Maybe one of the biggest decisions in the ownership of your car is figuring out “when should I trade the vehicle in?” Should I trade it after a specific number of years? Is there such a thing as too many miles? Does it have to be in mint condition? It probably should not be a shock to figure out there is not a simple answer. However, we’ve got a few tips and tricks to help you decide when to trade in your car.
This is generally the first question owners consider. Considering that most people believe that the only way to get top dollar for their pre-owned car is to sell it themselves instead of trading it for another car. Still, there are some things to consider when thinking about if you should trade-in your car or just sell it separately.
With only a few special circumstances, selling a vehicle can take several weeks or longer; particularly if your vehicle is in less-than-ideal condition. You would have to arrange every single part of the sale process, from posting an advertisement to scheduling test drives, to arguing the price, and everything in between. Conversely, trading in a car almost always happens when you get your new vehicle with little effort.
Usually the person selling the vehicle is responsible for getting the buyer the required paperwork, such as registration and the vehicle’s title. Trying to do everything yourself can often be a disheartening and even lengthy procedure if unexpected challenges are connected to the paperwork, like a lien. The dealer is ready to handle all of the paperwork, unexpected challenges included.
Perhaps the most notable benefit to trading in your vehicle is the possible tax benefit offered in places with a state sales tax. For these states, there is a financial credit applied to your new vehicle’s sales tax if you trade in a vehicle at the same location where they purchase the new vehicle. Simply, the taxes are applied to the price difference once the appraisal of the trade-in is factored into the new vehicle price. The tax savings can easily reach hundreds and even thousands of dollars.
There are plenty of opinions on this, especially with newer cars that are specifically designed to last a long time. However, there’s a general agreement of three mileage milestones to think about when trading your car in:
This is when nearly all new car warranties typically expire. Conversely, this is also when the first replacement and repairs of ‘wear-and-tear’ components, like tires or brakes, are generally done on cars. Your vehicle depreciation will usually start to increase faster at this point, so the nearer your vehicle is to these miles, the better your trade-in will be.
Depending on how much you drive, a car that reaches this mileage will typically be between 3 to 5 years old and most likely has been well maintained. As the miles pile up, the value of the vehicle gets lower so owners ought to think about this when weighing their trade-in.
Thanks in part to advancements in modern engineering, this milestone is no longer the automotive death notice that it was in the past. But, the more miles of your vehicle, the greater the depreciation. Cars within this milestone can still have value even if they aren’t in perfect condition. The looks and mechanical condition of your car are reviewed more closely as the miles increase on the odometer.
Finally, an important part of trading in the car is being prepared for the trade-in evaluation. These ideas are not an exhaustive list but they will help you get the most value out of your trade-in.
This ought to be a no-brainer, but some people believe showing the vehicle ‘as-is’ is a more honest approach to a trade-in appraisal. While we do not advocate hiding problems or blemishes (FYI, the assessors will see through those attempts anyway), it is not a bad idea to clean up your vehicle before bringing it in. This includes tossing all trash and debris from inside your vehicle (the trunk too), vacuuming and washing inside and outside, and maybe even doing a nice interior and exterior detailing. Just think of the evaluator as a potential buyer and tidy up the vehicle accordingly.
We realize that auto repairs can be overwhelming, especially for major mechanical concerns. But, if you can fix minor dings, defects in the paint, and cracks in the various windshield, mirrors, and windows, all of those cosmetic repairs will help improve the price of your trade-in. When possible, we advise repairing any mechanical issues the car may have. The nicer your car is, the more money you’ll get for your trade-in.
If you have decided trading in your car is the best decision, then we suggest coming to the dealership with all of your documentation, including the title (if you have it), registration, any repair logs you have, and all copies of the car’s keys. Show up ready to trade-in your vehicle and you will speed up the process of driving away in your new car.
Bob Howard Chrysler Jeep Dodge Ram invites you to trade in your car, truck, SUV, or minivan in Oklahoma City, OK. No matter the day of the week, time of the month or year, we are happy to value your trade-in and get you into a new vehicle. Visit our dealership in person or give us a call to schedule an appointment.
When Is The Best Time To Trade In Your Car To Get The Most For It?
| Bob Howard Chrysler Jeep Dodge Ram
Excellent service. Quick, thorough, and reasonable. Staff were attentive on drop off and pickup. They kept us informed as to their progress throughout the day. No unnecessary upsells. Just good service.
I could not be happier with the service I got today. I went in for an oil change but we also talked about how far in advance to book recall work to make things easier in the future. Christopher Tannyhill was professional, friendly and extremely helpful.
The waiting room tv"s were turned off on a Saturday morning. The service was completed, yet the tech did not balance all 4 tire pressures after replacing the tire sensor and left each tire with a different pressure.
Hayden and Dalton were great! Very easy to work with. Very accommodating and brought the cat from Tulsa to OKC.
Everybody was amazing. There was zero pressure and after I explained what we wanted and the money I was willing to spend they did not try to hassle me. It is by far the smoothest purchase I’ve ever made at a dealership.
