So, you have an older vehicle that you have kept for years that is wearing out and needs replacing. You start shopping around at car dealers in North York and the GTA to find your new vehicle. The dealerships offer to take your current car in on trade. However, the price they are offering may not always be the best deal around.
Why? Well, car dealers have limitations on how much they can pay for a vehicle when taking it on trade. They must determine whether they will be able to refurbish the vehicle and sell it on their used car lot or if they will sell it wholesale.
Quite often, if a vehicle is more than five years old, it ends up getting sold at wholesale. This means that they must make back at least the same amount they gave you for the vehicle as a trade-in. As a result, they might “low-ball” the amount they offer for trade-in hopes that they can earn a little off the vehicle when they sell it at wholesale.
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