Are you itching to get back on the market for a new-to-you car but unsure of when to trade in your car for the best price? Here are a couple of considerations we at Pfeiffer Plainfield Used Cars recommend for you to decide the right time.
In what condition is your vehicle?
For obvious reasons, this is likely the first question that popped into your mind when you began considering a trade-in. Hopefully you have been taking care of your vehicle since it has been in your possession (Those are the vehicles we like to buy and sell.). Is it starting to cost more to maintain or repair than you would like to spend? Perhaps it is time to trade your vehicle in for a newer model.
For how long have you owned the vehicle?
Depreciation plays a large part in assessing the value of your vehicle and your ability to maximize the money you spent in purchasing it. In the first three years of its life, a vehicle will lose much of its value to depreciation. If you bought your vehicle used, you likely skipped a large part of the effects of depreciation. After the first three years, the vehicle will depreciate at a much slower rate, meaning your average loss per year due to depreciation will be lower, but so will the trade-in value.
At the end of the day, you’ll have to look at the value of your vehicle and your costs of ownership to make the best decision for you. If you have any questions about trading in your vehicle or factoring depreciation into the value of your vehicle, please don’t hesitate to contact us at Pfeiffer Plainfield Used Cars. It’s kind of our specialty.