Is it Time to Trade in My Car?

With the shortage of new and used vehicles in the automotive industry,  the market is better than ever to trade in your vehicle. To get the most for your trade-in vehicle, there are several factors that impact the best time to trade-in. You’ll want to consider these factors before you trade-in your car—from things like mileage to warranty to what’s left on your loan. Learn more about how to trade in a car now at Gordon Chevy Jacksonville!

Time of Year to Trade In 

Wondering when to trade my car? We’ve got you covered! Trading-in your vehicle can always be a good deal, but there is a particular time of the year when it might be more advantageous. Vehicle values are higher in the first two quarters of the year, while there are larger value drops in the final two quarters. Early in the year, more people are also buying vehicles. With incentives like post-holiday savings and tax returns, many people look to buy early on, so you might get a better deal in the first 3-6 months of every year. 

How Mileage Affects Your Trade-In 

The mileage on your used vehicle doesn’t matter to the trade in value as much as you might think. While it is true that the value of any car drops slightly with every 10,000 miles driven, there is no major drop-off in value at any particular mileage marker. If your vehicle is in good condition, even the 100,000-mile mark won’t be a big deal. The need for used vehicles in the auto market right now makes this even more true. Now is a great time to trade-in your vehicle!

Trading-In With a Loan

The point you are at in your vehicle’s loan is the one area that can make a major difference in savings. Generally, it is not recommended to trade in your vehicle if you still have a balance on the loan and have not yet earned equity. You may own more than the car is actually worth as a used vehicle, so you’ll be losing money in the long run. If you’ve still got time left on your loan but want to trade-in, the best thing you can do is attempt to consolidate your loan and pay it off as soon as you can. 

Why Right Now is a Good Time to Trade In 

There is a low supply of vehicles in the U.S. auto industry right now due to a shortage of chips needed to manufacture new vehicles. At the same time, there is a high demand for cars as the economy recovers and Americans go back to their normal lives after COVID-19. The misalignment of the supply and demand of vehicles is majorly impacting the auto industry, which means now is a great time to turn in your car! Depending on your vehicle’s trade-in value, you might be able to save up to thousands of dollars. 

Visit Gordon Chevrolet!

Looking for a Chevrolet dealer near me? At Gordon Chevrolet, we have a great selection of new and used cars Orange Park, FL. Our sales staff is eager to help you find the model that you will love. Experience what sets us apart from other Orange Park car dealerships – we promise to deliver customer service that satisfies all of your automotive needs. Stop in to trade in your vehicle today!