When is the best time to sell your car?
Thinking about selling your car or upgrading to a new one, but you still can't decide? Letting go of your car is one of the saddest feelings. Oftentimes, owners develop an emotional connection with their cars. But the time will come that you will need to part ways, but how do you know when it’s time?
1. Repair Costs are killing you!
When you’re already struggling with the regular upkeep and maintenance of your car- consider letting go of your precious car. At some point, it will become necessary to stop your financial bleeding.
Always remember that once you own a car, you need to anticipate future spending- whether it is for maintenance or modifications. But if you feel it is too much for your budget to handle, letting go of your car is a good idea.
2. They will be releasing a new model
People, especially car fans of specific models, are always excited about the new generation. But did you know that for every new generation release, the old model’s value declines more. Our advice: get the predecessor car price, sell the car before the new model comes out regardless of the age of your car.
3. You just need the cash
Some people let go of their precious ride(s) because of financial needs or maybe even for opening a new business venture. Cars are a geat source of fund when needed- just make sure you price your car right. Get a mechanic or a dealer to inspect & price it, but don't forget to check online for the market price.
4. Change in lifestyle & driving needs
From being a bachelor- driving a modified Civic SiR, to getting married and starting a family, you will have let go of your bachelor car and upgrade into a more family friendly drive. It's fun to see how our lives progress and so is the need for cars. Change is inevitable so your car must keep up.
5. Impending Car Loan Default or worst… Repossession.
Neglecting your commitment to paying your car loan can give you a bad record. Worst case, if you plan to buy a brand new, you will be blacklisted to all of the banks once they initiate a credit investigation. In this case, you need to find a buyer who understands your financial situation and who is willing to carry the burden of the payment status of your car.
If you’re planning to sell your car and don’t want to go through all the hassle- consign it with us! Enjoy a fast & easy selling experience when you Consign with Carmax