The Best Time to Trade In A Car and How To Do It

Best Time To Trade In A Car - Germain Honda of Beavercreek

No matter if you’re still early in your shopping process or you already have your eye on a particular vehicle, choosing the right time to trade in your vehicle can seem like a challenging task at first. After all, nobody likes overpaying or feeling like they’ve been taken advantage of when trading in a car. Thankfully, Germain Honda of Beavercreek is here to help take the confusion out of the process and provide you with some useful tips and tricks related to the best time to trade in your car on your next one. These strategies can help you maximize the value of your current ride and give you a head start toward enjoying your next new vehicle. Let’s dive right in!

Honda Trade-In

Tip #1 – Consider the Season & Other Factors

There are a number of seasonal factors that can play a big role in the value of your vehicle when trading it in. However, many of these are obvious and easy to understand once you take them into consideration. For example, trading in a high-performance convertible sports car in the middle of a snowy winter day won’t typically net you top dollar. Waiting another six months when the weather warms up and the demand for your vehicle is higher can be financially rewarding.

In a similar fashion, the values of hybrid and electric vehicles tend to climb whenever there’s a spike in gas prices. Drivers in search of a fuel-efficient used vehicle will be searching for models just like yours, leading to higher trade-in values. Conversely, gas guzzlers aren’t worth quite as much during periods when fuel prices remain high. Just use some common sense and remember to consider factors like seasonality before rushing to the dealership to trade in your vehicle. Timing it right can help you maximize your value.

Honda Trade-In

Tip #2 – Consider How Much You Still Owe

This piece of information pertains to individuals who still owe money on their vehicle and are considering trading it in. Let’s begin with the worst-case scenario for shoppers who still owe money on their vehicles. If you find yourself “upside down” on a loan, meaning that you owe more money on your vehicle than it’s currently worth, you risk losing hundreds or thousands of dollars by trading it in. Unless your personal situation demands a sudden change, it’s best to avoid trading your vehicle in until you’ve paid off more of the remaining balance on your loan.

However, just because you owe money on your vehicle doesn’t mean that you can’t trade it in! Germain Honda of Beavercreek has a team of financial experts that can provide you with all of your options to help you make an informed decision. There are times when you could be in an advantageous position known as having “positive equity” when trading in your vehicle. Learn more by clicking the link below.

Trading In Your Car When You Still Owe Money

Honda Dealership

Tip #3 – Consider the Mileage & Age of Your Vehicle

While it may seem obvious, newer vehicles with low mileage are worth more than older vehicles with high mileage. Although this concept is easy to understand, there’s no specific threshold in terms of age or mileage where your vehicle’s value will suddenly drop drastically. In general, 100,000 miles on the odometer and/or five model years of age represent significant milestones that can cause a vehicle’s value to be reduced. This doesn’t mean that you need to rush to trade in your vehicle at 99,999 miles or just before its fifth birthday!

It’s more important to spend time budgeting for your next new vehicle and ensuring that your current vehicle has received all of its required maintenance services. Regardless of age or mileage, vehicles in good cosmetic and mechanical condition will be worth more compared to those which haven’t been taken care of. Save up for a down payment, pay off your existing loan balance, and service your vehicle according to its recommended maintenance schedule are just three great tips for setting yourself up for success.

Trade-In Your Vehicle at Germain Honda of Beavercreek

Regardless of your budget or how soon you intend to purchase your next vehicle, our team at Germain Honda of Beavercreek is here to help provide you with a simple and stress-free experience. We’re always paying top dollar for quality used vehicles just like yours! Contact us today or stop by in person at the dealership and our team will be happy to provide you with a competitive trade-in value for your vehicle.