“I know I need to, but I don’t know when to sell my car to make the most money!”
Every car owner comes to a point when it’s time to sell their car and they’re wondering how they can make the most money out of the deal. It’s important to get the amount you deserve when selling your car, especially if you’re planning on a buying a new car or simply wanting to earn money from disposing of an old vehicle.
But this leads to a crucial question: how do you actually determine the best time to sell your car? When should you put your vehicle on the market to ensure it fetches you a reasonable price? To help you out, let’s go through some points to consider when selling your vehicle.
When To Sell My Car: 7 Factors To Consider To Get the Best Deal
- The Time of Year
There is an optimal time of year to sell or trade your vehicle in, and it’s usually during the first two quarters of the year. Due to various factors, used cars tend to retain more of their value in the first half of the year. One is that vehicles tend to look newer when it is 10 to 12 months away from turning a model year older than only two to four months away.
Another factor to consider is that the used vehicle inventory tends to dip early in the year. This is also around when buyers are looking for cars for their spring or summer activities. High-passenger vehicles, convertibles and sports cars are favorites, especially for those needing cars for their pleasure driving trips or family vacations.
On the other hand, you’re likely to make the most money for SUVs or 4x4s in fall and winter, especially if you live in a place with harsh winters. However, note that prices for used cars tend to decrease toward the holiday season, especially with people shifting their priorities from buying a car to getting gifts for their loved ones.
- Your Car’s Age
Cars depreciate as they grow older. Their value tends to drop significantly during the first two to three years before dropping again at their four-year mark. The next huge drop usually occurs at around eight years. Considering your vehicle’s age, the best time to sell your car is in between these drops. Timing your sale accordingly can help you get the next best price for your vehicle.
With that said, note that the depreciation drop per year tends to flatten out after that drop at the eight-year mark. This means that mileage becomes a larger factor that affects your vehicle’s value than its age from that point on.
- Your Car’s Mileage
There are different opinions about the effect of a car’s mileage on its price, but one thing is sure: vehicles tend to lose their value every time they reach a new 10,000-mile increment. Additionally, hitting 100,000 miles on the odometer may even trim down who is still willing to buy your car.
As you plan on when to sell your car, here are some figures worth noting:
- 30,000 to 40,000 miles: Selling before reaching these numbers can fetch you an excellent price for your car, mainly because this is when most manufacturers’ general warranties expire. It’s also typically when the first major maintenance is due.
- 60,000 to 7,000 miles: Reaching these miles usually means the second major maintenance is around the corner, so putting your vehicle on the market before reaching these can give you a better deal than selling it afterward.
- 90,000 to 100,000 miles: For most buyers, if not all, crossing the 100,000-mile mark is a significant red flag. They believe a car significantly depreciates past this number regardless of its actual condition, so selling before reaching this mark could be your last chance at scoring a good deal.
- Your Car’s Condition
The better the condition of your vehicle – both physically and mechanically – the more likely you are to land a good deal. This is why keeping all your maintenance records in one place is always a good idea. Proving that you took great care of your car allows you to ask for a higher price and justify it.
On the other hand, if your vehicle has reached the point where repairs are making a hole in your wallet, then it might be time to say goodbye. Crunch the numbers, and if you see that fixing your vehicle costs more than buying a newer one or one with fewer miles, consider putting it on the market.
- Your Car’s Make and Model
Another factor to consider when determining when to sell your car is its make and model. Vehicles depreciate differently and understanding how quickly yours loses its value or retains it can help you decide whether to sell sooner or later.
Here are some key points to remember:
- Luxury cars like BMWs tend to depreciate faster than mid-class vehicles.
- Compared to sports cars, pick-up trucks usually hold their value better.
- Thanks to their ongoing popularity, SUVs and crossovers will likely maintain some value for a longer period.
- Regular versions of sedans and compact cars tend to depreciate quickly.
- Your Car’s Warranties
Whether you plan to sell your car to a private buyer or a car dealer, both parties consider the warranty when assessing used vehicles. So if your car is still under its original warranty or has many miles to go before its extended warranty expires, consider putting it on the market before it’s too late.
Intact warranty protection – and the peace of mind that comes with it – can serve as your selling point, helping you justify a higher price for potential buyers.
- Your Budget And Needs
Lastly, your budget also plays a significant role in determining when to sell your car. If you are in any of the following situations, it may be a good idea to start prepping your car for a sale:
You’re Spending Too Much On Repairs
If you’re planning on replacing your current vehicle, you may have to consider making the switch sooner than later, especially if you’re starting to spend a fortune on its repairs. If the maintenance is draining your savings, saving up for a down payment can be challenging.
You’re Finding It Hard To Replace Parts
The more your car becomes obsolete compared to newer models, the more difficult it can be to make the necessary repairs and replacements. This is because car companies eventually phase out components specific to its older models. If you’re struggling to find parts for your current car, consider replacing it with a newer one.
Your Needs Are Evolving
When you bought your car, it likely met all your needs at that time. But life-changing events may have happened since then. It could be that you now have a family and need a child-friendly car. Or perhaps you’re relocating and now need a truck for your new lifestyle. If you’ve outgrown your vehicle, selling and getting a replacement as soon as possible is worth considering.
Save Yourself from Lowball Offers at GivemetheVIN
As a car owner, it’s natural for you to want to get the best price for your used car. Besides studying practical tips on getting the best deal on your vehicle or finding ways to increase its value, it’s also a good idea to know how to schedule your sale. Strategizing when to sell your car can help you secure a satisfying deal for your vehicle.
If you’ve decided that that time has come, look no further than GivemetheVIN. We want to buy your car – so bad that we won’t want to miss it over any amount of money. We’ll even beat your offer! And the best part? Our entire process is online, and you’ll receive a check cashable at your nearest Bank of America location the same day you leave the car. Get a firm buy offer today to get started!
