Trading in used cars is a great way to streamline the financing process when you're purchasing a new vehicle while making it easy to sell your old car. But how do you know when to initiate a trade-in? To help you get the most out of your next car purchase, keep these factors in mind to perfectly time your trade-in.
Model Year
Certain model years of vehicles are worth more than others when traded in. The more recently you originally purchased your vehicle, the more you'll get back when trading in. Vehicles that are only a few years old can still retain as much as 70% of their original value, so the newer your vehicle is, the bigger your trade-in return could be.
Mileage
Mileage matters, but it doesn’t tell a vehicle’s whole story. High-mileage vehicles can still retain most of their original value, depending on the condition of the car and how well it runs. If your vehicle is well cared for at the time of trade-in, you’ll reap the benefits.
Break-Even Point
If your used vehicle is still not paid off, trading it in could help you break even. If the amount you still owe on your auto loan is less than the current value of your vehicle, then trading in could release you from that financial responsibility. However, if you owe more than the trade-in value, you might want to wait to trade it in.
Are you in the market for a new vehicle? Is your current vehicle ready to be traded in? If so, it’s time to make your way down to Alford Motors to check out our selection of new and used vehicles. We'd be more than happy to discuss trading in your current vehicle, so don't hesitate to reach out today!
