A new program is letting participants trade in their used cars to be put towards a new Vancouver condo.

The program, from My Gastown Developments and Key Marketing, allows buyers to bring their cars to the InGastown development presentation centre. Experts then assess each car, and once a value has been determined, that money can be put directly towards a down payment for one of the InGastown condo development’s 61 units.

“A car is a depreciating asset, so trading in a car for a condo — an appreciating asset — makes good business sense, and this new program allows some people more choices in how they want to live,” says Cam Good, president of Key Marketing. “This helps people get a foot in the door if they want to live in Gastown, get money for a down payment and live car-free to reduce expenses.”

Participants in the Car for Condo program also receive a free membership to Modo, a car sharing program in metro Vancouver.

“For those who work at home, in or near the downtown core, our new Car for Condo program means you can trade the monthly expenses of your car, get a down payment for a condo but not forego convenience,” Good says. “With a free Modo membership and cars onsite, buyers can get a car whenever they need one.”