If you’re wondering, “What is my pre-owned vehicle worth,” the answer is just a few clicks away! Using our handy Value Your Trade-in calculator, you can get an estimated vehicle trade-in value from the comfort of your home or office. Simply input some information about your vehicle into the trade-in value calculator, as well as your contact information, and you’ll have an estimate right away. If you’d like to do additional research, you can cross-reference using popular resources, such as AutoTrader and Canadian Black Book. Keep in mind, there are a few factors that affect trade-in value, including:
After you’ve received your trade-in estimate, it’s time for an appraisal of your vehicle! We can take care of this step for you. We’ll examine the condition of your vehicle and make sure it’s a good fit for our pre-owned inventory. When you visit for your vehicle’s appraisal, be sure to bring your trade-in estimate!
Once we’ve examined your vehicle, you can negotiate or accept our offer and finalize the sale. We pride ourselves on offering the fairest possible offer on trade-in vehicles, aiming to make the trade-in process transparent and simple.
Q: Can you trade in a financed vehicle?
A: Yes, you can. If you have positive equity on the vehicle (as in it’s worth more than what you currently owe), you can trade it in easily. The dealer will purchase the vehicle and pay off the loan, then they’ll put what’s left toward the new vehicle price, giving you a major advantage. If you have negative equity on the vehicle (as in it’s worth less than what you currently owe), the dealer may still buy the vehicle and pay off the loan, but the difference will be rolled into your new vehicle loan — meaning you’ll still need to pay it off eventually.
Q: How soon can you trade in a financed vehicle?
A: There’s no time limit that’s set in stone, but it’s a good idea to wait until you have positive equity.
Q: What does it mean to be “upside down” on a vehicle loan?
A: Being “upside down” on a vehicle loan is the same thing as having negative equity. If, for example, you owe $30,000 on a vehicle that’s worth $25,000, you have negative equity.
Q: Can I trade-in my vehicle for a cheaper option?
A: If you still owe money on the vehicle, you can trade it in for a cheaper one. If, for example, you owe $15,000 and the vehicle is worth $20,000, the dealer can purchase the vehicle as a trade-in, pay off the loan, and put the $5,000 toward your new auto loan as equity. If you don’t owe money on the vehicle and own it outright, there’s nothing stopping you from trading it in for a cheaper vehicle; you can do what you’d like with it.
If you have further questions about how to trade-in a vehicle that is paid off, or how to get the best possible offer, don’t hesitate to contact us online or give us a call at (416) 623-4269. While you’re here, you are welcome to browse our current inventory of new and pre-owned vehicles to start planning for your next ride.