The Magic Moment

If you’re not buying your first car, chances are you’re looking to trade in your old car—and get the best trade-in value.

But is there a magical moment to make that trade from old to new?  Actually, trading in is more practical than magical. Here, Rosen Hyundai gives insider tips on the best time to trade in:

Low Mileage + Warranty

People in the market for a used car are looking for that new car feel. So think in terms of low mileage and warranty value.

Early trade-ins are valuable because they typically have low mileage and warranties in-tact. A later model vehicle with under 30,000 miles is appealing because it feels like a new car. With a trade-in that is three years old with 25,000 miles, that next buyer has two years of warranty left with 30,000+ miles.

The Hyundai manufacturer warranty is a bumper to bumper 5-year-60. That means the buyer is covered for five years or 60,000 miles—whichever comes first. That warranty stays with the Hyundai vehicle and travels from owner to owner, adding trade-in value.

A warranty is your bargaining chip. If you want to hold onto your vehicle longer, trade it in before the warranty runs out, around 50,000 miles, but definitely before 60,000. Even 10,000 miles of warranty is better than none.

Reconditioning costs begin to rise as mileage rises, and those costs are deducted from the overall trade-in value.

Seasons Make a Difference

A car’s trade-in value swings with the change of season. In the Midwest, convertibles won’t be worth as much going into winter. However, going into the sunshine months, the value will pop up.

The value of SUVs and four-wheel drive vehicles also fluctuates with seasons, increasing in value as winter approaches. Contrarily, during the summer, when gas prices typically spike, a V8 gas guzzler won’t bring in as much as when gas prices are down. So if you’ve got a gas guzzler, you may want to wait to trade it in when gas prices begin to decline.

Be Realistic about Your Car’s Value

If you have an older car, it still has trade-in value. But be realistic about that value as you prepare it for trade-in.

A customer who puts $2500 worth of repairs into a car that is only worth $2000 won’t get that money out of it. That is also true for vehicles that have low mileage but a lot of years under their belt. It’s typical for someone with a 10-year-old car with low mileage to feel their car is worth the moon. They’ve taken good care of it, and it shows. However, it’s still 10 years old. They might get an extra $500. But they won’t get an extra $5000.  Older cars, despite their pristine condition, are still old—and unappealing to people looking for vehicles with updated technology and features.

While there is not one magical moment to trade in your car; however, there are ideal scenarios. And a dealership like Rosen Hyundai will help you work through all the options to help you get the best value.