Seizing the Opportunity: What are the 5 Best Moments to Sell Your Car?
Many consumers have trouble getting rid of cars. They want a new car but cannot decide when to sell. Cars start depreciating the minute they’re driven off the lot. Hence, it’s best to sell when the car still has value. Here’s a handy guide about the right times to unload a vehicle.
Consumers should prepare to sell when it’s difficult to pay the car note. Lenders put trackers on cars these days so it’s hard to hide a car. Expect the repo man if you’re missing payments. Look for a good car dealer. Indeed, they buy your car quickly and you use the cash to pay off the note. Consumers who do nothing may end up with a repossession. You won’t have a car and your credit is tarnished.
Owners should consider selling a car when they’re upside down in the note. It’s not practical to own a car wherein you owe more than it’s worth. Look for a cheaper car or one with a rebate. Many car dealers allow consumers to roll their negative equity over into a new car loan. People that can’t get a new loan should reduce their negative equity. The best way to do that is by paying a little more on the monthly note.
The current car may be impractical when you start a family. A two-seater sports car won’t fit a car seat and all the things you need for a baby. Over time, an SUV may be practical if the family continues to grow. There are lots of scenarios like moving to a colder climate. It may be more practical to drive a truck.
No one likes to buy a car with high mileage. Therefore, it’s best to sell the car before it hits a certain mileage. Hitting certain mileage points means the car is dropping in value. Car value drops significantly after 60,000 miles. That’s usually when the warranty expires. In addition, 90,000 miles means the car could need a new timing belt. The installation of a timing belt could cost close to $1,000. Dealers and consumers are less likely to want a car after it hits 100,000 miles.
No Major Repairs
A vehicle is more likely to need major repairs the older it gets. Try to trade the vehicle before this happens. The highest repairs are things like a new engine or transmission. These repairs can cost $2,000-$3,000. Of course, it’s unethical to sell a car if you know it needs a major repair. You’ll have to disclose the information to prospective buyers.
Time of the Year
Industry insiders say the time of year has a lot to do with selling a car. For instance, tax season is an excellent time to sell because folks get their refund checks. Further, many parents look for used cars to give as presents to graduates. Likewise, students go off to college in early fall and they may need a vehicle. Spring and summer are perfect for unloading convertibles. The sun is out and people want to have fun. Winter is the season for selling trucks because bad weather comes around.
There are many reasons to sell a used car. Finances, life circumstances, and mileage all play a part. The most important thing is to shop around so you get the best offer for the car. You’ll need the money to purchase a new model.