Vehicles never last forever. No matter how much you take care of it, you will have to replace or upgrade it at some point. However, with the rising costs of vehicles, you may wonder if it’s the right time to upgrade your ride. This decision should be based on your preferences, budget, and lifestyle. You also need to consider whether your current car is still worth maintaining or if the upkeep outweighs the benefits.
Our Jay Hodge Ford of Morrilton team has put together a comprehensive guide to help you decide whether it's time to upgrade or trade in your vehicle.
When determining the right time to trade in your car, several factors should be considered. Generally, a well-maintained vehicle with low mileage and the same specs as current models will have a good resale and trade-in value. The following signs may indicate that it's time to trade in your used vehicle:
Convenience is more important to you than value:When you trade in your car, the dealership handles everything and resells your car for a profit, but you may not get the most money. If, however, you prefer convenience over value, a trade-in might be the best option. When you go through a dealership, you can sell your vehicle for a lesser amount but have a smoother selling experience compared to selling privately.
Your car's mileage is rising:If you want to maximize the trade-in value of your vehicle, consider trading it in before it reaches 100,000 miles. In many cases, cars with more mileage will not qualify for a certified pre-owned program, which means they won't be worth as much as cars with lower mileage.
The car is still relatively new:Mileage is a good indicator of your car's trade-in value, but it's not the only factor to consider. Even a car with high mileage can still be in great condition. On the other hand, a car with low mileage can have many problems due to neglect. In addition, if you trade in your car while it is still under warranty, you may get a better deal.
Trade during the summer or spring:It's important to consider the time of year when trading in a car. Due to spring and summer being the busiest seasons for car shopping, dealerships are willing to give the best trade-in deals to meet demands.
You should consider upgrading every five years to make the most of the new features on new car models. Doing so allows you to take advantage of the latest safety features to always have peace of mind while on the road.
Upgrades are subjective, but it may be time for it if you experience the following:
High maintenance costs:You will have to pay more to service your car as it gets older and accumulates more mileage. If your car's repairs are costing more than its value, it's time to consider trade-ins. A new, more reliable vehicle can save you from frequent visits to the mechanic for engine, transmission, or electrical issues.
The safety features are outdated:New car models are increasingly enhanced with safety features as technology advances. Older cars typically have outdated safety features, which puts you and others at risk. When your car lacks modern crash protection features, consider trading it in.
Fuel efficiency is declining:As engines wear out and technology ages, older vehicles lose fuel efficiency. When your car's fuel economy drops significantly, it might be time to upgrade to a newer model with better fuel-saving features. In modern vehicles, advanced technologies improve fuel efficiency, reducing fuel bills.
Your old car no longer suits you:Although your current vehicle may have suited your needs when you first purchased it, changing lifestyles can require you to upgrade. You need the right vehicle to match your current lifestyle, whether you've recently started a family and need more space or you're looking for a car with better safety features.
It's a great idea to trade in your vehicle before it reaches 14 years old to ensure you lock in some value. You might want to consider trading your old car once it reaches its tenth year so you can upgrade without selling the old one at a very low price.
Visit us if you want to upgrade or trade your vehicle in Morrilton, AR. If you have any questions, our team is here to help. You can also check out our inventory of new and pre-owned Ford models at the most competitive rates. Interested in a test drive? Contact Jay Hodge Ford of Morrilton today.
