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Maybe one of the biggest decisions in the ownership of your car is understanding “when should I trade the car or truck in?” Do you trade it in within a specific time? Is there such a thing as too many miles? What if it is not in perfect condition? It probably should not be a shock to learn that there isn’t a simple answer to these questions. However, we’ve got some advice to help you understand what time is the best time to trade in your vehicle.
This is usually the first thing vehicle owners wonder about. Most of us assume that the easiest way to get top dollar for their pre-owned car is to do it themselves vs. trading it in. However, there are a couple of points to consider when deciding if you should sell your vehicle first instead of trade it in.
With only a few exceptions, selling a vehicle can take many weeks or longer; particularly if the vehicle needs extensive repairs. You would be responsible for every single part of the sales process, from posting an advertisement to coordinating test drives, to negotiating price, and everything in between. Conversely, trading a car usually occurs at the time you buy your new car with little effort.
Normally the person selling the vehicle is responsible for getting the buyer the paperwork, such as registration and the title. If you are new to selling, this may be a discouraging and even lengthy process if unexpected challenges like a lien are attached to the paperwork. We are ready to do all of the paperwork, unexpected challenges included.
One of the biggest benefits of trading in your car is the potential tax savings offered in areas with a state sales tax. For these states, there is a tax credit applied to your new car’s sales tax if the buyer trades in a car at the same location where they buy a new car. In short, the taxes are only applied to the price difference once the trade-in price is figured into the new car price. The savings can reach up to thousands of dollars, depending on the vehicle you are buying.
There are plenty of thoughts on this question, especially with late model cars that are specifically designed to last a long time. But, there’s a nearly universal agreement of the following three mileage ranges to keep in mind when considering trading in your vehicle:
This is the time when nearly all new car warranties usually expire. On the other hand, this is also when the first major replacement and repairs of ‘wear-and-tear’ items, like tires or brakes, are usually done on most vehicles. The depreciation of your vehicle will usually start to grow faster after this milestone, so the nearer your vehicle is to these miles, the better your trade-in value options will likely be.
Depending on how much you drive, a vehicle that gets to this milestone will be between three to five years old and most likely has been well taken care of. Clearly as the miles pile up, the value of the vehicle tends to get lower so car owners should keep this in mind when considering their trade-in.
Thanks in part to modern engineering, this mileage is no longer the automotive death sentence that it was previously. Yet, the higher the mileage of your vehicle, the greater the depreciation. Vehicles within this mileage could still have a positive trade-in value even though they might not be in perfect condition. The condition of the vehicle is scrutinized more closely as the miles increase on the odometer.
Finally, a crucial piece of trading in a vehicle is being prepared for the trade-in appraisal. These recommendations are not an exhaustive list, to be sure, these steps can definitely help you get the best value out of your car.
This should be a no-brainer, but people believe presenting the vehicle ‘as-is’ is a more honest way to do a trade-in assessment. While we are not advocating hiding blemishes or problems (spoiler alert, they will see through that regardless), it’s not a bad idea to clean up your vehicle to the best of your ability before bringing it to the dealership. This means getting rid of all trash and debris from inside your vehicle (yes the trunk too), vacuuming and washing the interior and exterior, and maybe even doing a nice exterior and interior detailing. Think of the evaluator as a potential buyer of your car and prepare the vehicle accordingly.
We realize that auto repair bills can be overwhelming, especially for serious mechanical concerns. Yet, if you can repair minor dings, chips in the paint, and cracks in the various windows, windshield, and mirrors, all of those cosmetic fixes will help improve the value of your trade. When possible, we suggest fixing any mechanical problems the vehicle may have. The better the condition, the more value you’ll get for your trade-in.
If you have decided trading in your car is the best option for you, then we recommend coming here with all of your car’s paperwork, which includes the title (if you have it), registration, any repair receipts you have, and keys you have for the vehicle. Arrive ready to trade-in your car and you will speed up the process of driving away in your new one.
If you’re wondering where you can trade in your car for another car, Gene Messer Toyota is the right place. We make the trade-in process simple and can get you back on the road in a new car today. Schedule an appointment online or visit our dealership to get started.
They did not inspect the vehicle before selling to me. My tire pressure on two of the four tires had low tire pressure like 25psi my back right light was also out when returning home from purchasing the vehicle. Took the truck back the next day to get problems fixed as well as cancel my extended warranty it has been three weeks since purchasing the vehicle and still have not received my refund. Every time I ask about it all I get is it’s in the mail.
The people were courteous and the service was quick and easy! They even had a coffee shop!
The dealership intake area was clean, the man who checked me in was fast and efficient. The waiting area was nice, roomy and clean. I was kept up to date on the progress of my car by text message. I even received a video of the mechanics as they worked on my car. (After they finished). Check out was easy and efficient.
They are awesome at this location,,, Matt is usually my service guy and he always takes care of me when I take my Tacoma in… everyone is prompt and quick
Had a good experience. Was provided a ride home and back when my vehicle was ready.
