Best Time to Trade in Car

Finance vs. Lease

As we move into the bright and sunny days of summer, for many, that means vacations and travel. As a result, this is often a time when people begin to consider if this is the year they want to trade in their old car and get something new.

Prior to the most recent recession, car owners were keeping their cars an average of 4.6 years before trading them off. During the recession, that number jumped to an incredible 6 to 8 years! As we slowly but surely are rebuilding and emerging from a long and challenging financial downturn, we’re once again looking to purchase those big ticket items and are beginning to trade in our cars more frequently.

Even in the best of times, if you are considering doing a trade in, you’ll want to get the best deal you can and that means considering a variety of factors.

The Trade-in Value of Your Car

There are several methods by which can determine the value of your car, but the simplest means is to check the Kelly Blue Book. You can go online to kbb.com and search for your vehicle. You’ll need to be honest with yourself about the vehicle condition and you’ll need to know the mileage.

The results of the search will show you what the Blue Book, an industry standard for car valuation, assesses to be the value of your car. The Kelly Blue Book price can serve as a guideline of what you can realistically expect to receive for your car.

To get the truest figure, visit The Faricy Boys and request the trade-in value we are willing to offer for your car. Chances are this offer will be similar to that of the Kelly Blue Book.

The Outstanding Loan Balance

The best time to consider trading in your car is when your current car loan balance is low, or better yet, if it is paid off entirely.

When the balance is low or paid off, you can often use the extra money you receive on a trade-in towards the down payment on a new car. However, if your current outstanding loan is significant, The Faricy Boys dealership in Colorado Springs is often able to roll the balance into a new loan and provide you with longer term financing and affordable payments. Theref

Timing Is Everything

A great time to trade in your old car is just before the new models of cars are released. Dealers have the incentive of clearing out old inventory prior to receiving the new models and may be in a good position to offer you the best deal for your trade in.

Regarding timing, remember too that you can optimize your vehicle’s trade in value by trading it when it has less than 50,000 miles. 30,000-40,000 miles is likely where you’ll get the best price.

It Never Hurts to Know Your Options

If you’re considering doing a trade in, it never hurts to do your research and look into your options. If you’re willing to be reasonable and realistic, you’ll find you can usually get a great deal when doing a trade in, and you can avoid the hassle of trying to sell the car yourself.

This may indeed be your year to get into the car you’ve dreaming of, at a rate made significantly more affordable with your trade-in.