Quick Answer: Can I Trade In My Car With High Mileage?

What is the best mileage to trade in a car?

Best mileage level for a trade-in But according to Edmunds data, there is no major drop-off at any certain milestone.

Even the 100,000-mile mark is not a value-killer as long as the car is in good shape.

The truth is, there is no magic number..

Does CarMax pay more than trade in value?

While the CarMax offer isn’t as much as you might get by selling it to a private party, selling it to the used car chain offers these advantages: … CarMax prices are usually higher than those that a dealer offers.

What should I do when my car hits 100k miles?

So it makes sense that replacing them with new and clean liquids will help to ensure that you can drive your car for another 100,000 miles. For most cars it is recommended that the oil, transmission fluid, coolant, power steering fluid, and brake fluid all get completely replaced.

Can you negotiate trade in value?

Negotiate. “Come into the dealership with a good idea of what your vehicle is worth and what you’d be willing to settle for,” said DeLorenzo. Dealers will often make a low offer, expecting you to negotiate up. But you shouldn’t take less for your trade-in than what an industry guide says it’s worth.

How much mileage is bad for a car?

Typically, putting 12,000 to 15,000 miles on your car per year is viewed as “average.” A car that is driven more than that is considered high-mileage. With proper maintenance, cars can have a life expectancy of about 200,000 miles.

Why you should not trade in your car?

Business school researchers say you’ll pay more for your new car. But selling it yourself can be a hassle – and even dangerous. … And used cars obtained on trade-ins carry a very high profit margin for dealers when they put them on their used car lot or sell them wholesale.

Is it better to sell your car or trade it in?

Trading in You will get less money than selling it yourself. At best, you should expect to get the vehicle’s wholesale value. You can use the trade-in amount as the down payment on the new car. … Most states charge sales tax only on the difference between the trade-in value and the new-car price.

Why is trade in value so low?

Why Trade-In Values Are Lower Basically the difference is because there was a dealer in the middle of the sale that needs to make some money, too. … Another reason trade-in values are lower than retail prices is that many trade-ins need to be reconditioned.

At what mileage does a car lose value?

The average new car will have a residual value of around 40% of its new price after three years (assuming 10,000 miles/year) or in other words will have lost around 60% of its value at an average of 20% per year.

What do dealers do with high mileage trade ins?

Auction It For the really undesirable vehicles (usually ones that are very old, have high mileage, or are in poor condition), dealers will send them through auctions. This happens if the dealer can’t find anyone to wholesale it to in their local market.

Why do dealerships want to buy back your car?

But thinking in those strict terms, a dealership could miss out on a lucrative inventory source. A dealer buy back program gives car owners the ability to trade-in or sell their vehicles to a dealership. They can also be used to give car buyers more assurance when buying a new vehicle.

Does CarMax give fair offers?

CarMax basically has two tiers of vehicles: stuff CarMax will sell, and stuff CarMax won’t sell. What they will sell are newer cars in good condition with low miles. If you bring them something like that, they’ll make you a very fair offer, and you’ll walk out happy.

Should I trade in my high mileage car?

If your car is only a few years old, this could be a significant amount of money. On the other hand, if your car is in poor condition, or is a car in low demand, or is a car with high mileage, it might be best to trade it in to avoid a major investment of your time and money.

Can I trade in a car with 100k miles?

Third milestone: 100,000 miles and more Even though many modern cars last well past the 100,000-mile mark, what you’ll get for trading it in drops. Because depreciation is constant, it’s best to sell or trade in your vehicle before it hits the 100,000-mile mark.

Can a dealer return your trade in?

If the car dealer cancels the purchase contract with 10 days, you are obligated to return the car, and the car dealer must give you back any down payment or trade-in that you gave with the purchase. The car dealer cannot cancel the purchase contract after the 10-day period has expired.