What’s The Best Time to Trade in Your Car?
Right now, 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. From things like mileage to warranty to what’s left on your loan, you’ll want to consider these factors before you trade-in your car. For the best deal on your trade-in, visit Smith Chevrolet Hammond, Indiana now!
How to Trade-In Your Vehicle
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 can save up to thousands of dollars. Want to learn more about the value of your vehicle? Visit Chevy Dealers in Northwest Indiana!
Best Time of Year to Trade-In
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. Still, the auto market is in need of used vehicles right now, so trading in your vehicle as soon as possible may also be better in the long run.
Best Mileage to Trade-In
Contrary to what you might think, the mileage on your used vehicle doesn’t matter all that much. It is true that the value of any car drops slightly with every 10,000 miles driven, but 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!
Best Point in Loan to Trade-In
The point you are at in your vehicle’s loan is the one area that can make a major difference. 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 owe 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.
Visit Smith Chevy!
Smith Chevrolet has been proudly serving residents in Hammond, IN and the surrounding areas since 1922. When we first opened our doors back then, we never would’ve dreamed of all the friends and family we’d gain by doing so. Everyone who walks through our doors we consider family, and we will treat you exactly like family would. At Smith Motors, our mission is to earn loyalty by delivering nothing but the best sales experience and service through trust, integrity, and enthusiasm. Next time you are in the area, feel free to stop by your local Chevy Hammond dealer, Smith Chevrolet! We look forward to welcoming you into the Smith Chevrolet family!
