Spending time with your cars is such an enjoyable experience. The longer the car has accompanied you, the more difficult it gets to say good bye to your beloved partner. However, your car gets old as the way you age. Let's see if it is the right time to sell your car by asking yourself the 5 following questions.
While those below may be not enough to help you jump straight to the last decision, the suggestions are indeed very valuable car selling tips for all car owners.
1. Is it still under warranty?
Car manufacturers normally put a warranty of 3 years or 100,000 kilometers
It depends which brand you choose but car manufacturers normally put a warranty of 3 years or 100,000 kilometers. Some car makers have a more attractive policy for customers for their own products, such as Kia and Hyundai, which offer up to 5 years of warranty.
According to estimation, a brand new car will depreciate 11% of its value at the moment it is bought, then it keeps losing 15-25% of its values each year for the first 5 years. As a result, your car's worth only 37%, compared to the fee you paid for the trader 5 years ago.
Just think about times when you brought your car to car service shop to fix its issues, you saved an amount of money by having a valid warranty even when your car turned out to be a lemon after an accident. Thus, be aware that your car should not exceed the warranty period or its value will drop a great deal.
Simply note that a vehicle without a warranty will significantly hit the lowest point of its value, then consider selling your car if the remaining warranty is a huge point for you to have a second thought.
However, if your car has reached its warranty, you should still keep the faith that if your car is a good condition with sufficient maintenance, it may cease a rapid depreciation.
>>> Related post: What factors might decrease the value of your car?
2. Does it still need regularly repairing?
The more you use your car, the more easily it gets the mechanical problem
The more you use your car, the easier it gets mechanical problems. Noticing of monthly car repair bills, you will realize that although you've spent a small amount of money on your tiny repairs, it costs you a bunch eventually.
Even if the struggles are minor but simply continuous repair bills can add up and impact your budget by leaps and bounds.
If you still have to pay a huge amount of coins for your vehicle, consider to let go of your loyalty, even the value of an excellent car comes down each year. Keep in mind that trading your car not to gain profit, but to cut the liabilities.
The common repair timeline for an average car (which is based on its odometer) is shown herein:
- 48,000 - 64,000 kilometers: the first major service and the best time to trade your car because it is still under warranty. Wearable items may have worn out.
- 60,000 - 70,000 miles: this is the moment to pay for a new timing belt which has a connection with the engine, if not you have to struggle to control with your hands.
- 96,000 - 112,000 kilometer: this is when your car’s warranty expires. That is the reason why fixing service may be more expensive than ever before. At these miles, you may wonder to replace tires, belt, and brake.
- 160,000 kilometers and above: it is the time when your car shows its old age in paint, brake, and engine. Due to the fact that car’s miles are unpredictable to control, be cool when witness car’s value abruptly sink even when it is still in good condition.
So let your car go before hitting milestones above.
>>> Read more: 10 basic car maintenance tips every driver should know
3. Is it consuming more and more gas?
The car’s fuel economy, as well as performance, markedly went down with the passing of time
It is undeniable that the car’s fuel economy, as well as performance, markedly went down with the passing of time. Pay attention to the gas-filling budget because the figures exhibit the volatility between this year and several years ago, which gives you signs you should trade your car in order to get the better, newer, more reliable one when it costs you more and more for the same miles.
>>> Also read: 10 simple ways to save fuel without driving less
Pay attention to the gas-filling budget because the figures exhibit the volatility
4. Will your car maker keep producing your car model?
Keep in touch with the latest innovative news, especially on the upcoming plan of your car manufacturer. If the maker is on the track to release more car models instead of upgrading your version in the local market, there may be less chance for you to sell your car owing to the availability of the spare parts. Or if you’re lucky enough, they are having a plan to offer a new car model with the same platform.
However, if the car model is the last generation from the manufacturer, may you wonder to keep it for a while until it becomes an antique as well as unique model. After ages, your car mode turns out a trend which is a limited version for a car collector to look for.
Keep in touch with the latest innovative news, especially on the upcoming plan of your car manufacturer
5. When should you trade your car?
The last factor you should give a careful consideration before you make the final decision is the season.
The weather takes a vital role to determine the car market's demand.The need for a vehicle is higher at the peak of summer or winter. The human body can hardly stand freezing or boiling weather; therefore, the demand for a car which provides us a shield from severe weather with latest advanced heating or cooling systems will augment the price significantly.
Lastly, if most of your answers to the above questions are NO then your car is a utility liability, so you do not have to rush to trade. But honestly, if you have gone this far to read this statement, it is probably the time you sold your car. It will be better to sell your car when it still performs well and properly than when it already shows its grave problems.
>>> More helpful tips for car selling on Philkotse.com