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Your car may be starting to show signs of wear and tear, needing regular fixes and maintenance. But is it worth it? Many people have fallen into the trap of spending thousands of dollars fixing a car that is worth less than the repairs cost. Or it may hinder a sale with too much information, leaving a buyer to wonder what else is wrong with it? Weigh up the emotional journey you have had with your car and whether you would rather see your four-wheeled friend passed down or restored.
Sometimes you will buy a great product that does the job perfectly and is faultless, but sometimes you will buy an absolute dud. So, what do you do? If you have bought a lemon, do you get rid of it immediately and pass the problem on to someone else? You could also resell it through an auction.
This may sound a little strange at first, but what time of year you sell your car can make a big difference, especially depending on what kind of car you have. If you wanted a sports car to let the top down and cruise the open road, would you do that in the middle of winter? The worst time to sell a car is after the Christmas holidays and in July, the beginning of the new financial year.
Given this, it may be worth holding onto your car for a couple of months for the weather to change and there are more buyers in the market for your type of vehicle. How to sell your car is also important — whether you want to sell it privately or trade it in at a dealership.
According to Ross, there are pros and cons to both methods. Selling a car privately can be more of a headache, but a higher price can be achieved if you prepare the car right, and present it well. This could be down to circumstances, like a growing family, or simply down to a desire to drive something newer. In this situation, deciding whether or not to sell your old car is likely to come down to whether or not you need to keep it around and whether or not you need the money from the sale.
One caveat to bear in mind is the depreciation we mentioned earlier. Ultimately, the choice is yours. Latest News. The best small electric cars. Resources AutoTrader Alternative Who will buy my car? Sign in. Step D. Examine past repair bills and recalculate costs. Your initial comparison leaned towards keeping the car on the road, but now you want to get even more specific about additional costs of continuing to drive the vehicle.
Keep in mind that the older the car, the more likely it is that things are going to wear out or break. Go to Edmunds. Consumer Reports is another good source with its Guide to Car Reliability that can help you see what kinds of problems tend to show up in various makes and models of cars as they age. Also go back through your own repair records and see how much you spent during the past year on non-maintenance repairs.
You want to add in these recent repair expenses to your previous cost figure from Step B. Be honest with yourself. And this is one thing that has been constantly improving over the years. Depending on how old your car is, you might be missing out on all the latest improved safety features such as advanced airbags, rearview cameras, side airbags, electronic stability control, better brakes and handling, blind spot monitoring, forward collision alerts, automatic parking, lane departure warning systems and more.
The guidelines presented above are primarily for knowing when to sell your high mileage car. The key is not let yourself be sentimental about your car, which can make you hang onto it longer than you should. People throughout the decades have tried to figure out whether or not there are particular times of the year that is the best time to sell a car.
In the final analysis, this is really difficult to pinpoint because there are so many factors to consider, but here are some rules of thumb people have come up with that may or may not apply to your particular situation. Additionally, it always helps to plan in advance when selling your car , since it may take some time. In general, prices for used cars tend to go up in the spring and summer March through August and then start falling as you get closer to the holiday season when people are thinking more about spending money on gifts than buying cars.
But you also have to figure in shopping for your next car, and you might not want to be shopping for your newer car during the height of the car-buying season. If SUVs are a popular choice, the time of year you sell is less important. For whatever reason, these two months are when a lot of people decide to trade up to a newer model, which means a lot of used cars come into the market at those times, increasing competition significantly.
Selling in the month or two before either March or September can mean less competition for you. For those who are thinking of buying a used car as a gift for one of their children, the holidays or right around graduation in the late spring are good times to try and tap into that particular market.
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