Featured Image

Don’t Miss Your Opportunity to Get the Best Trade-In Value

When is the Best Time to Trade-In Your Car?

The best way to help combat higher new car prices is to use your current vehicle as a trade-in to defray some of those costs. But, when is the best time to trade-in your car? In short, right now. Trade-in values have never been higher. Market conditions are such that people with vehicles in good working order can use them to find strong savings value on a vehicle purchase. Let’s take a look at a few other bits of information that could be helpful.

READ MORE: What Questions Should You Be Asking?

What Factors Improve Trade-In Value?

The most obvious factor that goes into an owner getting the most for their trade-in is the condition of the vehicle. A platform with a lot of kilometres on its odometer, a lot of physical damage or severe mechanical issues won’t command a very high trade-in value. Here are some other factors that could help goose your car, truck or SUVs trade-in value:

  • Keep Mileage Low: The fewer kilometres a vehicle has on it, the better the trade-in deal will be. Experts suggest aiming for 40,000 and 60,000 km.
  • Leverage Remaining Warranty: All auto manufacturers offer transferable warranty coverage. Having time or kilometres left on the original warranty will bring in more trade value.
  • Provable On-Time Maintenance: Keeping service records showing that the vehicle was well-maintained is always beneficial to someone looking to get maximum trade-in value.

Can You Trade-In a Car With a Loan Balance?

A lot of people run into the issue where they need to upgrade their car, truck or SUV while still having an outstanding loan balance. While this might not be ideal, it isn’t a dealbreaker. If your trade-in is worth more than the outstanding loan balance, you can use the difference to defray the cost of your next purchase. If someone is in a negative equity position, they will need to either pay off the difference or roll the remaining balance into their next loan.

If you have questions about trading in your vehicle or about our available inventory, make an appointment with a Davey Auto Sale product expert today.

Apr 18th, 2024