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You will likely consider trading in or upgrading your car at some point. Timing is key whether you need an upgrade for safety and reliability or want something new. If you're unsure when to make the move, the sales team at Ascension Honda in Gonzales, LA, has compiled the following tips.
When You Have Positive Equity: While there's no strict rule on when to trade in your vehicle, waiting until you've built up some positive equity is generally wise, meaning you've paid off a significant portion of your loan. Don't worry if you still have payments left. Many people trade in their vehicles while still under loan terms, as dealerships often offer more than what remains on the loan. While you can trade in your car at any time, it's best to do so when you expect to receive more than the outstanding amount or have positive equity in your favor.
When Your Warranty Is Expiring: Consider the expiration of your car's warranty. Waiting too long could significantly reduce your trade-in value, as expired warranties tend to lower dealer offers. Most new car warranties typically expire about three years after purchase, so keep an eye on that timeline if a trade-in is on your radar.
When Your Car Is Due for Repair or Maintenance: Anticipate costly repairs, like brake or tire service. It may be more advantageous to trade in your car before incurring those expenses.
Before You Surpass Your Average Mileage: Mileage significantly influences your car's value. Once it exceeds 250,000 km, or if it surpasses the average mileage for its age and model, you can anticipate a substantial decrease in worth. Most drivers consider approximately 25,000 km per year to be the norm. If your mileage exceeds this benchmark, be prepared for at least a 10% reduction in your car's value.
Shop Later in the Month: If you're looking to score a great deal, consider shopping toward the end of the month. Sales teams often have monthly targets to meet, which increases the likelihood of more attractive prices as they strive to achieve their goals.
Shop Late in the Year: Similarly, visiting dealerships at the end of the year can be advantageous. Salespeople are focused on meeting their month-end quotas and yearly and quarterly targets. You can often find exceptional deals during Black Friday and other holiday sales events.
When It's a Buyer's Market: This year is a good year for the car market, both in terms of variety and availability. Although prices remain high, buyers have more leverage now that inventory is increasing. With more cars available, dealerships are offering more enticing sales promotions.
Watch for Next Year's Models: Consider timing your purchase for when next year's models become available. Dealerships will be eager to clear out their current inventory to make room for new arrivals, potentially leading to significant savings for you.
If you're ready to trade in your vehicle and upgrade your ride, seek out a trustworthy dealership to assist you in this important decision. For those in Gonzales, LA, the team at Ascension Honda is here to ensure your experience is hassle-free. Visit our trusted Honda dealership today.
