- April 21, 2021
A new car comes with a heavenly feeling. Free of dents and scratches, fragrant with that new-car smell and a sleek new steering wheel, and complete with an odometer reading in the double digits. But as soon as you roll off that lot, that new car is no longer brand new, and it starts depreciating before you know it. Next thing you know, there’s a new model on the market that you can’t wait to get your hands on and sell your current ride. But how do you know if it’s the right time to let go of your car? Well, there are a lot of personal and market factors involved in that decision. Following we’ll discuss some of those indicators to making that decision a bit easier for you.
Cars are a mammoth commitment. Both in terms of the initial cost that you pay, and also the yearly expenses surrounding one. And a lot of times what happens is that people get drawn into a larger financial commitment than what they want or can afford. The logic is simple. To afford a car, people save up money for a long period of time. But this is where they get fooled. Because they have a large standing sum of money to spend, it is easy for them to think they can afford an expensive car- which they at the moment can because they have the money- and they buy a car that is a bracket above what they should have bought.
The critical part begins when they have to pay the regular expenses like insurance, servicing and repair costs. The expensive the car, the higher these costs will be. If you have a car that is one step above what you should have, your daily finances will be stretched. In a case where you realise your car costs too much to own, then clearly it is a bigger liability than what you want. You should sell it to restore your financial stability.
This idea is fairly simple and basic. If a car doesn’t work, get rid of it. Unreliable cars are an ownership nightmare. Not only do these constantly break and have some sort of a problem all the time, they cost an accumulated fortune in repair costs. Also, insurance for a known unreliable car is more expensive than a reliable one.
Selling an old car makes absolute sense. Unless of course you have a rare one-of-a-kind car that has some collectors value, the faster you sell your old car the better. All common cars depreciate, and your old car is going down in value as it is sitting there in your garage. Also, for cars older than 20 years, you really are missing out on many safety features. Regulations are tighter than ever now and there are many new equipment that can save your life and the lives of the people you value in worst case scenarios. If your car to too old, sell it at the earliest, because it is spontaneously going down in value.
Relating to the last point of selling your car if it is too old, you should sell your current old car for a new car in case of an upgrade. Unless you need multiple cars, or there is some other unmaterialistic value, selling your old car when purchasing a new one makes all the sense in the world. By selling your old car you will be freeing up garage space, saving on yearly expenses, and also gathering some extra money to put into your new car.
Electric vehicles are the future, there is no doubt in that. But the most glaring fact is that this future is actually our present. Of all the segments in the car industry, the electric segment is receiving the most attention and has had the fastest growth. Manufacturers are bringing newer, better electric cars to the market each passing model year. Most notably Tesla now has a fully featured line-up that ranges from the average point A to B car and upper-class options. Other mass market manufacturers like Volkswagen are also starting to roll out electric vehicles meaning that electric cars will be more common in no time now. If you own an ICE car and are interested in electric cars, this might be the best time to sell your car. ICE cars are still going strong- but in truth this really is the end of the line- and you will get a fair price for your car and be able to start preparation for the electric future.
Selling your car for cash might be one of the smartest decisions you make depending on your circumstances. In situations where your car is too old, or it is too expensive to maintain you should look to sell it and relax yourself of all these troubles.
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