Trade-In Appraisal

There are many factors that come into play when assessing the value of your trade-in. Things such as low mileage, extended warranty, and accessories can add value to your trade, while things like the average resale value on your vehicle, accidents, claims, or high mileage can diminish the value. Honda is known for its high resale value and therefore, regardless of what you originally paid for the vehicle; it will automatically be worth more once the time comes to trade it in.

There are many different makes and models of vehicles that unfortunately lose their resale value fairly quickly. It’s best to get yourself familiar with those brands and to educate yourself beforehand so you’re able to avoid losing a large chunk of your investment after a very short period of time. This too will minimize the likelihood of "negative equity" (or the amount of it at least) if you’re looking for a new vehicle before you’ve finished paying off your current one.

Make sure to look online and compare your vehicle's year, make and model with others that are similar. Some things you may consider comparing are whether it’s a coupe vs. sedan, trim level/features, and mileage is important too when setting a fair value. Great online comparison tools can be found either on Autotrader or Canadian Blackbook. There are many other websites you could use for research, but keep in mind that most dealerships will also be using the two mentioned when assessing your trade. (This is what we will do with you in the room when discussing fair appraisal pricing.)

This is one of the most important tips to remember when negotiating a price for your trade. Make sure that when discussing value for your trade, the dealership you're buying your new car from isn't just "showing" you more money for your trade on paper. Discuss in-depth what will happen to the discount on your new vehicle if you want to see more value for the one you're trading in. Ask the right questions about promotions the National company may offer that you might miss out on because you prefer to see a higher value for your trade.

Asking questions like "Are you still able to offer me that amount for my trade even if I don’t buy a new car from you today?" or at the very least "Do you mind printing that offer so I can take it home, have a look at it, and do my own research?" will ensure you’re receiving fair treatment and no "funny business" is happening in the background. If the business answers "No" to both of these questions or tries to steer the conversation elsewhere, it’s best to take a step back and explore your options or at the very least take some time to ensure you’re not being pressured into making the wrong decision for you in the long run. If they aren't willing to hand over the documents to take home with you, it's likely the deal is "too good to be true."

Be transparent and upfront with any accidents, glass claims, or other things (such as a paint job) that may have happened while you've owned your vehicle. Each dealership will run a CarFax on your trade-in and it's best to know those things up front when assessing the value. Many dealerships will ask you standard questions when assessing your trade, such as "Has this vehicle been involved in an accident?" to ensure they're putting a fair value to your trade. The best practice is to disclose as much information as possible to ensure both you and the dealer are being honest and realistic when assigning a value to the trade.

Bring it here to Great Lakes Honda and have our professional Trade Appraisal Manager with over 10 years of experience have a look at the condition of your vehicle and perform a walk-around in order to assess the exterior and interior. He will also walk through an online appraisal with you to discuss the average selling prices of your vehicle.