- March 14, 2023
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.
If you’re carrying a loan on your car, you must consider your break-even points before replacing your car. Unless you’re able to sell the vehicle above the trade price, you’ll have to pay the balance of the loan yourself. From a financial POV, the best time to sell a car is when you owe less on it than it’s worth. The only time you may consider selling when you owe more than it’s worth is when you’re at risk of default or repossession. Selling with positive equity gives you money to put toward a new vehicle. If you owe more than the car’s value, you risk further financial woes by having to dip into savings to pay off the loan. If you can afford the payments and wait it out, try taking that path. On the other hand, if you’re driving payment-free because you either paid cash or have paid off your loan, you’re off the hook, right? Not necessarily. If you find that your car is spending more time in the shop than in your driveway and costing more in repairs than you’d be paying for something more reliable, it’s probably not worth owning anymore. In fact, if it ever becomes a matter of finances and safety, sell it. Also, if you’ve been running late on payments, it’s almost always best to sell your car before the repo man arrives, and pay off as much of the balance as you can. Even when you owe more on your car than you can get by selling it, it’s better to cut your losses and let go. A missed payment or two will put a chink in your credit score and a repeated habit may disable you from getting a loan in the future or make you deal with a higher interest rate.
Your car's health is a major factor in deciding the sale. It may seem obvious, but the best time to sell your car is not when you’re desperate, but when your car and your life are humming along just fine. Mechanical failures take place often when you least expect them. Selling a car takes some time & effort. So, plan on the transaction when you have the time to focus on getting the most for your current car and the best deal on a replacement instead of when a problem occurs. Most buyers don’t want to purchase a car that needs repairs right away. Also, from a buyer’s standpoint, your car is as old as its model year, regardless of when you bought it. It’s no brainer that a car under warranty is valued more. So, selling it when you have the upper hand gives you a faster, easier, and more stress-free experience. So, don’t wait too long before deciding on the deal once you’ve made your mind.
New cars come with more advanced safety features than older models making crashes more avoidable and reducing the likelihood of damage if a collision occurs and these new cars are released all year long. If the time comes when you no longer feel safe in your vehicle, it’s probably a good time to bid it farewell. Weather conditions or change of place can influence your sensation of security behind the wheels. Pay good attention to them while driving.
Most modern cars are capable of lasting for well beyond 100,000 miles with proper maintenance, but used cars lose a significant amount of value after reaching that milestone. So, if you’re thinking about a potential deal, get it before you hit the 100K mark. Shrewd buyers are often aware of when major services are due. Your car has three major mileage points, and each will affect the trade-in value. The first comes after 36,000 miles or three years, whichever comes first. After 70,000 miles, your middle-aged car is on the brink of being over–the–hill and you know that you’ve reached your second milestone. And as mentioned earlier, 100,000 is your last and ultimate landmark. So, depending on your personal preference, sell your car at least a thousand miles before you arrive at each milestone.
Be ready to sell your car when a good deal comes around. Prioritize your fundamentals and as soon as you see a new model matching your criteria perfectly, go for that trade. Also, if you’ve done any market research before, you’d know that there is a selling season for cars as well. Usually, spring and summer are when it’s easiest to sell a car and get the most money for it. The warm weather months are relatively more apt for car shopping than the colder months. Black Friday and holiday car specials may also influence the traders. January and February tend to be slower for used car sales because of holiday expenditures. Although this doesn’t imply that you can’t sell a vehicle in the winter, some specific types of cars are more preferred during this time than others. Market demand and supply always play a role in selling cars.
Paying attention to the aforementioned signs, you can be on your way to properly sell your car at the perfect time and get yourself a sweet deal out of it. UsedCarBuyer.ie makes the selling process very flexible and convenient for you throughout Ireland so that you can sell your car without any worries and efforts.
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