If you’ve owned a car for a while, then you are likely aware that keeping a vehicle for its entire lifetime isn’t exactly what people in the know do. Chances are you’ve heard your car-savvy friends discussing things like taking good care of a car so that it’s easy to sell later on, or even something along the lines of keeping a vehicle for only a certain number of years. But, if you haven’t, fear not because we’ll show you exactly when to sell your car in this blog.
When to Sell Your Car: Before You Need to
Selecting the right time to sell your car is a pre-emptive measure that seeks to ensure the highest sale value possible. Chances are if you wait until you are forced to sell your vehicle, the haste of your situation will lead you to settle for a lower price. Suppose your haste results from a car that is inevitably going to break down. In that case, you have very little bargaining power.
The ideal situation is when you use your car for only a few years (its golden years) before selling it. This is so that it is still in good condition but is more likely to need repairs after a longer period of use. That way, the car is spotless upon its presale inspection since there haven’t been any major fixes done to it. Some car experts are able to comfortably use a new car for longer periods because they know exactly when its golden years end.
Sadly not everyone abides by these rules. There are other less desirable circumstances where it becomes wiser to sell your car instead of continuing with it. Here are some:
The 50% Rule
When the cost of repairing your vehicle is half its current value, it is time to sell it. This one is a no-brainer. If you’re forking up that much money in repairs, you are likely aware that you need a new vehicle. Better sooner than later so that you can receive a reasonable amount of money for your car. You can reach an estimate of how much your vehicle is worth by using our free car valuation tool.
Furthermore, suppose you can sell your car and combine that money with what you were supposed to spend on repairs to afford a reasonable car. In that case, it’s better that you do just that. Even if it means you have to fork up a few more bucks to be able to buy that car. That’s because the new car will likely buy you way more time than the vehicle you are currently struggling with.
When You Have to Engage in a Hefty Repair
So suppose you have to engage in a car transmission repair, which could cost around $1,800 or more (for an average car). It would be wise to let go of the car at that point. This strategy results mainly from the mistrust of car mechanics and is usually employed by female drivers not wanting to be scammed. Usually, however, a vehicle that needs such an extensive repair is most likely going to need to undergo other significant repairs soon. So have a trusted mechanic (or a few separate ones) carry out a full car inspection to outline other potential future repairs. Once you’ve identified more expensive repairs within the horizon, it’s time to let go of the car.
Does Mileage Matter?
Although mileage is a good indicator of how much a car has been used, it’s not a sure way to determine its resale time or even resale value. A better indicator is years in use. Depending on car brand and model, depreciation differs. Some cars are able to maintain up to 80% of their value after one year of service. (Click on the following link for a list of the cars with the best resale in the UAE). Generally speaking, the best time to sell a car on average in terms of depreciation is its third year.
Sell Your Motors
Whether you’re selling a car that you bought last year, three years ago or even last decade, Sell Your Motors will buy it off of you in just 30 minutes. And if you’re going to be a regular car seller, consider Sell Your Motors your trusted and guaranteed car buyer. Our process is simple. We evaluate your car and present you with an offer right away. If you agree to the amount, give us the keys, and we’ll give you the cash. Car selling has never been simpler.
Try our free online car valuation and we’ll take it from there. Alternatively, you can call us on 04 330 1030 to find out more!