into our appraisal system to determine a fair price.

If you disagree with our offer, you aren’t obligated to sell to us. As we said, we won’t take offense if you seek a private sale at any time. However, as a top-selling dealership in Akron, we can offer more money for your trade-in than other dealerships. When you factor in our higher offer, the reduced hassle, and the lower time investment, you might find it worthwhile to trade in your vehicle instead of attempting a private sale.

Common Misconceptions About Trade-Ins

The automobile industry has suffered through many common myths and misconceptions, and the rules surrounding the trade-in process haven’t been without their share of misinformation. So let’s shed some light on the more common questions and concerns.

I Can’t Trade My Vehicle Because I Owe Money on It

Just because you still make payments on your car loan doesn’t mean you can’t trade in your vehicle to purchase a new one. Our finance managers will work with you to find the right way to proceed. We have no problem taking your trade-in and will handle all the paperwork with your existing lender, including sending them the payoff amount.

I Can’t Trade My Car Because I Owe More Than It’s Worth

While not ideal, this situation happens more often than you might imagine. It’s called getting “upside-down,” and we can help. Our financial pros will give you a few options to get you over this hurdle. When you owe more than your car’s value, you are better off packaging it as a trade-in than seeking a private sale. A private sale won’t net you the amount you need to repay your loan. As a result, you have to deplete your savings to satisfy the loan, leaving you without a car and nothing to use as a down payment.

Cleaning and Repairing My Trade-In Gets Me More Money

If you plan to sell your car privately, take the time to make repairs and have the vehicle detailed. It will cost you money to prepare your vehicle for private sale, but potential buyers want to see a clean, well-cared-for automobile. At North Coast Mitsubishi of Akron, we don’t need you to put a shine on your car because it won’t add any value. Instead, our appraiser will assess your vehicle as though you did all the prep work.

We do recommend you bring in your service and maintenance records, though. These receipts help us see how well you cared for your car. Maintaining your vehicle properly absolutely adds value because a properly maintained car runs better and lasts longer than a vehicle with a spotty maintenance record.

Value Your Trade Now

As you begin buying a car, we recommend you research how much value you have in your vehicle. You can do this independently, or you can take advantage of our online trade evaluation tool powered by Kelley Blue Book. Our tool produces an accurate value after answering a few questions about your car’s condition and mileage. Then, when you’re ready to make a deal, you bring your offer to our dealership. One of our appraisers will confirm the information you supplied on the form and certify the offer.

Have your VIN ready when you go online. It takes a few minutes to complete the questionnaire, and you get an instant cash offer. We’re so confident you’ll love the proposal that we’ll buy your car even if you don’t purchase another vehicle from North Coast Mitsubishi of Akron. Alternatively, you can put the sale amount towards buying a new vehicle from us.

Ready to Trade-In Your Car? 

Start browsing our inventory online if you’re ready to find the car of your dreams. In most cases, that involves trading in the previous car of your dreams. Our commitment to you includes treating you respectfully and providing you with the highest value for your trade. If you’re ready to trade in your car, bring it to our Akron dealership anytime. Our friendly, professional staff will get the process started immediately.