When faced with the question of fuel inefficiency of your automobile, one might initially consider trading in that vehicle for a more efficient choice. However, before decisions are set in stone, one must consider various factors. Initially, a good idea can easily turn into a not-so-good idea.
First and foremost, the number one factor to consider when trading in a fuel inefficient vehicle is the amount left on the current loan. If the loan is at the end or near the end of its’ scheduled payoff, then a trade could turn out to be a wise financial move. This way, one can trade in on a more fuel efficient vehicle while also not losing money or getting into the proverbial “hole.” It is documented that many consumers will lose money on trades if they owe more than their current vehicle is worth.
Other factors to consider when trading your current vehicle, are the age of the vehicle, family size and current mileage asked of that vehicle. If the age of the vehicle is older, then the trade/sale value will be significantly lower. This can be a major factor for some because taking on a new car loan with little money down, might put unwanted financial stress on a family.
Family size might also be
a key factor when considering a trade or sale. Most SUV purchases today, are because the vehicle would serve a useful purpose for a larger family. If the family is small, then a smaller, more efficient vehicle might be called for. There is no need to drive a hulking fuel inefficient vehicle if it can’t serve its’ intended purpose.
Another important factor to consider is how far the vehicle will be driven on a daily basis. If one has a significant daily commute, an SUV
or similar vehicle, might not be the sensible choice. With gas prices constantly rising, a more efficient vehicle is a better choice. If the commute is short, fuel efficiency might not be as big of a problem for the consumer.
With that being said, if it is feasible to consider a trade, there are many options available to owners. One such option is to sell your vehicle outright at various companies that specialize in such situations. There are companies who will purchase your current vehicle one company in San Diego that buys cars can be found here
. Once you sell to a company like this you can either purchase another, more efficient vehicle through them or make that purchase elsewhere. Consumers can also trade their vehicle in on a more efficient automobile if the above factor of loan payoff is conducive to doing so.
As you can see, the decision of getting rid of or keeping your current vehicle can be more complicated than previously thought. When all factors are considered, the decision ultimately boils down to what will be the best for the consumer. Since every consumer will have different situations, the different factors will all hold their own weight and importance. In the end, what works for some, may not work for all.