How To Get The Best Trade-In Value For Your Car

When buying a new car, there is usually the question of what to do with one’s current vehicle. While selling it is an option, doing so can take a considerable amount of time, and there is a certain level of risk involved as well. Another option is to have the current vehicle appraised for its trade-in value. Trading in one’s vehicle is a common and somewhat easier option for many; however, it must be done correctly in order to get the best possible trade-in value. This is important as the money from one’s trade-in may be applied toward the price of the vehicle that is being purchased. Knowing the best time to trade in one’s car is the first step toward getting the most money for your vehicle. By choosing the right time to trade in one’s car, drivers can potentially avoid some of the problems that may have a negative effect on the value of their vehicle.

Before the Miles Get Too High

Ideally, a person should trade in their car before the mileage gets too high. When a person buys a new car and drives it off the lot, its value depreciates up to 25 percent. After the first year, the car’s value begins to depreciate less and it is more likely to have a better trade-in value. Unfortunately, when mileage increases to over 60,000, the value of the car declines even faster. This is because when a vehicle reaches this milestone, it will start needing more costly repairs than it has in the past. These repairs may include fixing the brakes, replacing the timing belt in certain vehicles, or replacing the tires.

Before an Accident

No one wants to be involved in an auto accident. Safety for oneself, for one’s family, and for others on the road is naturally the number one reason to drive defensively and avoid getting in an accident. Protecting a car’s trade-in value, however, is yet another incentive to drive safely. That’s because a car is most valuable before it has gotten into any collisions. Auto accidents can cause mild to severe damage to a car. This can result in the need for body work and other repairs that an appraiser will likely notice. In addition, just having been in a collision is enough to decrease the trade-in value of a car. In the event of an accident, it is best to have all repairs done by a professional in a licensed repair shop. One should also be honest when attempting to trade in a car, as failure to disclose any accidents may seem suspicious and arouse concern about the extent of any damage and its effect on the car.

After it Has Been Cleaned

Before attempting to trade in a car, take it to be detailed, or cleaned inside and out. Some dealers disagree to what extent a car should be detailed before it is appraised for its trade-in value. There are dealers who suggest detailing a car so that they can see it at its best, the way future buyers will likely see it on their lot. Others feel that this has little impact on the appraisal of the vehicle. All agree, however, that the outside of the car should be clean and that there shouldn’t be any odors or any excess junk or personal effects inside of the automobile.

When it’s Worth More Than You Owe

There are times when people want to buy a new car but are still making payments on their current vehicle. Not only is it possible to trade in a vehicle when payments toward a loan are still being paid, but it may even work out in one’s favor. In situations like this, it is best to wait until the car is worth more than the amount that is owed. When the worth of the vehicle is greater than what is owed, a trade-in may result in additional money that can be used toward a down payment on the desired new car.