Following an unusual period, the pandemic has affected our everyday lives, but it has also affected used car prices as well.
With a shortage of new cars due to the pandemic shutting down factories and people feeling more comfortable behind their own wheel than on public transport, the UK has seen a rise in the demand for used cars. With this demand, dealerships are increasingly looking for customers willing to part-exchange their current vehicle, including here at Carbase. You don't need to buy your next vehicle from us, we'll simply buy any car or van!
This increased demand won't last forever and used car prices will reduce once things return to normal. As the market calms down, you may still wish to trade in your car, and it can be hard to know when's the best time. With many factors affecting the value of your car when part exchanging, you want to try and find the optimum time to get the most money for your current vehicle.
So, what can affect the price you'll be offered? We'll look at key factors to help you decide the best time to trade in your car.
What is part-exchanging a car with Carbase?
Part-exchanging, or trading in your car, couldn't be easier with Carbase. Find out the value of your car or van with our simple three step process, and we'll either be happy to buy it outright, or help you find your new perfect car from our great range of used vehicles.
1. Provide your car's details
Fill in our simple form with your vehicle's registration plate, mileage and your mobile number (for verification purposes).
2. Receive your quote
Once we have your details, we can give you a quote in seconds. You'll also be able to provide us with more details on the condition of your car which will affect the price you see. Our prices are shown in three ways; New List Price, Private Guide Price, and Your Guide Offer.
3. Your price
Once you have your price, you can either bring your car into us for a full appraisal, or you can use our expert online valuation tool.
Factors to consider when looking to part-exchange or selling your car to Carbase
Car depreciation occurs when the car's value decreases from the amount you originally paid for it. Therefore, when selling your car, it will normally be lower than the price you bought it for. Unfortunately, depreciation starts from the moment you get the keys, so you are unlikely to prevent it.
Although depreciation does happen differently for every car, you can expect to lose around 50% of a new car's value in the first three years. With used cars, the key depreciation time has generally passed, so you're unlikely to lose as much money when you decide to part exchange or sell it on.
Overall condition and mileage of the car
The condition of your call will play a big part in its value, so it's a good idea to sell it on before it becomes older and looking a little tired or dated.
If your car is starting to require several repairs and the interior is looking worn, the resale value is likely to drop. Although you could make some repairs to your car to increase the value, be careful to not spend more than it could be worth, otherwise you could be out of pocket.
Also, it's important to remember that the higher the mileage your car has, the lower trade in price you're likely to get. Part-exchanging your car with mileage between 40,000 and 70,000 will often get you a higher valuation. If your car has reached 100,000 or more, the value is likely to decrease.
Time of year
The time of year and season can also affect the trade-in price of your car. For example, in March and September, new number plates are released and people are often looking for new cars. Because of this, they're likely to trade in their older vehicle and a stockpile of used cars can become quite large. Therefore, you're unlikely to get as good a price for your car when trading in.
Another impact on your car's trade-in value is the season, as certain cars are more popular during particular times of year. In spring and summer, demand for convertible, classic and sport cars is higher due to nice weather. In comparison, during autumn and winter, SUVs and 4x4s will see increased demand. If your car fits into one of these categories, you're more likely to get a better price during these seasons.
Does your car serve its purpose?
Sometimes a change in lifestyle, or personal circumstances, means your car is no longer right for you, or your family. This can be the best time to trade in your car, no matter the time of year, or your car's condition. If your car is not suitable, now is as good a time as any to part-exchange it and find something that perfectly suits your needs.
Why sell your car or van to Carbase?
In 2020, we bought over 12,000 cars and vans but why are we the favoured dealership for so many customers?
- We pride ourselves in being a family-owned business and pride ourselves on being transparent and fair.
- No hidden fees! That's right, our part-exchange and selling service don't come with any fees.
- Our easy process to selling your car means you can either come to branch or do it from the comfort of your own home. Find our how to here >
- 'Rated Excellent' and recommended by our customers!
- We're a RAC recommended dealer so all our cars meet the rigorous RAC approved standards so your car is in safe hands.
Alternatively, another option is to sell your car privately. Although you may receive a higher price for your car, you will also need to manage all the admin and paperwork yourself, including listing the car, managing contact with potential buyers, arranging viewings, and paperwork once sold.
At Carbase, we make sure our process is simple and fuss-free with our knowledgeable staff to ensure you leave with the right car for you, and that you get the best deal when part-exchanging your car. As a family run company, we also believe in fair pricing and our experts will strive to offer you our best price for your car or van. Find out more on our part-exchange process, or get in touch today.