When is the Best Time to Trade-in a Vehicle?
Trading in your old vehicle is a great way to easily get that old hunk of metal off your hands and save money on a newer model. But is any time a good time to trade?
When it comes to such a big financial investment like a car, it’s smart to use some strategy. Our team at Boch has put together some things to consider that will help you know when the best time to trade in your old vehicle is.
Expenses, Age, & Equity
Firstly, take a look at the condition of your car. Is keeping your current vehicle costing you a ton? Do you spend a lot of time at the repair shop? If the bills are piling up, it might be better to cut your losses and trade it in for a new model. It may cost more initially, but it will save your pockets from continually draining in the long-run.
Consider how old your current vehicle is and how many miles it’s driven. You’ll receive the ideal trade-in price when the odometer reads below 50,000 miles because it should still be operating well and only need occasional repairs, which will value it higher.
Finally, one of the most important factors is how much equity you have in your current vehicle. The more you owe, the less can be used towards your down payment. If you don’t owe a lot, then it is a much better time to trade in terms of having extra money to go towards your new purchase. Think strategically about all of these factors when planning your trade-in so you will be prepared for the number the dealer offers you.
Time of Year
A savvy secret for increasing your odds of getting a great deal on a trade-in is to wait until the time of year that new models of cars come out. That’s when dealers usually need to clear their lots to prepare for receiving new vehicles, so you might get a better deal on your trade-in if you’re going to purchase a new car.
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