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Maybe one of the biggest times in the life of your current vehicle is figuring out “when is the best time to trade?” Should I trade it in after a specific number of years? Is there such a thing as too many miles? Does it have to be in flawless condition? It probably will not surprise you to find out there isn’t an easy answer to these questions. However, we’ve got a few tips and advice to help you figure out when to trade in your car or truck.
This is generally the first thing car owners wonder. Most people assume the best way to get top dollar for their used car is to sell it themselves instead of trading it in. Yet, there are a couple of factors to look at when trying to decide if you should sell your vehicle instead of trade it in.
Selling a car can take several weeks, if not longer; specifically if your car is not in great condition. You would have to take care of every facet of the sale process, from advertising to scheduling test drives, to arguing the price, and anything else that pops up. Conversely, trading a car almost always takes place when you get your new one with only slight negotiation.
Typically the person selling the vehicle is responsible for providing the buyer with the required paperwork, such as registration and the title. Trying to do everything by yourself may be a disheartening and even lengthy process if unexpected challenges like a lien, are connected to the paperwork. We are capable of taking care of the paperwork, including unexpected challenges.
Perhaps the biggest benefit of trading in your car is the potential tax savings in places with a state sales tax. For these states, there’s a financial credit applied to the new vehicle’s sales tax if you trade in a vehicle at the same dealer where they buy the new vehicle. In short, the taxes are calculated at the price difference once the value of the trade-in is calculated into the new car sale price. The savings can reach up to thousands of dollars.
There are lots of schools of thought on this question, especially with late model vehicles that are specifically engineered for high mileage usage. However, there’s a general agreement of three mileage ranges to keep in mind when considering trading your vehicle in:
This is the time when most new car warranties usually conclude. On the other hand, this is also when the first replacement of ‘wear-and-tear’ items, like tires or brakes, are generally performed on most vehicles. Your car depreciation will generally start to increase faster after this milestone, so the nearer your car is to this mileage, the more desirable your trade-in appraisal will usually be.
Depending on usage, a vehicle that reaches this mileage will generally be between 3 to 5 years old and most likely has been well maintained. Obviously as the miles add up, the value of the vehicle tends to decrease so owners should keep this in mind when considering their trade-in options.
Thanks in part to modern engineering, this milestone isn’t nearly the automotive death notice that it was before. Yet, the more miles of your vehicle, the greater the depreciation. Vehicles within this milestone could still have a positive trade-in value even though they aren’t in perfect condition. The condition of your car is looked at more closely as the miles grow on that odometer.
Finally, a crucial piece of trading in a car is preparation for the trade-in appraisal. These recommendations are not an exhaustive list but these steps will definitely help you get the best value out of your car.
This should be a fairly obvious point, but people believe showing their vehicle ‘as-is’ is a more honest approach to a trade-in appraisal. While we are not advocating trying to hide blemishes or problems (spoiler alert, automotive assessors will see through that regardless), it is never a bad idea to clean up your vehicle before bringing it to the dealership for evaluation. This means tossing all trash and debris from inside the vehicle (yes, even including the trunk), washing and vacuuming the exterior and interior, and maybe even doing a nice detailing. Just think of the appraiser as a potential buyer of your vehicle and tidy up the vehicle accordingly.
We get that repairs can be overwhelming, especially for major mechanical concerns. Yet, if it’s possible to repair minor dings, defects in the paint, and cracks in the various windows, windshield, and mirrors, all of those cosmetic fixes will go a long way towards improving the price of your trade. If possible, we suggest repairing any mechanical issues the vehicle may have as well. The better the condition, the higher the trade-in value will be.
If you’ve decided that trading in your car is the best decision, then we recommend coming here with all of your paperwork, including the title (if you have it), registration, any maintenance receipts you have, and all copies of the vehicle’s keys. Come ready to trade your vehicle in and you will speed up the process of driving home in your new one.
Considering trading in your car, truck, SUV, or minivan for a new one? Folsom Lake Toyota provides the help you need to get the best value for your trade-in. Call us to schedule an appointment or visit our dealership to get started.
I’ve come to expect superior service from Folsom Toyota. They did not disappoint ! I made an early appointment , was greeted and shown the waiting area. Before I knew it the service was done and after a review of the diagnostics I was bid a good day. Special thanks to Danny !
Service advisor, Chris Avalos is informative, explains issues of repairs and cost. He’s professional and courteous.
Service was great and done in a timely matter. People were very friendly and helpful.
My husband and I met John in the service department today and after leaving my husband commented on how much he appreciated being listened to and feeling like our needs and concerns were going to be addressed. John even went as far as to tell us if we EVER had any questions about anything to call him…and that he was now “our guy”. He explained everything in detail and never rushed us in anyway. HE WAS MUCH APPRECIATED! Even the guys in the parts dept. were nice. I needed to charge my phone and one of the guys loaned ...
Folsom Toyota is a great place where you can a your dream vehicle. Sosan who helped me was super helpful. Thanks to Folsom Toyota
