Why You Should Trade-in Vs Selling Privately
Should You Sell Privately or Trade in to Brampton Mitsubishi?
Trading in your current vehicle at Brampton Mitsubishi should be a serious consideration.
At Brampton Mitsubishi we strive to offer a wide selection of makes, models and price ranges of used cars, used trucks and used SUV's on our used vehicle lot. To replenish our used vehicle inventory we either have to buy them from various live and on-line Auto Auctions or buy from you when you are looking for your next vehicle.
Brampton Mitsubishi would rather replenish our used inventory selection by purchasing your current vehicle as a trade-in when you purchase your next vehicle. This process allows us to fully assess the vehicle we are buying and gather from you, the current owner, valuable vehicle history information. Brampton Mitsubishi has found that most customers who are shopping for a used vehicle love it when we can give them a brief history about the vehicle they are considering buying.
When Brampton Mitsubishi buys your trade-in we get to see it, inspect it, and find out what type of servicing has been done. We save time and money on shipping and can afford to pay you top dollar.
How Does Brampton Mitsubishi Evaluate a Used Vehicle
This process often seems complicated to consumers when in fact it is relatively simple.
- "It's worth what you can get for it" so we start by assessing what we think we can re-sell it for. Brampton Mitsubishi uses a combination of current retail and wholesale market research data, together with our own experiences in the past to establish a potential retail selling price on our lot.
- We then inspect the vehicle mechanically and assess the overall interior and exterior condition of the vehicle to establish an input cost to repair & refurbish the vehicle for sale on our used vehicle lot.
- We then set a desired profit margin based on market conditions and the stability of the vehicle itself. Like any other business we need to remain profitable to keep our doors open and to grow so we can be here to serve you for years to come.
Estimated Retail Selling Price + Repairs & Refurbishing + Profit Margin = the price we can afford to pay you for your trade-in.
This price would be considered a wholesale price as we intend to re-sell it at a higher retail price after any Repairs & Refurbishing.
Why Not Just Sell it for Retail Price Yourself
As many people know preparation and presentation is the key to making a good first impression with a potential buyer, this is why we place such importance on the repairs & refurbishing. This requires both time and know-how if you plan to do it yourself, or taking it to various professionals and paying them to repair & refurbish it for you.
Marketing, Test Drives and Inspections
It takes a certain amount of time, expense and know-how to market your vehicle to the people who may be in the market for what you have. When you finally have one or two people who are interested they are going to want to test drive it which takes a lot more time and effort to arrange than most people realize. If still interested after the test drive most people will want to have the vehicle inspected by a third party which again takes time and effort to arrange.
The tax savings when you trade the vehicle to Brampton Mitsubishi can significantly close the gap between wholesale and retail and is the deciding factor for many people to trade it vs. selling it privately.
Example: If you bought a new Mitsubishi RVR SE AWD (MSRP $24,998.00) from Brampton Mitsubishi the taxes on the new vehicle would be $3249.74 based on 13 per cent Ontario HST. If you had a trade-in valued at $12,500 it would reduce the overall taxable amount by the same amount ($12,500) and lower your overall taxes paid to $1624.74. The tax savings = $1,625 which you saved by trading in your vehicle.
When we add those tax savings of $1,625 to the trade-in value of $12,500 you actually got $14,125 for your vehicle which is much closer to the retail value of the vehicle if you'd attempted to sell it yourself, but without incurring any additional time, expense or hassle.
Full disclosure of any major issue like, has it been 'written-off' previously and has the 'odometer' ever been changed should be provided whether you sell it privately or you trade it to Brampton Mitsubishi. So providing you disclosed any issues, if you sell it privately you may not be liable for breakdowns or issues that could occur after the sale but there is no question the buyer will attempt to seek re-imbursement if issues should arise. This is not only time consuming but it can also become very emotionally stressful.
Appraise Your Used Vehicle
Trading your vehicle to Brampton Mitsubishi relieves you of this liability and stress as we fully inspect the vehicle during the appraisal process and offer you a price 'as is'.
To start the trade-in process with one of Brampton Mitsubishi's Representatives, feel free to use our online Trade Appraisal form!