How do you know when it’s time to sell your car? Well, there are many reasons to consider. Any of which can happen anytime through damage, wear, and tear, or lifestyle choices.
Is It Time to Sell Your Car?
Intermittent Engine Issues
Car engines are excellent machines. But they’re not without issues. Over time they succumb to wear and tear. There are reasons for this, such as the quality of the engine and how you treat it. But there’s nothing more frustrating than breaking down. And it gets infuriating and depressing when it keeps happening. There are only so many coolant and oil leaks you can take. So the time comes when you need to sell it for a good price (learn more) or take it for scrapping to salvage some money from whatever the junkyard feels is worth it. Then it’s time to move on.
Sell Your Car when there’s Rust
Rust is like a disease for cars. It happens over time as the metals oxidize from rain and air exposure. Rust is bad for many reasons. But the main one is that it destroys your car’s materials and erodes them. And this makes your car very dangerous to drive. If you catch rust early, you can have your vehicle repaired. However, it’s almost always too late when you notice rust issues. However, suppose your car is in good working order apart from the rusting. In that case, you might get a reasonable price from a dealership that can repair and sell it or use the parts.
There’s a New Model
It’s great when you find a car brand and model you love. So often, you fall in love with the first or second car you own. But like most things, manufacturers love to make newer models of their vehicles keep the money coming in. And it’s not uncommon for car owners to continuously upgrade to the same newer model of a specific car they enjoy driving, much like getting the new PlayStation every seven years. So if you know a new model is coming, consider selling your current vehicle. The dealer might also give you a discount if you bring it in for a new one.
You Can’t Afford It
The cost of living is hitting most people hard. And many are having to make serious lifestyle decisions. One of these is getting rid of their car. Gas prices, insurance, and car maintenance are all higher than ever before. Yet pay has stayed pretty much the same for years amid rising inflation. What this means is that you might not have enough money to run your car, and public transport is a cheaper option. Depending on the age of your car and its features, you might get a great deal. Always shop around online before deciding on where to take it for the best price.
You Need Upgraded Features
On average, someone keeps their car for eight years before deciding to upgrade. A lot can change in eight years, and the features of your current vehicle may not be enough for your busy and modern life. Some quality modern features in an upgrade might include the following:
- Bluetooth connectivity to mobile devices.
- AI integration with hub assistants like Alexa.
- Enhanced safety features such as automatic braking.
- AI-assisted parking features.
- Switching from gas to an electric vehicle.
Like most things, cars are constantly evolving. And they have never been so advanced as they are right now. So even if you are struggling with finances, a new car might help. For example, EVs are much cheaper to run and get free parking with no road tax in the UK.
You Need to Upgrade or Downgrade
Life constantly changes, and your personal needs are along with it. The time often comes when we need to upgrade or downgrade something. For example, you may need a larger home when expecting a baby. And cars are no different. Perhaps your children have flown the nest. In that case, a 7-seater MPV is just too large, unnecessary, and might be costing more in terms of fuel consumption. Therefore, switching to an electric 5-seater hatchback would suit your lifestyle more. In these cases, the time comes when you need to let go and say goodbye.
The Value has Increased
It doesn’t happen often, but sometimes a car’s value increases. Usually, this occurs when a specific model becomes a modern classic or is in high demand. In these unique scenarios, you can capitalize on your vehicle. The Mark IV Toyota Supra is a perfect example. The US price tag for this car in good condition was around 40,000 ten years ago. Today, you can easily ask for double. Not a bad investment at all. If you happen to own one of these, or something similar, perhaps you could stand to make a substantial profit by selling while it’s hot.
Sell Your Car if You Don’t Use It
Recent survey data suggests that in the USA alone, 80% of people have access to a car. And there are similar data globally. Yet even though you have a car, it doesn’t mean you use it. Sometimes the costs don’t justify keeping it. If you find you can walk or cycle to work, live near your shopping source, and generally don’t take road trips, then you might consider selling your vehicle. A stagnant car doesn’t do any good. It costs money just to keep it, and it will deteriorate if it doesn’t move for a long time. So do the right thing and pass it along to someone else.
You Have Had an Incident
Road traffic accidents are among the top reasons for getting rid of a car. Often, a vehicle is unusable following a collision. Or it’s in such a bad state that it’s cheaper to buy a new one rather than repair it. However, all is not lost because even damaged vehicles have value. Junkers will take your car. And reputable ones will offer you a fair price based on anything that is salvageable. However, you should be aware that if your vehicle is rare, popular, or considered a classic, there is a market for selling specific, hard-to-get parts for particular models and brands.
You know the time has come to sell your car for many reasons. Some of the most common include engine problems, outdated features, and damage following a road traffic accident.