When do you trade in your car?
The right time to trade in your car (and tips to consider when you do)
Trading in a car comes with all sorts of terms and conditions and it’s important to go about it the right way to make the most of its value.
While many people are happy to hold on to that old jalopy until the wheels fall off, others follow the ‘three-year rule’ and prefer to change their cars a little more frequently. However, deciding when to trade in your car depends on a few factors.
Imperial Auto suggests that you start the process by determining the trading value of your car. Some opt to do their own research to calculate this figure, but the smart thing to do is to visit your local dealership to get the car valued by an independent and expert authority. This is the safest and quickest option, especially for those with limited knowledge of the industry, and will at least give you a starting point before you spend more time researching your replacement vehicle.
In general, a good time to trade in your vehicle is before it reaches 99,000 kilometres on the clock – depending on your driving habits and lifestyle, this could be anywhere between three and six years. Keeping your car for more than six years isn’t always a good idea, as the costs of maintaining the vehicle will likely increase the older the car gets.
When the time comes, here are a few tips to keep in mind before you hand over the keys:
- Get quotes from a variety of dealers. Shopping around for the best deal will save you money and arms you with the information you need to negotiate the best deal.
- Keep service books up to date. This will make the trade-in process a lot easier and faster.
- If your car needs any repairs, have these done at a reputable panel beater before approaching the dealer – although weigh up the time and effort it will take to do this, with the potential reduction in trade in value that a dealership would offer..
- Keep your car in good condition. Make sure you clean both the exterior and interior of the car on a regular basis.
- Only deal with reputable dealers. Most people choose the trade-in route instead of trying to sell privately because scams are an unfortunate reality. Avoid the stress of trying to deal with a stranger and rather consult an expert.
Source: Imperial Auto