4 Signs It May Be Time to Trade In Your Car

Even the most passionate exotic car owners find themselves thinking about trading in their car. Whether another car has caught your eye, you’re sizing down your fleet, or you simply aren’t getting enjoyment out of your current ride, a car trade-in is an excellent way to free up funds for whatever is next. 

If a car trade-in is on your horizon, it’s important to be strategic. Trading your car in at the right moment may result in a big payout, while the wrong timing can leave serious cash on the table. 

Read on to learn how to determine the right and wrong time to trade in your car, learn about trading in a financed car, and discover how to get the most out of your exotic car trade in. 

Signs You Should Trade In Your Car 

Wondering if it’s time to trade in your car? Read on to learn some of the tell-tale signs that a car trade in may make sense. 

1) You’re Ready to Upgrade to a Different Car

Exotic car owners know, buying an exotic car is never just one and done. While amassing a fleet of luxury vehicles may sound enticing, for many car owners, selling a current car is a necessary step in upgrading to the next. 

Maybe you’re a vintage collector whose dream car just appeared on the market. Time is of the essence when you’re trying to beat out the competition, and a car trade-in offers a fast and easy sale that allows you to move quickly and strike while the iron’s hot. 

Or, perhaps you’re a performance-oriented supercar enthusiast looking for the newest technology, the efficiency of a trade-in may make you one of the lucky few to get your hands on a limited run, or among the first to test out never-before-seen performance specs. 

2) The market for Your Car Is Strong

Unlike mass-market cars, exotic cars don’t follow a standard depreciation curve. While some initial depreciation is often expected, it’s not always permanent. There are all kinds of reasons an exotic car may begin to appreciate in value, whether it recently made an appearance in a blockbuster film, a celebrity was spotted behind its wheel, or sentiment towards the car has simply improved lately. 

Whatever causes appreciation, it’s important to act strategically. The thing about the market is, it’s always changing. If your exotic car’s second-hand value is on the rise, it may be a sign you should trade in your car. Dealerships and exotic car buyers rely on the market heavily to determine your car’s trade-in value, so an uptick in the market is likely to translate to more money in your pocket. 

3) Ownership Costs Are Increasing

Your exotic car’s purchase price isn’t the only cost associated with it. There are lots of costs associated with owning an exotic vehicle, from routine maintenance to vehicle storage, insurance costs, and more. 

New and certified pre-owned cars typically come with 3-4 year manufacturer’s warranties to cover some of the unexpected costs associated with owning exotic cars. The factory warranty may cover more than $5,000 in repairs each year. When those costs start coming out of your pocket, it may be a sign you should trade in your car. Similarly, increases in insurance premiums, hikes in storage costs, and other increases may trigger a trade in. 

4) You’re Not Enjoying It Enough

Sometimes, the sign that you should trade in your exotic car is simple: you’re just not enjoying it enough. Exotic cars are expensive to buy and own. If you’re going to endure that cost, you should be enjoying the heck out of it. If not, it may be time to trade in your car for something that gets your gears going. 

Signs You Shouldn’t Trade In Your Exotic Car 

Just as there are right times to trade in your car, there are wrong times, too. If you trade in your car at the wrong moment, you’re likely to get much less value for your trade in, which can leave you short on your next exotic car purchase. It should be avoided at all costs. 

Here are a few signs that you shouldn’t trade in your car: 

• It needs repairs: Does your car have significant maintenance you’ve been sitting on? Outstanding repairs are nearly guaranteed to lower the trade-in value of your car. Get the repairs done first, then pursue a trade in. 

• A new model is about to be released: Unless your car is vintage, a new model release can heavily impact your car’s value. Trading in your car just before or just after a new model release is likely to result in a lower payout. Hold onto your car until its value stabilizes, then consider trading it in. 

• It’s not the right season for your car: The value of some exotic cars fluctuates with the seasons. Convertibles’ value spikes in spring and summer and dips in colder months. If your car follows a seasonal value curve, don’t trade it in during the off-season. Instead, hold onto it for a few more months to get the most out of it. 

• You’re upside down on your loan: It is possible to trade in your financed car, but it’s important to be smart about it. If you owe more on your exotic car than it’s worth, it’s probably not the best time to trade it in. Wait until you’ve got equity in your car before trading it in. 

Can You Trade In a Financed Car?

Wondering about trading in a leased or financed car? You’re in luck. Trading in a financed car is possible. Here’s how it works: 

• Take your financed car to an exotic car buyer, not the company you lease from. 
• They’ll pay the company you lease from for the remainder of your lease. 
• They’ll send you a check for your equity in the car.

Before pursuing a trade-in for your financed car, make sure your leasing company allows it. Some have restrictions on lease buyouts that make these types of transactions impossible.

How to Improve Your Car’s Trade In Value 

Looking to get the most out of your car trade in? Follow these tips to improve your car’s trade-in value:

• Get it professionally detailed: We’re not talking about a car wash. Have a professional exotic car detailer deep-clean your car, fix minor scratches and scuffs in your paint, condition your interiors, and more.

• Complete any repairs: Before your trade-in is finalized, your car will undergo a thorough mechanical inspection. Get ahead of it by completing any outstanding repairs beforehand.

• Compile detailed documentation: Put together your car’s ownership documents, detailed service records, and any other relevant documentation.

Trade In Your Car to We Buy Exotics 

Looking for the quickest and most rewarding trade-in? Trade in your car to We Buy Exotics. We specialize in cars valued at over $100,000 and employ a team of experts who each have more than 20 years experience in the field. We value cars with extreme accuracy and offer fair, competitive pricing for your exotic car.

Curious about trading in your car? Get a no-obligation cash offer from We Buy Exotics today.