At What Mileage Should You Trade in Your Car?
If you’re thinking about trading in your car for a better one, knowing the preferred mileage to trade it in can help you get a better trade. Depending on how low your mileage is, you could be able to trade your car in for something even better than what you currently own. Our experts at North Coast Auto Mall in Bedford, Ohio, have put together this guide to shed light on when to trade your car based on your mileage.
Best Mileage to Trade Your Car In
Mileage is one of many important metrics that you can use to determine whether it’s time to trade in your car. It influences the rate your vehicle depreciates and helps determine its value since it provides insight into how long it’s likely to last. When you choose to trade your car in at a dealership, the dealer will consider the mileage of your car before accepting it. Typically, dealers prefer used cars with fewer miles than ones that already have a lot of miles on them.
The mileage you decide to trade your car in depends on your preferences. While it’s important to avoid trading in your car too early, you’ll also want to avoid trading it in too late, as racking up a lot of miles can lower your car’s value substantially and make it more difficult to get a good trade.
Cars With Under 50,000 Miles
Newer vehicles, particularly those with fewer than 20,000 miles, generally experience the greatest decline in depreciation. As soon as a new car drives off a dealer’s lot, it begins to depreciate rapidly and continues to depreciate until its manufacturer’s warranties expire. This usually occurs at about three years or 36,000 miles of driving. Certain makes and models hold their value longer than others, and brands with a reputation for durability and reliability tend to last a little longer.
If your car has under 50,000 miles, you may prefer to replace it only if you want to buy a newer model with more features and technology. The more miles you drive, the less your car will be worth, so trading it in while it’s still relatively new and hasn’t racked up too many miles can help you get a better deal. If you want to get the maximum value out of your car, consider waiting before you decide to contact a dealer.
There are advantages and disadvantages to trading in your vehicle if it doesn’t have a lot of mileage. Keep in mind that it’s likely to cost you more if you decide to trade in your car to buy a new vehicle every few years rather than driving the same car for the next 10 years. Despite this, it’s unlikely you’ll experience too many difficulties making a trade at a dealership, especially compared to car owners with hundreds of thousands of miles.
Cars With 50,000-100,000 Miles
If your vehicle is within this mileage range, you may be able to make a substantial trade if you choose to trade it in, mainly if it’s between 50,000 and 60,000 miles. Typically, cars in this mileage range have a few minor issues that need fixing but won’t likely need extensive repairs for several more years. If you’ve maintained your car well and made sure it gets repaired regularly, you may have an advantage if you decide to trade it.
If you want to avoid spending a lot on repairs or replacement costs, you might prefer to trade your car in before it reaches 70,000 miles. Trading your car at this mileage can help you save significantly, even if you might not get the best possible value. However, if you want the most value out of your vehicle, consider trading it at 60,000 to 100,000 miles. At this range, your vehicle is well-used but likely to last several more years.
Cars With Over 100,000 Miles
Even if your car continues to run well, it’s generally worth less once it’s reached 100,000 miles. Your car’s depreciation is significant at this point, and you likely won’t get as much for it. Most dealers cannot resell a trade-in as a certified pre-owned vehicle once it reaches 80,000 miles. Although a car with this mileage tends to be less desirable, many dealers will still accept it because most modern cars can last up to 200,000 miles, if not more.
Higher mileage may also be preferable to buyers interested in trading in their vehicle for one that might also have high mileage but is likely to last a long time. If you’re on a tight budget, trading in a vehicle with a mileage of over 100,000 makes it easier to avoid spending too much.
Other Factors To Consider When Trading Your Car
While mileage is a major factor to consider when trading in your car, several other factors might affect your vehicle’s trade-in value. Upgrading your car to include features like leather seating and a lane departure warning system may help increase its resale value. When making a trade, your car’s interior and exterior conditions are also important. Cars with a worn interior or an exterior with noticeable damage often have less value, regardless of their mileage. Market conditions and the particular make and model you own are also important factors.
If you’re feeling ready to trade your car in, our auto experts at North Coast Auto Mall can provide you with an instant cash offer and help you find exactly what you’re looking for, all while making the trade-in process as seamless as possible. No matter what you’re looking for, you can find it in our vast inventory of used and certified pre-owned vehicles. We’ll also help you get the financing you need to take home the vehicle you’ve always wanted. We invite you to contact us online if you have any questions about trading in your vehicle.