Perhaps one of the most important decisions in the ownership of your current car is knowing “when is the best time to trade in your vehicle?” Do you trade it after a specific time frame? Is there such a thing as too many miles on the odometer? What if it isn’t mint? It probably will not be a surprise to figure out that there isn’t an easy answer. Yet, we’ve got a few tips and tricks to help you figure out when to trade in your car.
This is generally the first thing vehicle owners consider. Considering that most people think that the only way to receive top value for their pre-owned vehicle is to sell it on their own vs. trading it for a newer vehicle. Yet, there are a couple of factors to think about when trying to decide if you should trade-in your vehicle or sell it separately.
With only a few special circumstances, selling a vehicle can take weeks, if not longer; especially if your car is not in great condition. The seller would be accountable for every single part of the sale transaction, from advertising, to test drives, to arguing the price, and everything in between. Conversely, trading in a vehicle generally occurs when you buy your new car.
Usually the person selling the vehicle is accountable for providing the buyer with the required paperwork, such as the car’s title and registration. Trying to do everything alone could be a disheartening and even lengthy procedure if unexpected challenges like a lien, are attached to the paperwork. We are equipped to take care of the paperwork, surprises included.
One of the biggest benefits to trading in your vehicle is the potential tax benefit offered in places with a state sales tax. In these states, there is a financial credit applied to your new car’s sales tax if the buyer trades in a car at the same place they buy a new one. In short, the taxes are calculated at the price difference after the appraisal of the trade-in is figured into the final sale price. The tax savings can reach up to thousands of dollars, depending on the vehicle you are buying.
There are lots of opinions on this, especially with late model vehicles that are engineered to last a long time. Yet, there’s general consensus on these three mileage milestones to consider when trading in your car:
This is when nearly all new car warranties usually conclude. On the other hand, this is also when the first replacement of ‘wear’ items, like tires or brakes, are typically done on vehicles. Your vehicle depreciation will generally start to accelerate more quickly after this milestone, so the nearer your vehicle is to these miles, the better your trade-in appraisal will usually be.
Depending on usage, a car that gets to this milestone will typically be between three to five years old and most likely has been well taken care of. As the miles pile up, the value of the vehicle tends to decrease so vehicle owners should take this into account when weighing their trade-in.
Thanks to advancements in modern technology, this milestone is no longer the automotive death sentence that it was before. Yet, the higher the mileage a vehicle has, the more the depreciation in all but the rarest cases. Vehicles within this mileage can still have value even though they might not be in mint condition. The condition of the vehicle is definitely scrutinized more closely as the miles grow on your odometer.
Finally, a crucial component of trading in your vehicle is being ready for the trade-in evaluation. The following ideas are not the only ideas but these steps can help you get the most value out of your car.
This ought to be a no-brainer, but some people believe showing their vehicle ‘as-is’ is an honest way to do a trade-in appraisal. While we’re not advocating trying to hide blemishes or problems with the vehicle (Just so you know, the assessors will see through that anyway), it’s always a good idea to clean up your vehicle to the best of your ability before bringing it to the dealership for the appraisal. This means getting rid of all trash and debris from inside your vehicle (yes the trunk too), vacuuming and washing the exterior and interior, and perhaps even doing a nice exterior and interior detailing. Just think of the evaluator as a potential buyer and tidy up the vehicle accordingly.
We understand that repair bills can be overwhelming, especially for significant mechanical concerns. But, if you can fix minor dings, chips in the paint, and cracks in the various mirrors, windows, and windshield, all of those cosmetic repairs will significantly help improve the price of your trade-in. If possible, we suggest repairing any mechanical problems the vehicle may have. The better the condition of the vehicle, the higher the trade-in value will be.
If you have decided that trading in your car is the way you want to go, then we recommend coming to the dealership with all of your car’s paperwork, which includes the title (if you have it), registration, any repair receipts you have, and keys you have for the car. Show up ready to trade your vehicle in and you will speed up the process of driving away in your new vehicle.
Considering trading in your luxury car or SUV for a new one? Mercedes-Benz of Georgetown 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 have been servicing my vehicle with MB of George Town for many years now. I have always had very good experience here. Today Jarrod Dozier helped me diagnose the issues, find optimal solutions and delivered the vehicle back swiftly. Definitely coming back and recommended to the folks reading this.
Always amazing service! I truly appreciate the entire staff at this dealership! It's always a great experience.
My experience at the dealership has been questionable to say the least. As far as the service that was just, I was told everything was addressed. That’s all I really have to say
Everyone was friendly from the moment I walked in. Charles accommodated me without hesitation and once I agreed on pricing, the paperwork was fast and efficient.
Awesome great experience especially being from out of town. Great hospitality from Charles and everyone who attended to us.
