When is the Best Time to Trade?

Purchasing a new vehicle is an exciting time, but it’s certainly not without its hassles. When it comes time to purchase a new vehicle, you might be faced with the dilemma of the trade-in. Trading in a vehicle can be a complicated process, and they certainly entail a lot of questions!

Is it better to sell your vehicle on your own and use the money as a down payment? Or is a trade-in your best bet for financing your new vehicle?

How much is your car worth?

When is the best time to trade?

These are all solid questions, especially if you’re hoping to get the most bang for your buck. The bad news? Your new vehicle depreciated almost immediately after you drove off the lot. What’s more – a vehicle can depreciate by as much as 25% in just a year, which can spell trouble for your trade-in plans.

Here are a few other factors that can impact your trade-in value while shopping for your new vehicle.

Trade-In Time?

When it comes to trade-ins, if you’re looking for answers, try the Kelley Blue Book. It’s considered the end-all, be-all of trade-in values.  Simply input your vehicle, its condition and its current mileage. Kelly Blue Book will then assess how much your car is worth, but keep in mind that this number may differ from that of your dealership. It’s best to shop around before making this decision. Speak to the used vehicle manager at each dealership, and get an estimate of how much you can expect to get for your trade-in.

How much do you still owe on your vehicle? If you’re nearing the end point of your payments, it may be the best time to trade in. You can use the extra money as a down payment after you pay off the balance of your old car.

Car repairs become more costly the older your vehicle gets. Once you reach that 50,000 mark, you may begin to notice subtle signs of wear and tear. Consider trading for a newer model before things really start to add up. This could save you major money in the long run, and you’ll have a shiny new vehicle to drive from then on out.

Are you ready to trade in your vehicle? Ed Payne’s Valleywide auto dealerships can help! Visit one of our Valleywide auto dealerships for information about trade-ins, and to view our latest selection of new and used models. We carry a wide selection from brands like GMC, Ford, Chevy, Fiat, Dodge and more! When you’re shopping with Payne Motors, you’re sure to find just what you’re looking for.