The most difficult decision you have to make when your car is not in good condition.Because this comes with a lot of factors that should be taken care of. As you drive off the car it tends to decrease its value with the passing years, so everyone wishes to sell it off at the best price it could be sold before it starts losing its value because of the heavy competition of cars in the market. The following points are going to make your car selling decision easy.
Every car starts losing its value with the passing years. Your car loses approximately 25 percent of its original value in the first year and approximately 50 percent of its total value in the coming 3 or 4 years so it is better to sell it off and buy a new one before its value gets extremely low.
Mileage is another important factor in determining the best time to sell your old car. As the miles increase, the car starts losing its value. Lower the miles, the higher you’re going to get paid for it. Usually, a car can be sold at its best price in between 30,000-70,000 miles
Car manufacturers keep on launching new cars from time to time which could be better than the car you bought at a certain price. If any car gets launched which is giving more facilities at the price you bought your car, your car is definitely going to lose its value. So better get something rather than nothing. It is more preferable to buy a new one and sell off the other in that case
Regular Fixes & Maintenance
When your car starts demanding fixes and maintenance every few days, it means it’s time to sell it off. There’s no point wasting your hard-earned money on an old car and on a car you know will be losing its value if you fix it or not. The possibility is that you could even spend more money on fixes than the car’s actual worth
Model of the car
Despite of your car being in a very good condition and having an excellent mileage, your car might be sold at a much lower price than its original value due to the model factor. People tend to buy an old model car less than the latest model car. Even the difference of one year can lead to a perceived decline in value
You must have got an idea by now as to what time is best to sell an old car. Consider these factors before selling it, they’re going to help you a lot.