Factors That Will Affect Your Car’s Trade in Value

The last thing you need at any point is to lose faith in your car; whether it is because of clattering noises from under the engine, horrific gas mileage, the inability to start or stay running, or a constant stress to replace failing parts, no one loves hearing the unexpected news that their car needs to retire. Hopefully, you reach this revelation before your vehicle leaves you stranded somewhere you do not want to be. However, purchasing a brand new vehicle has a high cost (the price tag) with not as high of a return (the new car smell being one). For this reason, trading in the used for the less used is a much more viable option for most people in the car market. Here are a few important facts to remember about used cars if you are looking for some new to you wheels.

1. Compare a private sale and a dealership sale. There are ups and downs to how you choose to purchase a car. In a dealership, you get to enjoy high quality customer service, financing options, warranties, and quality assurance of used cars. Flexible financing options are a large factor in choosing a dealership: many car salesman can offer a credit based leasing option for those that have the credit scores to support it, or an income or down payment based leasing option for those that are still repairing their credit.

Unfortunately, a private sale usually does not offer that kind of flexibility. In the event of a purchase through Craigslist, Facebook, or any other sale where a dealership or professional car salesman is not involved, cash is most likely required up front for the car sale, which may make the purchase of a newer vehicle through private sale unrealistic for many. Additionally, be cautious of purchasing your new car through private platforms if you are not confident of the car’s integrity; private sellers are generally under no obligation to have the car up to date and mechanically sound for the next buyer, whereas a dealer’s reputation would be at stake. Keep in mind that a privately purchased car with a lot of import performance parts may be difficult to repair, maintain, or trade later on.

2. Import performance parts will probably affect your trade in value. While you may love those Cosmis wheels, fuel surge tank, Evo 9 parts, or full kit of WRX performance parts on your ride, a dealership or a new driver may not. You may want to always keep the factory parts to your vehicle on hand and consider putting them back on the car in place of the import performance parts before you move to sell. Consider finding a private group or seller that is also interested in cars decorated with import performance parts instead of a dealership or used car salesman, because most people do not don their car with aftermarket parts.

3.Mileage and trade in value are inversely related. Dragging your feet when it comes to turning in your old college car? Putting off hauling in your beater into the dealership? You may be inadvertently costing yourself more money in the long term. As you tack on more and more miles onto your car, the trade in worth of the vehicle drops. Additionally, repairs for older vehicles tend to cost more than newer models.

There are many factors that may affect your decision to trade in your vehicle for another used one, from credit, to dealership availability, to the model of car you desire. If you live in a rural area and long for a luxury sports car, you might have to find yourself traveling several hours to a lot that has the brands you like. Regardless, make sure to do plenty of research to find the type of sale that is right for you, and that you get the trade in value of your current vehicle that you deserve.