Considering the costs associated with upgrading or trading your vehicle and sticking with your old vehicle, it’s important to evaluate your vehicle needs periodically. Your decision will be based on your budget, lifestyle, and preferences. While upgrading your car incurs costs, maintaining an old vehicle also involves expenses. Newer cars offer better fuel efficiency, but fuel economy may not be a top priority if you don’t spend much time behind the wheel. It would be best if you also considered the best time to trade or upgrade your vehicle. Our team at Keffer Mazda has created a comprehensive guide to help you determine when you should upgrade or trade in your vehicle.
When To Trade-In?
Knowing the best time to trade in your car for maximum value is both an art and a science. Understanding your vehicle’s trade-in worth is essential for making the right decision.
When the trade-in value exceeds the loan balance, the surplus represents your equity. This equity can be used as part of the down payment for your new vehicle. Whenever your current car holds equity as a trade-in, it serves as a partial payment for your new vehicle, which reduces the amount to be financed for the new purchase.
If you’re considering trading in your car, the ideal time is when its value exceeds the amount you owe on the loan. However, earlier in the year is preferable. A car will appear newer at the beginning of the year than toward the end, making it more attractive for trade-in.
When To Upgrade?
You should consider upgrading your car every five years to take advantage of new features. Upgrading to a newer model can provide peace of mind about your vehicle’s safety.
While the timing of an upgrade is subjective, it may be time to consider a new car if your current one is:
After addressing the question of the best time to trade in or upgrade your car, visit our Huntersville, NC, dealership. If you’re not sure how to trade in your vehicle or want to learn more about upgrading your vehicle, our team is here to help. Explore our competitive rates on both new and pre-owned vehicles, and get in touch with us today to make your car-buying dreams a reality.
