Trading in a car to upgrade to a new one is always very tempting. You may have been driving one day and spotted that sleek looking Tesla, only to find yourself seriously considering making the switch.

But whether you’re just tempted by that ‘new car’ feeling, or your vehicle is giving you difficulties, there will always come a time in every car’s life when you start to question whether it’s worth keeping.

This guide should help steer you in the right direction before making that final decision.

Why should you trade in your car?

High servicing costs

As you add mileage to your car and it gets older, your servicing costs will increase. Unfortunately, there is no avoiding this fact of life and it’s something we all have to accept. Thankfully, we have Capped Price Servicing at Auto Leaders, which means that you won’t be left with unpleasant surprises when you take it in for its regular logbook service.

If you’ve taken great care of your car and haven’t missed a single scheduled service, then it’s likely that your vehicle is in good shape. If that’s not the case, then your repairs will escalate in costs. So, if the car is worth less than the repairs needed, then it might be time to bid your goodbyes and trade it in for another vehicle.

Outdated safety features

As technology consistently improves, car manufacturers are turning to safety features to add a competitive advantage to new models. If you have an older car, then its safety features are probably outdated, putting yourself and others at risk on the roads.

New vehicles are constantly tested by agencies such as ANCAP that help buyers identify which models are safest on the roads. If you know that your car does not have modern crash protection features, then you should look at trading it in. Remember – your safety should always be your priority!

When you still have warranty

It’s likely that your old car’s warranty has well and truly expired. If you’ve taken the time to look after your vehicle, then this shouldn’t be that big of an issue. However, trading in your car while it still has some warranty will increase its value, meaning you may be able to get a better deal at the dealership.

Paying out finance

In most cases, your car is your second biggest asset second to your house. That’s why many people purchase their cars under finance. Ideally, when you trade in your car, you should be selling it for a price that pays out the finance owed on it. If you still have money to put into your new one, then that’s an even better outcome! That’s why you should assess the value of your current vehicle to make sure you’re driving off with the better end of the deal.