Sell Your Car
The question of when to sell your car is a tough one, as the circumstances that lead to the sale are different for every individual. But there are some general rules that you should follow to make the sale as stress-free as possible. You should always prepare your car well, and never rush the process. Here are a few tips:
Determine your vehicle’s value – How much is your car worth? Ask your mechanic – especially a reputable one – what repairs and major maintenance it will need in the coming months or years. Compare that to the price you’ll pay to keep it running. Once you have the value of your car, you can determine when to sell it. Once you sell your car, you can use the proceeds to purchase a new one.
If you live in a place where winters are real, don’t sell your convertible. No one wants to buy a convertible in winter. In San Diego, the weather is consistently summery. You may be able to get a higher price for your car if you time it right. While this isn’t a guaranteed selling point, it’s a good indicator of an upswing in the market.
When Should You Sell Your Car?
The first year of ownership is the worst time to sell a car. A new car has the greatest depreciation over the first year, and the depreciation continues until the manufacturer’s warranty expires. Most new cars will lose a significant amount of value in the first three years. The sweet spot is in the fourth or fifth year. A brand-new car is worth a lot more than a used one, but you’ll still lose some money if you sell it too early.
Selling your car privately is another way to sell your car. However, it can be time-consuming and may not yield the best price. Selling privately involves posting ‘For Sale’ signs in the neighborhood and making a number of phone calls and posting ads online. Depending on your needs and how much money you’re looking for, selling privately can be the best option. If you need the money quickly, part-exchanging with a dealership might be your best bet.
When should you sell your car? Depending on your situation, a good way to make a quick sale is to lower the price of the car. However, you should consider the condition of your car before you lower the price. If your car needs repairs, prospective buyers will ask you to deduct that cost from the price. If you’re not able to afford repairs, chances are your potential buyer will walk away. So, it’s best to keep your car in good condition and sell it when you can afford it.
Another thing to consider is mileage. Mileage is a major factor in depreciation, so it’s important to sell your car before it reaches sixty-seven thousand miles. After that, warranties are likely to be expired, making expensive fixes necessary. A lower mileage car is easier to sell than one with a high mileage. If you can, avoid selling your car after it has reached ninety-seven thousand miles.
