We all love our cars. But some of us might get more attached to their cars, as they get associated with many pleasant memories and are still running fine. But there is a caveat in this entire thing. A car keeps depreciating, as you keep using it. Things can get more complicated, if this particular car is the only commuter of our family and it has already spoilt your habits with its comfortable rides. You’ll need a car tomorrow, and you need to think if you are ready for the days, when your existing car isn’t able to take the load anymore. So, these factors can lead you towards planning for a trade in. But when? Here we would help you out with this decision making as we were fortunate enough to gather some really useful knowledge from the sales experts at the Humble Chevrolet dealership about the ideal time to trade-in your car.
You can check the following points to know if it is time for you to plan for a trade-in.
When to Wait for a Trade In
If your existing car was purchased only a few months back, and you’ve driven it for few miles, it is for sure that your car is losing around 10 to 20 percent of its resale value within the first year itself! If you are aware of it, you might think of a trade in which will anyway not fetch you anything special. On the other hand, if you have purchased a new car but have not used within a year better, even then trading in of your existing car won’t be advisable, as it can wreck your current financial status, just for nothing, unless you think it was a wrong purchase.
Prepayment Penalties
If you are right now paying for your car loan, the lender is earning an interest from you for a period of time. But by paying off a loan early, the lender is deprived of a good amount of income because of which they might issue you a prepayment penalty. So, in such cases, there’s no point in trading in your existing car.
Guzzling More Fuel Than Usual
Owning and running a vehicle is prerequisite of spending a good amount on fuel. But if your car is guzzling more fuel than before, while all the newly released cars are offering high fuel economy in return, it is time to think about a trade-in.
Your Car Lacks Safety Features
If your car has aged more than 10 years and is already lacking in performance, it is high time to think about a trade-in deal for a new car. But the other factor you should consider are the safety features that your car is having. If you find a good trade in value or your existing car for a newer car that is equipped with better safety and driver assistance features, you can safely plan for a trade in when considering your family safety as the first priority, said an experienced seller at the Chevrolet dealership near Humble.
