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One of the biggest decisions in the ownership of your current vehicle is figuring out “if it’s the best time to trade in your car or truck.” Do you trade it within a specific number of years? Is there such a thing as too many miles? What if it isn’t perfect? It probably will not be a surprise to figure out that there is not an easy answer. Yet, we’ve got a few tips to help you figure out when to trade in your car.
This is usually the first question car owners ask themselves. Considering that most of us believe the only way to get top dollar for their used car is to do it themselves instead of trading it in. Yet, there are some factors to look at when trying to decide if you should trade your car or just sell it.
With only a few exceptions, selling a car can take several weeks or longer; particularly if the vehicle is not in great condition. The seller would be responsible for every single facet of the sale transaction, from posting an ad to test drives, to haggling on price, and anything else that pops up. Conversely, trading a vehicle almost always occurs the same day you purchase your new car with little effort.
Usually the person selling the vehicle is responsible for getting the buyer the required paperwork, such as the title and registration. If you are new to selling, this can often be a disheartening and even lengthy process if there are unexpected challenges attached to the paperwork, like a lien. We are ready to take care of the paperwork, challenges included.
Perhaps the biggest benefit of trading in your vehicle is the potential tax savings found in areas with a state sales tax. For these states, there’s a financial credit applied to the new car’s sales tax if the buyer trades in a vehicle at the same place they buy a new one. Simply, the taxes are calculated at the price difference after the trade-in appraisal is factored into the final price. The tax savings can quickly reach up to thousands of dollars, depending on what car you’re buying.
There are plenty of opinions on this question, especially with newer cars that are engineered to last a long time. But, there is a nearly universal agreement of the following three mileage milestones to consider when trading your car in:
This is when nearly all new car warranties typically conclude. On the other hand, this is when the first major replacement or repairs of ‘wear’ items, like tires or brakes, are typically done on cars. Your vehicle depreciation will usually begin to accelerate faster after this milestone, so the closer your vehicle is to this mileage range, the better your trade-in will likely be.
Depending on how much you drive, a car that reaches this milestone will typically be between three to five years old and most likely has had many appointments at the local automotive service bay for routine and not-so-routine maintenance. As the miles add up, the value gets lower so car owners ought to keep this in mind when considering their trade-in options.
Thanks in part to advancements in modern engineering, this mileage is no longer the automotive death sentence that it was previously. However, the higher the mileage a vehicle has, the greater the depreciation in all but the most exceptional kept cars. Cars within this milestone could still have a positive trade-in value even if they aren’t in pristine condition. The looks and mechanical condition of your car are reviewed more closely as the miles increase on the odometer.
Lastly, a meaningful piece of trading in a car is being prepared for the trade-in appraisal. The following ideas are not an exhaustive list, to be sure, but they will help you get the best value out of your car.
This should be a no-brainer, but many people think that presenting the vehicle ‘as-is’ is a more honest way to do a trade-in evaluation. While we don’t advocate hiding problems or blemishes with the vehicle (FYI, automotive assessors will see through that anyway), it is always a good idea to clean up your vehicle before bringing it to the dealership. This includes tossing all debris and trash from inside the vehicle (including the trunk), vacuuming and washing the exterior and interior, and maybe even doing a nice interior and exterior detailing. Just think of the appraiser as a buyer and prepare the vehicle.
We get that auto repair costs can be overwhelming, especially for significant mechanical problems. Yet, if it’s possible to repair minor dings, chips in the paint, and cracks in the various windows, windshield, and mirrors, all of those cosmetic repairs will help improve the price of your trade. When possible, we recommend repairing any mechanical concerns the vehicle may have as well. The better the condition of the vehicle, the better the trade-in value will be.
If you have decided that trading in your vehicle is the way you want to go, then we recommend coming here with all of your documentation, which includes the title (if you have it), registration, any repair documents you have, and keys you have for the car. Show up ready to trade-in your car and you will speed up the process of driving away in your new one.
