Is there a right and wrong time to sell your car? Most buyers of used cars want you to sell when it is in good running condition, and it is obviously easier to sell a vehicle before problems begin to show up. There are certain conditions that can determine the best time to sell your car.
The Milestones in Your Car’s Life
There are turning points in the life of every car, and your vehicle loses some of its “sell appeal” as each one arrives. Edmunds says recognizing these milestones will help you know when it is the right time to sell your vehicle.
. 30,000 – 40,000 miles is the first turning point in the life of your car. The majority of automobile warranties expire at 36,000 or 3 years, whichever comes first. The first major auto service falls into this same time frame and can cost several hundred dollars. Some “wear items” such as brakes and tires may also need replacing. This is a good time to sell a car, as some buyers are willing to purchase before the service is done if the seller will drop the price.
. 60,000 – 70,000 miles is the second turning point for a car. Quite often the major service required at this point of the car’s life is substantial. Timing belts, tires, brakes, and other repairs or replacements will probably be necessary. If the vehicle has been handled roughly, other major repairs may also be necessary. Selling or trading in the vehicle before these repairs become necessary can save a seller hundreds or even thousands of dollars.
. 100,000 is the third turning point for a car. Today’s cars are built better and it is not uncommon for a car to be running smoothly with a high mileage. Although the car may be in good condition, the vehicle’s value has dropped dramatically. Selling your car before it hits 95,00 will command a better price. This is an important step if you are selling your vehicle online, as many buyers set their acceptable purchase mileage at under 100,000.
Over Your Head
Auto Source Wholesale points out that other factors may come into play when you need to sell your vehicle. Some people get in over their head when they make their purchase. If you find yourself needing to sell your vehicle, as the payments are more than you can afford, the sooner you can sell it the better. You can depreciate 28 percent the first year and by 48 percent the second year. You may have to accept the fact you are going to lose money on the car when you sell it. Make your next vehicle purchase a quality pre-owned car with affordable payments.
Making the decision to sell your car is easier to do when you know the vehicle’s milestones and the possible extra costs that come with them. Choose the time that best meets your financial and transportation needs.