What is the best time to trade-in your old car?
A new car is a great and reliable medium of transport. You can purchase a new car by trading-in your old car at the appropriate time. Follow a few simple steps to hike the value of your old car and you will get one step closer to your new car.
When you think about trading your car, a million things cross your mind. The process of estimating the correct value and finding the right car to trade-in can become tedious. An old car comes with its set of repairs and expenses. Often, it becomes confusing to estimate the appropriate time to trade-in your old car. However, numerous factors are essential for optimizing its sale value. Obtaining the maximum value for your car is like hitting the iron while it is still hot. With the right set of guidelines, you can easily pre-decide the correct time to bid adieu to your old car for a new one.
Which factors are detrimental in shaping the best time to trade-in your old car?
1) Current Debt
The current debt on your car plays a significant role in deciding the correct time to trade-in your car. Its ideal time is when you have made more than half of the payments on your auto loan. Additionally, you can receive a good amount for your old car as a low debt indicates a strong sense of finance management.
2) End of the Year
Ideally, a good time to trade-in your old car would be during the end of the year. It is because most new car models are released in January. Right before the launch of a new car, dealerships wish to get rid of the previous car models. Usually, dealerships offer good discounts on unsold car models in order to create sufficient shelf space for the new models. If you trade-in your car before the launch of a new one, you will be positioned in a good place to bargain and negotiate a price that fits your budget.
3) The Age
The best way to figure out the usage of your car is to measure the total number of miles. A good time to trade-in your old car would be when your car has travelled 50,000 miles. In order to obtain the optimum value for your car, you should trade-in when the odometer reads a total of 30,000-40,000 miles. An odometer reading of up to 50,000 miles is ideal as the car would have suffered from low damages and would be in a good working condition.
4) Safety Requirements
When you face issues of safety while driving, it is a good indication to trade-in your old car. A new car serves as a reliable option as opposed to an old car that is prone to breakdown. A vehicle report prior to trade-in can heighten your chances of obtaining a better value for your old car. Make the necessary repairs and bear the damages so as to make the most of your trade-in deal.
Trading your old car is not a tedious task. Figuring out the correct time is all it takes to get the optimum value for your old car. With a few right steps, market knowledge and research about the auto industry, you can receive the best price for your trade-in.
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