When is it time to trade in your car?

When is it time to trade in your car?

Did you know that your local car dealership is not just a place where you can buy new cars, but where you can also trade in your old one? The difficult question is, how do you know when is the best-possible time to visit the dealership and make the deal? Fortunately, there are certain signs you can follow that indicate it’s the right time to trade in. Take a look at our simple guide below:

1. Your trade-in or sale price closes on your remaining loan
Two numbers you should track when you’ve bought a car with a loan are the trade value of your car according to the Kelley Blue Book, and the amount left to pay on your finance agreement. When the former is slightly more than the latter, this is a good time to consider a swap, because you’ll get enough money to clear the previous car’s debt and start afresh with an all-new vehicle.

2. The year is ending
It is a well-established fact that dealerships have some of their best deals and incentives for buyers toward the end of the year in October, November and December. Timing your trade-in or purchase for the end of the month will also maximize your chances for getting the best deal possible.

3. Repairs and maintenance cost more than the car is worth
If you’ve had your car much longer, then you may be reaching the point at which to perform major repairs or maintenance is exceeding the actual value of your machine. Is it worth keeping at that point? A new car will not likely need any significant maintenance or repair cost in its first several years of operation.

4. You’re over 100,000 miles
Check your odometer, and if you see a number with six figures, then a trade-in might be about right. It’s true that at this mileage, a car is not worth a great deal, but it still has some value and can still be traded as a part of a part-exchange sale. After 100,000 miles, the car will need much more regular work such as hose changes, brake rotor changes, a new timing belt and more; better to switch it for something newer.

The good news is that your local dealership is a key center for car trade-ins. If you’re wondering how much your old car is worth or how it could help you get a great deal on a new one, visit the dealership today to learn more.

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