When Should You Trade In Your Car?

when is the best time to trade in your vehicle?

Perhaps one of the biggest decisions in the life of your vehicle is understanding “if it’s the best time to trade in your vehicle.” Do you trade it in within a specific time? Is there such a thing as too many miles? What if it is not mint? It probably won’t surprise you to learn that there is not a one-size-fits-all answer. However, we’ve got some tips and tricks to help you figure out when to trade in your vehicle.

Is It Time To Trade In My Car or Truck?

This is typically the first question owners ask themselves. After all, most of us believe the best way to get top dollar for their pre-owned car is to do it on their own instead of trading it for a newer car. Yet, there are some points to consider when deciding if you should trade your car or sell it.

Typically It Takes Longer Selling On Your Own

Selling a car can take several weeks or longer; specifically if your car is not in great condition. You would be accountable for every single aspect of the sale process, from posting an advertisement to scheduling test drives, to haggling on price, and everything in between. On the other hand, trading in a vehicle almost always occurs at the time you get your new one with only slight negotiation.

Paperwork Hassles

Usually the seller is responsible for getting the buyer the required paperwork, such as registration and the title. If you are new to selling, this can often be a discouraging and even lengthy process if there are unexpected challenges, like a lien, connected to the paperwork. The dealer is equipped to handle all of the paperwork, challenges included.

Missed Tax Savings

Perhaps the most notable benefit of trading in your car is the potential tax benefit in states with a state sales tax. In these states, there is a financial credit applied to the new vehicle’s sales tax if you trade in a vehicle at the same location where they purchase a new one. The taxes are applied to the price difference after the trade-in value is figured into the final price. The savings can reach up to thousands of dollars, depending on what vehicle you’re purchasing.

When Trading In A Car, What Is The Best Mileage Range?

There are lots of thoughts on this, especially since contemporary vehicles are built to last a long time. But, there’s a general agreement of three mileage ranges to think about when trading your vehicle in:

30k – 40k miles

This is when nearly all new car warranties usually expire. Conversely, this is when the first replacement of ‘wear-and-tear’ parts, like brakes or tires, are generally done on most vehicles. Your vehicle depreciation will begin to accelerate more quickly at this point, so the nearer your vehicle is to these miles, the better your trade-in value options will be.

60 – 70k miles

Depending on usage, a vehicle that gets to this mileage will generally be 3 to 5 years old and most likely has been well taken care of. As the miles pile up, the value tends to decrease so owners ought to think about this when weighing their trade-in.

100,000 Miles Or More

Thanks to modern technology, this milestone is no longer the automotive death sentence that it was before. Yet, the more mileage of your vehicle, the greater the depreciation in all but the most exceptional kept cars. Anything within this milestone could still have value even though it isn’t in pristine condition. The cosmetic and mechanical condition of your vehicle is definitely reviewed more closely as the miles grow on the odometer.

Trade Tips

Lastly, an important component of trading in a vehicle is being ready for the trade-in evaluation. These suggestions are not the only ideas, to be sure, but these steps can help you get the most value out of your trade.

Clean It Up

This ought to be a no-brainer, but many people think that presenting their car ‘as-is’ is an honest approach to a trade-in evaluation. While we are not advocating trying to hide problems or blemishes with the vehicle (Just so you know, the assessors will see through those attempts anyway), it’s always a good idea to clean up your car before bringing it to the dealership. This means removing all trash and debris from inside the car (yes, even including the trunk), vacuuming and washing inside and outside, and perhaps even doing a nice detailing. Just think of the appraiser as a potential buyer and tidy up the vehicle accordingly.

Repair What You Can

We realize that automotive repair costs can be overwhelming, especially for significant mechanical problems. However, if you can fix minor dings, chips in the paint, and cracks in the various mirrors, windows, and windshield, all of those repairs will significantly help improve the value of your trade. If possible, we advise fixing any mechanical issues the car may have. The better the condition of the vehicle, the more value you’ll get for your trade-in.

Know Your Stuff

If you’ve decided that trading in your vehicle is the way you want to go, then we suggest coming here with all of your vehicle’s documentation, which includes the title (if it is in your possession), registration, any maintenance receipts you have, and all copies of the car’s keys. Show up ready to trade-in your car and you will speed up the process of driving home in your new one.

Where to Trade In my Car Near Houston, TX

If you’re wondering where you can trade in your car for another car, MINI of Clear Lake 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.