Perhaps one of the biggest decisions in the life of your vehicle is understanding “when should I trade the vehicle in?” Is it best to trade it in after a specific number of years? Is there such a thing as too many miles? Does it have to be mint? It probably won’t surprise you to learn there isn’t a simple answer to these questions. But, we’ve got a few advice to help you decide what time is the best time to trade in your car or truck.
This is typically the first question car owners wonder. Most of us believe the best way to receive top value for their car is to do it themselves versus trading it for a newer vehicle. However, there are a couple of factors to consider when attempting to decide if you should sell your car first instead of trade it in.
With only a few exceptions, selling a vehicle can take many weeks or longer; especially if your car is in less-than-ideal condition. You would be responsible for every facet of the sale procedure, from creating an ad, to coordinating test drives, to haggling on price, and everything in between. On the other hand, trading a car almost always takes place at the time you buy your new one.
Typically you would be responsible for providing the buyer with the necessary paperwork, such as the car’s title and registration. Trying to do everything yourself may be a frustrating and even lengthy process if unexpected challenges are attached to the paperwork, like a lien. The dealer is capable of doing all of the paperwork, surprises included.
One of the most notable benefits to trading in your vehicle is the potential tax savings found in states with a state sales tax. For these states, there’s a financial credit applied to your new vehicle’s sales tax if the buyer trades in a vehicle at the same location where they buy the new vehicle. The taxes are only applied to the price difference after the value of the trade-in is figured into the final price. The tax credit savings can quickly reach up to thousands of dollars.
There are plenty of thoughts on this question, especially with late model vehicles that are specifically built to last a long time. Yet, there’s general consensus on three mileage ranges to think about when trading your car in:
This is the time when nearly all new car warranties usually conclude. On the other hand, this is when the first replacement and repairs of ‘wear’ items, like brakes or tires, are typically done on most cars. The depreciation of your car will generally start to accelerate faster after this milestone, so the nearer your vehicle is to these miles, the more desirable your trade-in appraisal will be.
Depending on usage, a car that reaches this mileage will be 3 to 5 years old and most likely has been well taken care of. As the miles add up, the value of the vehicle gets lower so car owners need to take this into account when weighing their trade-in options.
Thanks in part to advancements in modern engineering, this milestone isn’t nearly the automotive death sentence that it was before. But, the more miles of your car, the more the depreciation in all but the most exceptionally kept cars. Anything within this mileage can still have value even if it might not be in perfect condition. The condition of your car is definitely reviewed more closely as the miles grow on your odometer.
Lastly, a crucial component of trading in the car is being prepared for the trade-in appraisal. While the following recommendations are not an exhaustive list, they can help you get the most value out of your car.
This ought to be a fairly obvious point, but people think that presenting their car ‘as-is’ is an honest way to do a trade-in appraisal. While we’re not advocating hiding problems or blemishes (spoiler alert, they will see through those attempts regardless), it’s always a good idea to clean up your car before bringing it to the dealership. This means removing all trash and debris from inside the vehicle (yes the trunk too), vacuuming and washing the exterior and interior, and perhaps even doing a nice exterior and interior detailing. Think of the evaluator as a buyer of the car and clean the vehicle accordingly.
We get that automotive repair bills can be overwhelming, especially for major mechanical concerns. However, if it’s possible to repair minor dings, defects in the paint, and cracks in the various mirrors, windows, and windshield, all of those fixes will go a long way towards improving the price of your trade. When possible, we suggest repairing any mechanical concerns the car may have as well. The better the condition, the more value you will get for your trade-in.
If you have decided that trading in your vehicle is the way you want to go, then we suggest coming here with all of your vehicle’s paperwork, including the title (if it’s in your possession), registration, any repair receipts you have, and all copies of the vehicle’s keys. Arrive ready to trade your car in and you will speed up the process of driving away in your new vehicle.
No matter the time of year, month or day of the week, South Pointe Chrysler Jeep Dodge Ram invites you to trade in your car, truck, SUV, or minivan in Tulsa, OK. We provide great advice and tips for how to get the most value for your trade-in and can help you get behind the wheel of a new car. Schedule an inspection appointment online or visit our dealership today.
Considering Trading-In Your Vehicle? This Is The Ideal Time To Do It
| South Pointe Chrysler Jeep Dodge RamWe had a wonderful experience! South point and Richie did a great job! We love our Chrysler Pacifica!
The service manager we worked with, Tommy, was very knowledgable and professional. He stayed in contact concerning the progress of our vehicle. Great job.
They were very nice and did a thorough job on my van, they also told me what van needed the next time I came in.
The service was very quick and thorough. The oil change and tire rotation only took about an hour. They were very friendly as well.
Best experience I've had at a car dealership. Called in and spoke with James about a new Cherokee. Agreed on pricing and arrived the next day to pick it up. The agreed upon price was honored and we had a great experience. Highly recommend.
