Trade-ins are a great way to help improve your vehicle, as well as cover the down payment requirement of many bad credit lenders. But what if your car has a lot – or maybe too much – of miles?
The scoop with high mileage cars
There is a lot of debate about what a car’s base life expectancy is, but it is now much higher on many vehicles than it has ever been before. This is mainly because they make better cars that can last longer on the road.
If your vehicle is over 100,000 miles, nobody really considers it a mess anymore. Many drivers expect their cars to last 200,000 miles or more – it’s not that uncommon these days. The average driver drives around 12,000 miles on their vehicle in a year, so with that in mind, the age of the car is also important when looking at mileage and value.
While high mileage vehicles are more common today, a high mileage car is almost always not worth as much as a low mileage vehicle. The less worn a car is, the more likely it is to be worthwhile. Additionally, some makes and models simply retain their value better than others.
There is a lot of factors that affect the trade-in value of your vehicle, as well as the mileage, but even if you have a high mileage car, regular maintenance and keeping it clean can be very helpful when looking to trade it in.
What is the cash surrender value of your vehicle?
Thanks to the internet, you can consult an estimate of the value of your vehicle without having to leave your home. Sites like Kelley Blue Book and NADAguides allow anyone to get an estimate of what their car is currently selling and what they might expect when they trade it in at a dealership.
These sites are a great resource if you are honest about the condition of your vehicle, and they can help you get a rough figure. The more honest you are about your car’s mileage and overall condition, the more likely you are to get an estimate that reflects what a dealership might offer.
The key to trading in a vehicle is understanding that the actual cash value of your car is what a dealership is willing to offer you. It also means you have to go to dealers in your area and see what they are offering – you don’t have to take the first deal.
Alternatively, you can consider selling your car yourself. If you want to see if you can get more for your old car, why not compare what a dealership is offering with what you can get through a private sale. Our trusted partner also offers a program where you can sell your car, and you can get instant deal online.
Increase the value of your car
Before you go to a dealership, it could really benefit your wallet if you simply clean and polish your car. A clean looking vehicle with high mileage looks better than a high mileage car with spots, rust spots and scratches all over it.
If it looks like you haven’t taken care of the exterior or interior of your vehicle, how does that reflect on the overall condition of the car? A dirty vehicle might not have been well maintained, so give it a good spit and polish.
However, it probably won’t be worth doing any major repairs before you trade it in, as you may not be able to get your money back. A dealership will likely be able to repair the car for less than you can. Fixing scratches or minor repairs can be worth it overall, but don’t spend too much on major repairs. This money can be better spent as a down payment with the trade-in value of your high mileage vehicle.
Find a dealer to exchange
You should be prepared to receive lower bids if your vehicle is over 200,000 miles, but that doesn’t mean you shouldn’t try to get the most out of it by taking the time to research and spend. calls.
In some cases, depending on the condition of your car, your best bet for taking money out of your high mileage vehicle may be to throw it away or scrapped it if a dealership doesn’t take it. The junkyard and heist deals can really vary, but you might be able to cash in between $ 100 and $ 500 if the car is a real headache. Inventory also plays a role in what they might offer you, so call a few places before you settle on a location.
If you’re looking to trade in your vehicle for your next car loan, you’re not alone. Trade-in for a car is very common, and it can help you meet the down payment requirement if your credit isn’t perfect.
If you are a borrower with bad credit and looking for a dealer who can work with your situation, let us help you. Here has Auto Express Credit, we have relationships with dealers across the United States who work with subprime lenders. To be matched with a bad credit broker near you, complete our free form auto loan application form. It’s secure and there is no obligation to buy anything, so get started today!