What Is the Best Time to Trade in a Car?
Does it seem like it costs more than ever before to buy a new car? You’re not just imagining things.
The cost of new cars has gone up throughout the course of 2019. And it doesn’t appear as though that trend is going to reverse course anytime soon. You can expect to pay almost $40,000 for a new car on average these days.
One way to combat the rising cost of new cars is to trade in your current car when shopping for a new one. You should try to find the best time to trade in a car and strike while the iron is hot to get a great deal on a new vehicle.
Tracking down the best time to trade in a car isn’t always easy, though. Many people end up picking the wrong time to do it and don’t get the chance to take advantage of their car’s value.
Here are some of the best times to trade in a car and make the most of doing it.
When Your Car Is About 3 or 4 Years Old
Depreciation is something that car owners are all too familiar with. It affects the value of their vehicles from the very moment they drive them off the lots they bought them at.
Depreciation hits every vehicle a little bit differently. There are some car models that depreciate by up to 10% in the first month that people own them.
But generally speaking, a car won’t depreciate forever. In most cases, depreciation will slow way down once you’ve owned a car for about three or four years.
At that point, you’ll find that the amount that you owe on your car and the value of it will start to inch closer and closer together. Before long, your car should be worth more than you owe on it as depreciation slows to a crawl.
That is usually the best time to trade in a car. You will have some equity built up in your car, which will allow you to trade your car in and bring the price of a new car down in the process.
It’s a good idea for vehicle owners to keep a close eye on how much they owe on their cars versus how much they’re worth. You should try to avoid selling a car if you don’t have any equity built up in it yet since doing so could cost you money.
When Your Car Has Between 40,000 and 50,000 Miles on It
While you should attempt to wait at least three or four years before trying to trade a new car in, you shouldn’t wait a whole lot longer than that to do it. Your car may stop depreciating after three or four years, but you’ll also start to put so many miles on your car that it won’t matter.
In a perfect world, the best time to trade in a car as far as mileage is concerned is somewhere between 40,000 and 50,000 miles. That’s long before most cars start to experience any major issues, which will make your car more attractive to dealerships during a trade.
Monitor your odometer over the years and make sure it doesn’t get too high if you plan on trading your car in. You could cost yourself a lot of money by putting too many miles on a car prior to trying to trade it.
When Your Car Can Help You Score a Great Deal Through a Dealership
There are certain times of the year that are better for car-buying than others. The end of the year, for example, is a great time to buy a car since many dealerships are trying to unload their older models to make room for new ones.
This also makes the end of the year a great time to trade in a car. Most dealerships will be more than happy to extend a strong offer to you for your trade-in if it means getting you behind the wheel of a new vehicle.
You should use your trade-in as leverage at the negotiating table when you go to buy a new car towards the end of the year. You can take your old car and exchange your trade in for new car without much hassle at all.
When Your Car Just Isn’t Cutting It for You Anymore
Is your family of five going to be turning into a family of six soon? If so, the best time to trade in a car is now, no matter what time of the year it might be.
There are certain cases in which you shouldn’t wait around to trade in your current car for something new. An addition to the family is one of those cases since it’ll help keep your family as safe as can be.
Regardless of when you go to trade your car in, you can make it a more pleasant experience by enlisting the services of a trusted auto dealership. They’ll help you obtain the most money for your current car and get you into something that will work better for you and your family.
Find the Best Time to Trade in a Car and Get a New Car
If you just purchased a brand-new car last year and already want to get rid of it, it might not be the best time to do it. Your car is likely worth a lot less than you owe on it, even though it’s in like-new condition.
But if you’ve had your car for a few years now, it could be a great time to consider trading it in. The best time to trade in a car is often when it has a little bit of wear and tear on it but not so much wear and tear that it affects the car’s appearance or performance.
Would you like to learn about some of the options you might have if trading your car in isn’t in the cards for you? Read the articles on our blog to find out how to sell your car for top dollar.