3 Simple Steps to having your vehicle appraised:
THE APPRAISAL PROCESS
We take all trades at Cambridge Centre Honda! Have you ever wondered what process is involved when the trading-in a vehicle? Below we’ve broken down the process as well as the benefits of trading-in your vehicle to Cambridge Centre Honda.
We appraise each and every vehicle at Cambridge Centre Honda. We believe that buying and owning a car should be easy, enjoyable and transparent. During the appraisal process we fully disclose the amount that you will receive for your trade as well as the amount you will pay for a newly purchased vehicle. By providing all information in the most transparent and easy way possible, our customers are able to make an informed decision that best suits their family’s needs and lifestyle.
Tools we use at the dealership to help maximize the value of your trade include a CARFAX vehicle history report and a paint coating tester. A CARFAX report provides us with the vehicle history to give us relevant information, such as past damage/accidents as well as servicing information, which can impact the vehicle’s value to help make an informed decision. Another factor that may impact the value of a vehicle is whether or not the vehicle still has the factory paint. At Cambridge Centre Honda, we use a small device to confirm whether the trade-in vehicle has the original factory paint or has been painted at a third party shop. We believe in doing our due diligence, through the use of these two tools, to ensure the value of the trade is both accurate and fair for all parties involved.
Benefits of trading-in your vehicle to Cambridge Centre Honda while in the process of purchasing a new or pre-owned vehicle not only includes taking the hassle and stress out of selling privately but also includes significant tax savings. When trading-in a vehicle you will only get taxed on the difference, not the full amount of the vehicle you are purchasing. The customer will be taxed on the difference between the value of the new or pre-owned vehicle and the value of the vehicle being traded in.
FACTORS THAT DETERMINE THE VALUE OF YOUR CAR
When appraising your vehicle, these are the factors that will affect the value of your car.
- Age. Typically, the older the car, the lower the value.
- Make and Model. Certain brands and models hold their value more than others. For example, Honda Civics are well known for maintaining their value more than other similar vehicles.
- Trim. Referring to the exact specs on a vehicles engine, standard features, number of doors, colour, and other options, a vehicle's trim plays a large role.
- Options. Certain features of a car will either raise or lower it's value. For example, leather seats are more valuable than standard cloth seats, and power windows are more valuable than manual windows. Other options such as transmission type, navigation options, sunroofs, wheels and tires all factor into a car's overall value.
- Condition. Stains, rust spots, dents, if it has been improperly repaired will all lower the value of the car, but if a car has been well maintained and cared for, that will have a positive effect on the car's value.