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When it comes time to sell a beloved set of wheels, there’s so much more that should go into the decision than just price and profit.
Important factors to consider include mileage, repair bills, market value, the time of year, car loan repayments, and more. And believe us, a car that just sits and collects dust isn’t a good option either. Every day you own a car, the more value it loses.
So if you’re wondering when the best time to sell a car is, here’s what you ought to know in order to get the best win for your wheels…
The Best Time to Sell a Car: 5 Factors to Consider
If you own a car that’s done its time and has the mileage to show for it, you may have a tougher time trying to sell it. But this being said, it is possible to get a decent amount of cash for cars with enough foresight and preparation.
Here are the top 5 considerations to keep in mind when deciding on a good time to sell your pre-loved set of wheels:
1. The Time of Year
What do seasons have to do with selling a used car anyway? Well, according to research, the spring and summer months are usually your best bet. Why? Because the colder weather tends to tighten everyone’s budgets and also keeps people off the road.
Another consideration to keep in mind is market demand throughout the year. It may be worthwhile doing a little research on the most popular types of vehicle for sale at certain times in the year.
There’s no point in selling your vehicle in a flooded market where prices tend to drop and so will your profit!
2. When You’ve Outgrown Your Wheels
This goes without saying, but if you’ve reached a point in your life where your car no longer fits in with your lifestyle or family size, it’s time to sell.
As life changes and evolves with time, so will your wants and needs from a car. Perhaps you’ve moved further out from the city and need to save on fuel each month? Then a more economical car option is better suited.
Even if you have already purchased another car to suit your lifestyle, a sitting car continually depreciates. This could become a bigger problem the longer you leave it, so it’s best to sell an unused car rather than let it sit!
3. Before You Reach Mileage Milestones
As mentioned, the longer you’ve owned and driven your car, the more its value depreciates. This is just the natural lifecycle of a vehicle. But what’s most important to consider is your car’s mileage milestones when looking to sell.
There are certain mileage marks that cause a steep dip in the value of a car. You may want to consider selling your vehicle before reaching these milestones. Generally, these mileage milestones include 60,000-miles and 100,000-miles.
Ideally, the best time to sell a used car and get an upgrade would be before the warranty expires at the 60,000-mile mark.
4. When Your Car Is Still in Great Working Order
This may sound super obvious, but many people tend to hold onto a car and fork out on repair bills, rather than selling when it’s still in good condition!
The truth is, it’s far easier to sell a fully functional car than have to negotiate with a buyer over maintenance or repairs and losing out on profit.
5. When Car Loan Payments Are No Longer Feasible
Rather than defaulting on a car repayment or even missing out a few repayments, you’re better off just selling your car.
This is simply because it will save your long-term financial status. Nothing gives you bad credit score like defaulting on a loan repayment! This will also make it all-the-more difficult to shop around for a new car with a poor credit history.
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Now that you understand a little more on the best time to sell a car and how to make a little profit while doing so, explore the rest of our site for more financial advice!
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