Whether it means saying goodbye to cherished memories or hello to a fresh start, you may feel stuck when the question is about your ride. Your vehicle is dear to you, and we have got your back. Read on to discover some convincing factors that may help you make a wise decision.
Spring & Fall Impact
Should I sell or keep it? The best way to overcome this confusion is to consider the weather.
Spring is the optimal time to sell your ride as the summer is nearer. Many buyers are eager to hop in newer wheels before the holidays and warm weather hit. This is your chance to get more money from the vehicle, as this seasonal demand can work in your favor and convince a buyer to pay a fair amount.
However, fall and winter may not be as winning. As the holidays are just around the corner, buyers are more concerned about buying gifts than buying a new vehicle.
Tax Refund Season
Speaking of seasons, tax refunds typically hit between February and April. When the state or the IRS releases substantial taxes, many blow their checks on a new vehicle, increasing car buying trends. This sweet spot is a considerable time if you plan on selling a vehicle, as it can put a great deal on your hands.
Special Occasions
If you have kept your garage queen for a long time, special occasions can convince you to sell it. For example, if you plan to list a classic ride, Father’s Day or Mother’s Day may encourage a son or daughter to pay good money for it as a present for their parents. Similarly, the time between May and June hosts graduation ceremonies in many colleges and can boost the demand for your vehicle. Corollas, Civics, and Subarus work great as first cars for fresh graduates, so these can go for more.
Depreciation
As you drive out of the lot, your car loses 10% of its value and another 10% within the first nine months. Selling your vehicle before it racks up high mileage can save you some serious cash. The first 30,000 to 40,000 miles will beg for costly replacements such as brakes and tires, making buyers negotiate a lower price. Also, going beyond the 100,000 mark indicates visible wear and tear, making it even harder to sell your ride. Choosing to get rid of your vehicle when it crosses 50,000 to 60,000 miles is wise, as it’s a sweet spot. While you’ll compromise a bit over value, selling before making major suspension and drivetrain repairs can save you thousands.
Your Requirements are Evolving
We understand you love your vehicle, but sometimes, life-changing events force you to hop on a different ride to continue your journey. Maybe it’s time to say goodbye to your two-seater because you are starting a family. Perhaps your workplace has moved further away, and now you have to get a fuel-efficient ride to save on gas, or you have decided to live in the countryside where a pickup truck is all you need to travel around.
Insurance Costs
The insurance costs may rise with the age of your vehicle. The question of whether or not to sell a vehicle can be answered if you compare the insurance premiums of your current car with a newer one. A significant price difference in premiums could mean a switch to a new vehicle, as you’ll save thousands on insurance.
Parts are Rare and Expensive
The automotive industry is advancing rapidly, with newer models quickly becoming outdated. When a manufacturer releases a new deal, it gives less priority to the parts for older vehicles, making them phase out. So, if you want a good deal, sell your ride before it looks increasingly obsolete. Otherwise, the ownership would become a headache.
Warranty Status
The decision to sell your vehicle after putting memorable miles on it should be taken before the warranty period ends. Post-warranty repairs can be unexpected expenses, as you will be responsible for financing them. In addition, the new owner would be more than happy to pay a good amount if the car is still under the manufacturer’s warranty.
Financial Situation
Personal financial situations are unpredictable, especially in current economic times worldwide. Instability can leave your car parked for long in the garage, as driving and maintaining it would be something your bank won’t allow. If find yourself in this position, selling your vehicle to someone else is smart. Plus, you’ll get quick cash to ease your burden. You can always buy another as soon as you recover from financial strain.
You No Longer Trust Your Vehicle
When it comes to vehicle ownership, reliability should be at the top. If you are hesitant to step in your car as it won’t start smoothly or afraid of taking passengers with you because it feels unsafe, listen to your guts and get rid of this car as quickly as possible. Check your bank, set a budget, and get a new four-wheeler.
Economic Conditions
When interest rates skyrocket, qualifying for a new vehicle loan becomes challenging, making used cars an attractive option for many. Not only interest rates but gas prices also rise, signaling a good time to sell your car if it’s fuel-efficient.
Environmental Impact
The U.S. Environmental Protection Agency claims that a regular vehicle exhales about 4.6 metric tons of carbon dioxide annually. This is concerning news, especially if you have an old gas-guzzler with terrible mileage. So, consider selling your vehicle, and invest in something that reduces your carbon footprint, like an electric vehicle.
Resale Value Trends
Resale value doesn’t revolve only around condition or mileage. Market trends can also make a difference. Let’s say the trend for eco-friendly vehicles rises. Then, the EVs would go through a demand hike. Being smart enough to keep an eye on these trends will unlock the maximum resale value for your car.
Make the Right Move
Be flexible about different options and listen to your guts. Whether you stick to your current car or welcome a new one, all you have to do is make the right move at the right time.
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Zainab Noor is a motoring journalist. Childhood rides in Nissan Almera fueled her love for cars. After graduating from AIOU in 2021, she steered her passion into freelance writing. You can find Zainab on LinkedIn.
