When is the Best Time to Sell Your Car? (& How)
Your car is almost certainly one of the most important things in your life. It gets you to and from work, transports your grocery shopping, and practically assists with everything else that requires you to travel more than a block or two.
However, as you probably know, cars don’t last forever. Eventually, you have to bite the bullet and buy a new one.
When do you know it’s time to sell your car, though? And more importantly, how should you go about doing it?
We’ll cover the various scenarios you might find yourself in and how to deal with them in this quick guide.
This is the most obvious scenario you can find yourself in. When you’ve been in an accident that damages your car significantly, take a moment to speak with a qualified mechanic, as well as to check your insurance quote. If it’ll cost more to repair the car than it would to just buy a new one, it’s time to kiss your old ride goodbye.
This may seem easier said than done, though. After all, no one really wants to buy a completely totaled car with no chance of repairing it. However, there is one way to sell your car in this situation; sell it to a local car removal service.
A car removal service is essentially part of a junkyard or “pick-a-part” style car lot. You call them up, describe your car, and they pay you cash after picking it up for free. This is easy, and it’s just about the only way you’re going to get paid for a totaled car.
Too Many Miles:
As you drive, your car racks up miles and starts to wear down. That eventually takes a massive toll on it, and after a while, it’ll start falling apart. This is especially true if you make extra money driving for a delivery service or some other commercial driving position that makes you use your own car.
If you have the money upfront to purchase a new car, it can be more cost-effective to sell your high-mileage car before you have to start paying for the inevitable repairs that crop up as the car begins to break down.
This can spare you the many smaller investments that add up quickly. You have a few options when this happens.
- You can trade your car in at a dealership if they’re willing to take it, and then you can pay the difference in value for a new car.
- A private sale might also be a great option if you’re fair with your price and consider that the vehicle won’t be performing at its best for long.
- Utilize a local car buying service who make you an offer over the phone, arrive at your location and provide a fast transaction for a great price.
However, when those options aren’t available, your best bet is to sell it to a car removal service. You won’t get as much, but they don’t care about the mileage or any repairs that need to be made.
Non-Stop Repairs or Upgraded Technology:
This typically happens with older cars that weren’t sold before they reached this point as we mentioned earlier, but it can also happen to relatively newer cars.
If your vehicle is requiring frequent repairs every few weeks or a couple of months, you have to consider how much all the small repairs are costing you in the long run.
There’s also the fact that your car might become outdated with how quickly technology advances. This is especially true now that the world is trying to move towards decarbonization with electric vehicles. If you’re stuck with an outdated car, you can be subject to extra fees for your carbon footprint, or you might be using less reliable technology.
Replacing your car in either of these situations is typically going to be the best way to save money. Whether you’re saving it on repair fees, or you’re getting better mileage and perhaps some tax breaks by using newer and cleaner technology, that’s money in your pocket for the things that you love doing.
It’s also typically a good idea to call a car removal service to sell it in this situation. However, if your outdated car is still in good condition, you might get a little more from a private buyer or trade-in. The rusty buckets that need constant repairs are best sent to a scrapyard.
Consider Your Options and Move on to a Better Ride
At some point, no matter how well you care for your car, it will fall into one of these categories, and it will be time to get rid of it.
When that happens, consider the solutions we mentioned here, and get ready to invest in a new ride as soon as possible.