Are you thinking about selling your car? Did you know there’s actually a peak time of the year in which to sell your car? According to U.S. News and World Report, the spring and summer, between the months of March and August, are the best times to sell a car. The sun and warmer weather brings buyers out to look at cars, while the cold winter weather keeps them away. Here are some other things to consider in deciding when to sell your car.
What is Depreciation?
You’ve probably heard that when you buy a vehicle, even a new one, it depreciates in value once you drive it off the lot. What exactly factors into a car’s depreciation? Mileage is one factor. When you hit 40,000 or so miles, or your warranty expires, the car drops drastically in value. This is because more expensive repairs are likely to be needed on the car after this mileage milestone. You must balance the age of the car versus the number of miles driven when considering how much a car has depreciated. A new car depreciates the most in its first year after sale. Once you have had it four or five years, the costs of maintenance and repairs will rise, so many experts say if you plan to sell a car, do it before you’ve owned it for four years.
When Your Car is Still in Good Condition
You don’t want to wait until your car is a wreck before selling it. Although your car may have over 50,000 miles on it, it might be in much better shape than another car with just 10,000 miles on it. If you have kept up with all of the necessary maintenance and repairs, you should be in a prime position to sell your car. Just to be sure, have a trusted mechanic look it over before listing it for sale. Then you will know of potential problems that you might want to consider fixing before deciding on a sale price. The better the condition of your car, the more you can ask for it.
When Your Vehicle Is Not Meeting Your Needs
Maybe you bought a coupe before you were married. Now you have a spouse and family, and it doesn’t suit your current needs. You don’t want your car to sit in the garage just because it’s not practical for you to drive anymore. The more time you own the car, the more it will depreciate. Sell it now so that you can get something else to replace it that will better suit your lifestyle.
When You Haven’t Yet Hit a Certain Mileage Mark
Your car will lose some value once you hit certain mileage marks. Typically, once a car has over 60,000 miles, its warranty has expired and it is less attractive to potential buyers. You can command a higher price if your car is still under warranty when you sell it. Cars with higher mileage also tend to require more expensive repairs, so if you know you’re going to sell your vehicle, do it before hitting that magic number.
When You are in Danger of Defaulting on Your Auto Loan
If you know that you are only a missed payment or two away from completely defaulting on your auto loan, it might make more sense to sell your car and pay off the loan--if that will garner you enough money to pay on the loan. If you are underwater, however, it will be harder to pay off a loan by selling a car that is worth less than what you owe. Remember, repossession of your car will cause a black mark on your credit report that could hurt you for years to come.
When you’re ready to sell your car, consider using Trusted Sale and reap the benefits!