Are you thinking of selling your used car? There are many things you need to factor in when you’ve come to such a decision and this is something you don’t have to rush. If you’re still unsure about this, we’ve prepared several tips for you to look over when you’re deciding to sell your beloved vehicle.
Here are the things you need to consider first to determine if selling your car is the right choice.
Mileage
The mileage on your vehicle’s odometer is something that people can look into to tell if it’s going to be a high maintenance risk, making it difficult to sell. With that said, the majority of vehicles that are built today are sturdier than they were before even if they go past 100,000 kilometres. You can basically sell your car faster if it still has many service years remaining and at an ideal price too. An ideal scenario however would be to sell or trade your car once it hits 50,000 kilometres.
Warranty
When buying a brand new car, you’d often be given a three year warranty period or once you’ve reached 100,000 kilometres whichever of the two comes first. There are some car manufacturers that can give you at least 5 years of warranty if you buy a vehicle from their showrooms.
This is important because if your car has gone past its warranty period, you won’t be able to get free fixes from your car manufacturer anymore. Most vehicles that no longer have working warranties can expect a huge decrease in their values.
Financing
Are you still paying for the car that you’re looking to sell? If yes, how much money do you still owe the dealership? An ideal scenario would be to sell your vehicle once there’s only a year or a few months left in the contract. This way, you’ll be able to use this payment to finish paying the outstanding balance of your car while also securing the down payment needed to get a new one if you have to.
Fuel
Is fuel something that you’re spending a lot of money on? As time goes by, the fuel efficiency and performance of your car will go down. You’ll need to examine whether you’re paying more for gas nowadays compared to how you were doing years ago when you first had it. It’s important to consider how much fuel you’re using now because if the rate is big, you might want to let go of the old and bring in a newer more efficient vehicle.
Repairs
As your car ages, problems with its mechanical aspects will start to show up. These can be small and few at the start, but they will eventually start becoming more regular that you’ll have a hard time keeping up. Even minor concerns can rack up the bills and affect your budget in a huge way. Monitoring the money you spend on your vehicle for repairs is important especially if there is still outstanding payment for it left.
Many drivers fail to realise that these small repair bills are actually piling up to cost a fortune when you add them all together. If this is something you think is going on with you, then you might want to consider selling or replacing your car for another that’s more reliable.
Trade-in Value
There are many ways to check how much you’re going to get for your car’s trade-in value. One of the more accurate of the available methods is to have it appraised by an expert. If this is too costly for you, then you can also visit dealerships that accept trade-ins and ask around. Getting a high value initially may be a good sign to replace your vehicle.
Selling a car is equally as daunting as buying a new one. There are several factors and conditions that you need to consider before you decide in order to make the most out of your choice. By following the tips that have been provided in this article, you’ll be more educated when choosing to sell your car.
