Are you planning to sell your car but not sure if now is the right time to do so? 🤔 Don’t worry here's some help for you! We’ve gathered the important factors you can consider, so you can arrive at a sound decision whether to sell your car now or wait for a better time.
The value of your car will not be the same as when you bought it. When the time comes and you want to sell your vehicle, the selling price will be lower than its original price tag. But at what point does the car start to lose value? The moment the car leaves the dealership and you drive it home, it’s already worth less than what you paid for it!
For new cars, during the first year of the vehicle's life, it will lose up to 30% of its value. Don’t be surprised that it will depreciate up to 50% in the next three years. The truth about depreciation in cars is that brand new vehicles lose more value than secondhand cars.
If you want to sell your car, the best time would be within the first three years of buying it. For secondhand vehicles, since they’ve already lost much of their value, you won’t be losing as much money when you do sell but it should be in top condition so you can get a good selling price.
Planning to buy a new car to replace the old one? It's best that you sell your old car while it’s still in good condition. When the vehicle needs constant fixes and repairs, the interiors are damaged, or the paint is chipping away, you can’t expect it to have a high resale value.
You may choose to get your car fixed first before selling but there’s a risk that you might end up spending more money, which you may not get back from the vehicle’s final sale price. This is something you need to think about so you can weigh up the pros and cons.
The logic here is simple: the higher the mileage, the lower the value of your car. If the vehicle has completed 40,000 to 70,000 miles, you can still get a good selling price for it. However, once the mileage reaches six-digit numbers, then its value will be much lower.
To get a good price from selling your old car, you can follow the first set of tips which are to sell it within its first three years while it’s still in good condition and it hasn’t reached 100,000 miles.
Release of Registration Plates
Most car buyers shop for cars during March and September. This is because these are the months when registration plates are being released. There’s more demand for brand new cars rather than used ones and the prices could get competitive. You might find it difficult to sell your vehicle when dealerships are making attractive offers to car buyers. Consider avoiding these months when it comes to selling your old car.
Did you know that particular cars are actually more popular in certain months? For example, during summer and spring, there’s a high demand for convertibles, classic cars, and sports cars. It’s most likely because of the pleasant weather and the possibility of having enjoyable road trips and journeys at this time.
In colder months, the more popular vehicles are 4x4s, off-roaders, and SUVs. You can definitely use this information to choose the best time to sell your car. Hopefully, you can put it on the market at a time when it will be in high demand so you can get a good amount of money out of it.
How to Prepare Your Car Before Selling
Clean the Car Thoroughly
Check that your vehicle is clean inside and out, including the door bins, glove box, and other areas that the buyer might look at. While car buyers generally expect some wear and tear from secondhand vehicles, a dirty and smelly car would be a deal-breaker. You’d want to convey to the buyer that you’ve done a great job at keeping your car well-maintained. Do this by cleaning the car thoroughly before showing it to prospective buyers.
Check for Minor Repairs
Do all the electric components of your car work? Assess the lights, wipers, stereo, air conditioning, and displays and see whether they’re all working properly. If there are some issues, you may want to get them fixed first before selling your car.
Along with this, also check the fluids of the vehicle and make sure that they’ve been changed or topped up. Fluids are not just the engine oil but also the coolant, radiator fluid, transmission fluid, power steering fluid, brake fluid, and washer fluid.
Of course, don’t forget to evaluate the condition of your tyres along with the spare. Minor issues like scratches, dents, and broken headlights can discourage a buyer so consider getting them fixed. For major repairs, they might cost more than the value they could potentially add to the selling price so give it a think if it’s worth it for you.
Prepare the Documents
Gather all paperwork relating to your car, including MOT certificates, purchase receipts, documents on services and repairs, and others. Having an organised record of these documents will show prospective buyers that you have looked after your car and this gives them peace of mind about the car’s history and condition.
With these tips, you now know when’s the best time to sell your car. Prepare the vehicle by cleaning it thoroughly, doing minor repairs, and preparing the paperwork. Doing so can make it more attractive to prospective buyers and even potentially add to its resale value. 😀🚘