When Should You Trade in or Upgrade Your Car?

At some point, you begin to think about whether to trade in or upgrade your vehicle. Deciding on the right moment is important, whether you're looking for improved safety, better reliability, or simply a fresh driving experience. If you're unsure about the ideal time to make this change, our team at Mike Shaw Toyota in Corpus Christi, TX, is here to offer some helpful advice.

Best Times to Consider Trading In Your Current Vehicle

Understanding the following factors can help you get the best value for your trade.

• When You Have Good Financial Standing: There isn't a fixed rule for the perfect time to trade in a vehicle. However, waiting until you've paid down a good portion of your loan is often a smart move. This means you've built "positive equity" in the car. Even if you still have payments, many individuals go through with trade-ins while their vehicles are financed. Dealerships frequently offer more than the outstanding loan amount.
• Before Your Warranty Ends: It's wise to keep a close watch on your car's warranty expiration date. If you put it off too long, your trade-in value could drop quite a bit. This is because dealers might not offer as much for vehicles once their warranty coverage is gone. Standard bumper-to-bumper warranties usually expire around three years after the initial sale.
• Before Mileage Gets Too High: The number of miles on your car is a big factor in its value. After a vehicle passes around 250,000 miles, or if its mileage is much higher than average for its type, expect a sharp drop in value. Most drivers consider about 25,000 miles per year to be normal. If you drive more than average, your vehicle's value might be reduced by at least 10 percent.
• When Repair Visits Become Frequent: If your current vehicle starts needing frequent or expensive repairs, it might be time to consider an upgrade. The money you spend on fixing an older car could be better used as a down payment on a newer, more reliable vehicle. This helps avoid unexpected major repair bills in the future.

When to Purchase or Lease a New Vehicle

Knowing the best time to upgrade isn't just about your current car; it's also about when dealerships are most motivated to make deals.

• Near the End of the Month: You can often find great deals if you shop closer to the end of the month. Sales teams at dealerships usually have monthly goals. As the month ends, they often try harder to reach those goals, which can lead to better prices for buyers.
• Later in the Year: It's also a smart move to visit dealerships as the year draws to a close. During this time, salespeople are often working hard to meet their monthly, quarterly, and annual sales goals. This push to hit targets frequently means you can find excellent discounts at special sales events late in the year.
• When New Models Arrive: Try to time your purchase for when the new year's models begin showing up at dealerships. Stores will be quite keen to clear out their current stock to make space for these fresh arrivals. This situation can often lead to considerable savings for you on the outgoing models.
• During Special Sales Events: Keep an eye out for big holiday sales, such as those around Memorial Day, Labor Day, or Black Friday, or for any special offers from manufacturers. These events frequently come with attractive incentives, like lower interest rates or cash-back deals, which can make upgrading your vehicle more affordable.

Why Choose Mike Shaw Toyota for Your Trade-in and Upgrade in Corpus Christi, TX?

When you're ready to trade in or upgrade your vehicle and enhance your driving experience, choosing a trusted dealership is important. For those in Corpus Christi, TX, the team at Mike Shaw Toyota is ready to ensure your process is smooth and enjoyable. We offer a wide selection of new Toyota models, along with quality pre-owned vehicles. Our finance team can help you understand your trade-in value and explore financing options.

Visit our dealership today! We’ll help you find the perfect vehicle that fits your needs and budget.

Disclaimer: This content was drafted with AI assistance for initial drafting, reviewed by a subject-matter expert for accuracy, and edited by our team of writers and editors.