How Can You Be Sure When It’s Time To Sell Your Family Car?
Knowing the right time to sell your car is key. If you sell your car at just the right time, you’ll get a decent price for it and get rid of it before it becomes too much hassle. Below, you’ll find a few suggestions that will help you to figure this out:
Does Your Car Still Serve Its Purpose?
Your personal circumstances should play a big part in when you sell your car. If the car is no longer suitable for your family and no longer serving the purpose for which you first bought it, then it could be the right time to sell. If you’re thinking of expanding your family, a new car might be on the cards. If you simply aren’t enjoying your car anymore, then it could be a good time to sell it. The money you get back can be put towards your new one – just make sure you know the law around selling a car still on finance. You can’t sell it without telling the buyer what the situation is.
Keeping An Eye On Car Age
Many people prefer to get rid of their car when it’s a certain age or it has reached a certain mileage. Many cars are sold off in between 3-5 years old, and could have 40,000-60,000 miles on the clock. A car tends to lose 30% of its value within the first year of owning it, and 50% after 3 years. As the car gets older the rate at which it loses value slows down, but it’s pretty much worth nothing by the time it’s 10-12 years of age. Even a beautiful car that cost you £20,000 new will be worth less than £7000 after 3 years. Many cars may have lost £15,000 after three years.
It’s Costing You More Than It’s Worth To Keep Running
Perhaps you’ve had your car so long that it’s costing you more than it’s truly worth to keep running. If this is the case, it’s definitely time to get a new car. Places like OVMS can offer you new cars that won’t cost the earth, and may be able to come up with payment plans that suit you. This makes more sense than forking out to keep a car on the road when it’s draining your account and simply not worth it.
The Best Time To Sell Your Car
In general, warmer months are the best time to sell cars because people may be thinking about it at this point. In the cooler months, people are either planning for or recovering from the holidays, so less are thinking about getting a new car. For this reason, car prices may drop and it may not be the best time to sell your car – although it could be a good time for you to buy one!
Is it time for you to sell your family car? Using your common sense is key here! Leave your thoughts and comments below, Thanks for reading!
This is a collaborative post.
