When is the Perfect Time to Sell Your Car?
You can’t keep your car forever. Sooner or later, the time will come to let it go and to collect on the value that your car still retains.
Just like any seller, your goal is to earn as much as possible on the sale, at an amount that you think does not undervalue its worth. Unfortunately, there is no guarantee that you’ll be able to sell your vehicle at your ideal price tag.
To get the most from the sale of your car, you must observe the proper timing. When is the best time to sell your vehicle? Here are some ideas that you must consider.
“To get the most from the sale of your car, you must observe proper timing.”
1. When it’s the right season of the year
You’ll find it easier to find a good buyer for your car if you put it up for sale in spring or summer. Most of your prospective buyers tend to stay at home during gray weather, and budget-conscious customers often tighten their belts before the holidays. This means that there might be a surplus of used cars in the market and prices will be driven down due to that oversupply of used cars.
“You’ll find it easier to find a good buyer for your car if you put it up for sale in spring or summer.”
2. Before the buyers’ market emerge by 2021
According to a market forecast by Morgan Stanley, prices of used cars in the market could take a plunge by as low as 50 percent by the year 2021. This would drive a buyer’s market that would lower consumers costs, but drive down profits for sellers.
3. When your car is no longer useful to you
You have outgrown your car if it is no longer sufficient to cover your requirements. If you have a growing family, within a few years, you might need to ditch your sedan and consider an SUV or a pickup truck.. On the contrary, if you are now an empty-nester, it could be the best time to sell your SUV in favor of a sedan. Our need and use for our cars change over time and our buying and selling decisions should reflect that.
“Our need and use for our autos change over time.”
4. Before significant mileage milestones are hit
The greater the mileage of your car, the lower the price is can demand in the market. It is best to sell your car before it reaches the 70,000-mile mark or before its warranty expires. If you sell your vehicle after these milestones, the next owner will certainly be facing of maintenance and repair costs—a fact that will translate to a serious impact on valuation.
5. While every component is still in good condition
It will be much easier for you to sell a car while everything in it is still working well and functional. Otherwise, potential buyers will have good reason to deduct possible costs of repair. You can get a better price tag and save on maintenance costs yourself if you sell your car before it begins to fall into disrepair.
“Potential buyers will have good reason to deduct possible costs of fixing and repair.”
6. Before your auto loan reaches a default
If your financial status is uncertain and you think you won’t end up being able to service an existing car loan, it is likely a good time to sell the vehicle. You can use all of the proceeds from the sale to repay your loan in full. In so doing, eliminating the worry of keeping the financial obligation and maintaining your good credit standing.