Having assets in life is the way you can tell whether you have been financially successful. If you can afford a house, you have a physical investment of your money that will give you a wonderful payout when you do finally sell it. If you have a house and a car, along with techno gadgets that put you on the map as ‘well off’, then you can actively tick the box that says you have arrived in life. When you first buy your car, you may not have much consideration for the resale value. After all, you’re about to drive off in this shiny new contraption – why ever would you sell it?
The thing is, over time things change. There are a lot of reasons to sell your car. Some people like to sell to afford to upgrade to the latest model. Some like to sell to pay off some debts and move forward with a different, cheaper and more economical car. Then there are others that sell their car because they’re moving across the country, and selling is a far better prospect than paying out for car transport. Regardless of your reasons, there’s a good time to sell a car and a bad time to sell and until you understand that, you could be making yourself a serious loss on a very savvy financial investment. Until the moment you sell your car, it is a tangible asset and an investment in your hard-earned cash – the trick is knowing when you should sell it!
Did you know that depreciation of the vehicle you’ve just paid out for starts from the second you drive off the forecourt? Not many people realise the moment they drive away with their snazzy new car, the value starts to go down. Different cars lose their value at different rates, so when you start driving away you won’t be able to predict what it’ll be worth down the line. Newer models always lose their value faster than a used model would, and sometimes this loss can be up to 50% in three years. When you drive a new car, you’re likely to be very careful not to dent it or miss any maintenance appointments, but unfortunately it won’t stop the value of the car itself drastically changing. If you have a used car, you’ll be selling against other used cars and so the competition is far fiercer. The way to beat the competition is to make sure that your car is in immaculate condition before you go ahead and sell it.
A lot of people prefer to sell up their car when they no longer need it. It simply doesn’t make sense to keep hold of a vehicle that serves no purpose to you. Driving a two-seater, three door car won’t be much of a help to you if you have a baby on the way and need space for a car seat! Some prefer to wait until they have the money for a fancier model of car before selling and others prefer to enjoy their cars. Not everyone buys a car with a return on investment on their mind, but ultimately that’s exactly what selling a car gets you. Any money you gain in profit when you sell your car can be put toward the purchase of a more upgraded, comfortable vehicle. The one thing you should always be careful of though, is if your car is on finance. Technically, a car on finance does not belong to you until the finance is paid off. If you have no choice but to sell your vehicle, make sure that the new owner is fully aware of the situation and knows the car is covered with finance. Read this article here for information on what to do when selling a car that is still on finance.
When you’re considering selling your much-loved car, you need to think about the season. Believe it or not, the seasons, holidays and events all play a big part on when the best part of the year to sell up is. Convertibles and soft-top vehicles always sell faster in the Spring and Summer months, and for good reason. People seek out a sleeker vehicle as the temperatures rise, and the promise of road trips with the roof down are desirable! Autumn and Winter always see the 4×4 vehicles and off-road vehicles fly out of the forecourts. The type of vehicle you drive will dictate when you can get the best price for it, so think carefully before you start advertising. A vehicle is a great gift, so the rate of car sales tends to go up around Christmas and graduation time! Keep this in mind when you choose when to sell your car. If your car is a popular model, then you’ll get more money for it at one time of year versus another.
Selling your car to pay down debts is a big choice, but it’s one that is sensible! If your car is paid off and worth enough to pay off a huge chunk of debt, and is also not a necessity in your day to day life, then selling up to pay debts is smart. Ideally, your car sale could pave the way to get a better car on finance and even improve your credit rating. All in all, you have to make the best decision for your car sale. There’s no point in selling something you need, but every point in selling something you no longer have use of.
Selling a car doesn’t have to be hard and websites like this one can help you to sell it quickly and for a good price online. There’s no need to undercut what your car is worth. If the question comes up whether to sell the car, draw up a list of reasons why you want to sell it and whether the reasons make sense. Then go from there; the decision you make could lead you to a better car!