The very moment you drive your brand-new car out of a dealer’s garage, it starts losing value. This depreciation is inevitable, and it does not mean you are barred from buying a new car! Instead, avoid a major financial loss, by selling off your car at the right time.
A wise decision at the right time can help you get back a major chunk of your hard-earned money. Before you start thinking on those lines, you have to be smart about the resale value of your car which is a major financial investment!
This depreciating asset can be converted into a profitable investment if you are vigilant about the following factors before selling it.
- Market conditions
- Car’s state
- Personal circumstance
But when exactly is the best time to sell your car? Let’s figure out…
1) Appropriate Season:
Experts say the best time to sell your used car starts in the springtime and ends with the summer season! During this period, family budgets increase, and gift-giving becomes commonplace. Besides, the cold winters keep customers indoors.
2) Market Trends:
According to Morgan Stanley, used car prices are expected to increase by 20% in the next 4 years!
In case you buy a used car, the coming 3 to 4 years are going to be favorable for you! Sellers might not gain much because the demand-supply ratio in the market right now is all screwed up. But there’s always hope.
3) Your Car Is Purposeless:
Your personal needs might change over time. And your car may not suit your lifestyle anymore. This automatically makes the present period ‘right time’ to sell it off and move on to another model.
4) Milestones for mileage:
Many times, a car’s mileage is responsible for its market value. If your car has hit a symbolic milestone already, the cost of your own might dramatically increase!
5) Working Condition:
When all the parts of your car are still in working condition, you can sell it off. A well-maintained car certainly gives you brownie points and makes the customer happy!
If yours is a problematic baby, before things turn from bad to worse, get your car serviced thoroughly and only then sell it off! Or else, you will risk a situation where the buyer will spot a defect in your vehicle. He might deduct the price of fixing it or merely walk away, and you wouldn’t like that at all.
The Final Words Of Advice:
Hope the above pointers have helped you to figure out what is the best time to sell off your car! If not, our experts are here to help you make the most financially savvy decisions. We have been in this business for over a decade now. When it comes to selling and buying a new or used car, we can help you figure out the best time to make a final call.
So, get in touch with us today!