Knowing when to sell your car isn’t always easy. Selling too soon can mean missing out on months or even years of a happy marriage. However, holding on for too long can end up costing you more than you planned in terms of depreciation, unexpected charges, or lack of adaptability to changing needs.
With that in mind, CarGurus has put together five simple signs that it’s time to sell your car.
1. When your needs are no longer met
Life will change. Whether it’s getting a new job, moving, starting a family, or watching your kids leave the nest, these events will determine how you use your car and, eventually, when it’s time to sell it.
Buying a four-wheel drive truck made sense when I lived in New England winters, but now that I’ve moved to Arizona I want to look for something more fuel efficient or with a convertible top. It may be. Or maybe you love your two-door sports car, but when you start having kids, you start looking for a minivan with more space.
2. When it’s most valuable
One of the five signs it’s time to sell your car has to do with its resale value. It’s wise to sell your used car when it’s at its highest value. Factors that affect used car sales prices include:
request
Demand plays a large role in the resale value of used cars, and market trends can have a significant impact on demand. For example, if new and used car inventories are low due to supply issues, demand for used cars may spike. Depending on the year and model, your car may be worth more than you think. If used cars are in high demand, it may be the best time to sell your car.
overall condition
A car’s condition affects its price on the used car market. If you want to sell your car with the least amount of hassle (and the most money), do it when everything is in good condition. Selling a car that requires major repairs, whether mechanical or cosmetic, can be difficult. If a potential buyer discovers that the car needs repairs, he or she will likely request that the repair costs be deducted from the asking price or walk away from the deal.
Mileage
It’s best to sell before the odometer reaches the 60,000-70,000 mile mark, as expensive repairs are often required. If you sell your car before this mileage marker, you can command a higher price.
Even if your current car already has more than 70,000 miles on it, listing it before it reaches 100,000 miles will help you find a buyer. The car may be in good condition at that mileage, but even if it’s a Toyota, Honda, or other brand known for longevity, shoppers’ mindset changes when the same used car reaches six-figure mileage. It may change.
3. When it costs more to continue than it is worth.
Ideally, you should sell your car when it’s in good condition. But what if your car already has a large repair bill? A $2,000 repair estimate on a car worth $2,000 means it’s time to sell, but… is not always obvious. Estimating your car’s value and comparing that value to the cost of keeping it running requires some research and calculations, but the effort will ultimately save you time and money.
First, find out how much the car is worth. Next, ask your trusted mechanic about future maintenance costs. These may include major repairs needed to keep the car running, repairs not needed now but scheduled for next year, and significant maintenance scheduled for next year based on mileage. .
Finally, compare the value of the vehicle to how much it costs to maintain it. When the cost exceeds the value of the car itself, it’s time to sell.
4. If driving a car is too expensive
Cars typically incur two expenses at any given time: fuel and insurance. These costs vary depending on the vehicle model. For example, a compact hybrid may use less gas than a full-size SUV. Luxury cars may also cost more to insure than more affordable hatchbacks.
Your car may have reached a point where fuel and insurance costs are too high to afford. Maybe you’re thinking of switching from a gas-guzzling car to a more fuel-efficient car due to rising gas prices. Or maybe your financial situation has changed and you want to save money by getting a car with a lower premium.
If you’re struggling with gas and insurance costs for your car, it might be a good time to change your car.
5. When you feel danger
One of the five signs it’s time to sell your car has to do with safety. Your car may start every time you turn the key, but you may not be able to stop it reliably with worn-out brakes. Or maybe your engine is making a lot of noise, but it’s so rusted that you’re worried parts will fall off every time you drive it.
Your car’s safety features can also tell you if it’s time to buy a new car. For example, many modern vehicles are equipped with advanced driver assistance features that help prevent accidents. If your car lacks these features, it may make sense to buy a newer model.
The old “safety first” rule applies here. If you have doubts about the safety of your car, it’s a sure sign that it’s time to say goodbye.
conclusion
If any of the above conditions apply to you, consider it a sign that it’s time to sell your car. If you’re wondering what to do, check out the best ways to sell your car.
This article was created by CarGurus and reviewed and distributed by Stacker Media.
