If you’ve been dreaming of upgrading to a newer car but are unsure if it’s within your reach, or you need a new vehicle to better suit your current lifestyle, it might be time to explore trading in your car. When you factor in your vehicle’s trade in value, you may be surprised to learn that the costs of upgrading may not be as high as you think - and it might make the most sense to consider trading in sooner than later.
When is the best time to trade in your car?
There is no one size fits all when it comes to figuring out the best time for trading in your car as many factors come into play. Generally speaking, well-maintained, recent model vehicles with similar specs to current models hold the highest resale values. Vehicles with lower kilometres with some factory warranty remaining will also hold more value than vehicles that are out of warranty with higher kilometres.
However, the "value” of the trade in vehicle is not necessarily what dictates whether it is the best time for YOU to consider a trade in. You also need to think about whether your existing vehicle still meets your daily needs, how the trade in might affect repayments on the new car and the costs of maintaining your existing vehicle versus maintaining your new car.
Don’t delay in deciding whether or not it’s a good time to upgrade. Chat with one of the highly experienced team members at Ken Mills Toyota to find out if upgrading makes sense for you.
Hot tips! Top things to know when trading in a car
When it comes to trading in a car, the most obvious factors that will affect vehicle value include:
- how many kms are on the clock
- whether there is still warranty remaining on the vehicle
- if your vehicle has been well maintained and kept clean
- how much registration is left on the vehicle
However, dealers are always happy to take a look at ALL trade-in vehicles. It pays to remember:
- if there are any mechanical or cosmetic issues with the vehicle, the dealer has the skills and resources to undertake those works, if they think it’s worth the investment
- you won’t have to obtain a roadworthy to sell the vehicle and deal with potential buyers and time wasters. Your dealer has loads of experience in dealing with these issues.
How do I know what to bring when trading in a car?
Luckily, trading in your vehicle is normally a very smooth process - if you’re prepared. You’ll need to ensure that you have:
- banking/ financing details relating to any outstanding loans on your current vehicle
- current registration papers and plates for the vehicle you’re trading in
- your driver’s license, payslips, proof of address and any other documents requested by the dealer with regards to finalising the financing of your new vehicle.
What happens if you still owe money on the car you’re trading in?
Bring with you any banking/ financing details relating to outstanding loans on your current vehicle. One of the highly experienced team members at Ken Mills Toyota will assist you with working out whether you are in a position to trade in your car and how it will affect any repayments.
Know when NOT to trade in your car
Everyone’s circumstances are different. For some, trading in their vehicle within the first few years of ownership actually makes a lot of financial sense. For others, this could be the worst possible time. An experienced team member can walk you through a few different financial scenarios so that you can make an informed decision.
Any time is a good time to talk to a dealership about a trade-in. End of month and end of financial year are often peak sales times – with dealers often eager to give you a good deal on a trade-in at the end of the financial year if it means getting one more sale in before the end of the year cut-off.
How Ken Mills Toyota can help take the stress out of trading in your car
If you’re considering trading in your car and wondering how much it’s worth, Ken Mills Toyota offers a free instant car valuation so you can get an idea of the value of your current vehicle upfront. This will help you determine how much money you will have to put towards a new vehicle and work out whether or not a trade makes financial sense. Working with a reputable dealer like Ken Mills Toyota will save you the hassle and time of finding a buyer on your own and will enable you to schedule the trade at a time that’s convenient for you – instead of being tied down waiting to sell your car privately.