When is the best time to trade in your car for a new car in 2020?

This question crosses every motorist's mind when it comes to trading in their car for a new car. Most people want to get the best trade-in deal as possible, but when is that? Just like car insurance, most of us are always looking for the best deal possible.

When will trading your car in at the right time save you money?1

There are many factors one needs to take into account when trading in your car. Perhaps you have to consider a few factors before you trade-in your vehicle.

Is your current car costing too much to maintain? 1

Is your current car becoming a bottomless pit when it comes to expenditure on repairs? Are you always needing to fix something one after the other on your current car? This might be a good time to look at trading in your vehicle for a new one and rather spend less money on a new car with a service and maintenance plan included.

Your current car is costing you way above your means1

Sometimes certain, unexpected things happen in our lives that can affect our financial well-being, and we cannot afford certain things anymore, e.g. Car premiums, insurance premiums, etc. This can also be a good time to trade in your vehicle if it costs you less on instalments, and possibly also bring your insurance premium down. This could also make it more affordable every month and less of a burden.

Is your car’s motor plan and warranty at the end of its term? 1

In most cases, motorists buy cars new with motor and warranty plans as it takes financial pressure off them when it comes to services or any other repairs on the vehicle. Usually, these policies are only for a certain number of years or kilometres. This might also be an excellent time to trade in your car, as one can’t always afford the extra expense once these policies are depleted.

Guidelines to follow when wanting to trade in your motor vehicle: 1

Sources:

1. Arrivealive.co.za: When is the best time to trade in your car for a new car?
2. Disclaimer