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In June of 2011, I bought my very first new car ever - the new Fiat 500. It is great on mileage, however I drive nearly 1,000 miles a week and have put 20,000 miles on it already. Since I have never bought a new car, I am wondering at what point I should "trade up." I was told not to go over 30,000 miles without its losing value, but I will be reaching that number soon, and do not know anything about trading up with new cars. Any advice for me, please?

Answers from the Automotive Experts

Cherie Watters, President of Sales and Marketing at Hi Lisa, Good Question, The fiat 500 is a great car. One major factor when taking into consideration a good time to trade/sell your current car is the Warranty. Most people want to know there is still some type of warranty on the automobile they purhcase. A lot of components are covered for 36,000 miles. I am not positive but it looks like most of the fiat components are covered for 50,000 so you may still have more time with you current car. Putting a 1,000 miles a week on a car is definitely going to take off value from you car, but that is any car. Maybe you should consider if you drive that much just get a car that is reliable and you just keep. The Fiat seems to be working well for you. With that type of mileage you may just want to consider keeping the car. Hope this helps.

Jessie L Thatcher, F&I and Sales Specialist at Reynolds and Reynolds Company  (Retired) This is really based on your financial situation. Did you take out a loan on the car? How long was the term? If you trade too soon you will be in an upside down position (you will owe more than the care is worth). This negative will go on to the next loan. If you like the car and it does what you want it to and is mechanically sound, keep it and drive it until the wheels fall off. If you paid cash and can sell the car without making too much of a loss, than you can sell it at any time. You are a high mileage driver. Consequently any car you drive will lose value quickly.

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