Most of us use our current vehicle as a down payment towards a new, or new to us, vehicle. With that in mind, you should start car shopping by arming yourself with the value of your ride here. Once you know what your down payment could be, you’re ready to start shopping! Here are some insider tips to hit the perfect time for trading your vehicle in for the highest value at a dealership:
- You can determine your trade-in value by going here. Using this Canadian Black Book tool is the easiest way to determine how much your vehicle is worth. The site will give you a great assessment as to what your vehicle is worth on trade.
- How much equity do you have in your car? It can be a very good time to trade when you don’t have much left owing on your car. This extra money that you will receive will be able to go towards a down payment on your new vehicle, after paying off the remaining balance on your old one.
- As cars age, they develop mechanical, electronic, and cosmetic problems. You will start noticing repairs bills growing, which will only lead to a headache. This continued stream of bills is a good sign of time to trade! That perfect time seems to be just under 80,000 km’s. It is often easier to cut your losses by trading the car in, instead of constantly loading more money in, or wasting time trying to sell.
- A good time to trade in is right before the new models come out! The dealers are wanting to clear their lots of last season’s models, and you should be able to get a better deal on your trade!
- You’ll get the best price for your trade-in when mileage falls inside 45,000 – 65,000 km’s. The car is still fairly new at this point, should not be causing many (if any problems), and cosmetically would still be in good shape.
When you are trading in a vehicle, put yourself in the driver’s seat and go in armed to get the maximum value for your ride!