Every year, more than 40 million used cars get sold by dealerships or by their owners. Have you been thinking about getting rid of your old car?
It’s not always clear when it’s time to move on and invest in a new vehicle. You might be on the fence about continuing to pay for repairs or saving your money and starting over with something newer and more reliable.
If you’ve been wondering, “when should you sell your car?” keep reading. Listed below are some tips to help you determine when is the right time.
Benefits of Selling vs. Fixing Your Car
When someone experiences trouble with their car, one of the first things they start asking themselves is whether it’s better to try and fix the problem or sell their car and start fresh.
There are lots of reasons why you might choose to sell your car over fixing the repairs. The following are some benefits that you’ll enjoy if you choose this option:
- Save money: Depending on the number of repairs needed or their cost, you could spend less by selling your car and buying a new one
- Save time: You also have to spend less time going back and forth to mechanics and trying to get the problem fixed
- Peace of mind: If you’re tired of worrying whether or not this repair will be the last one, selling your car and getting a new one might be a better option
If you choose to sell your car and purchase a new one, you also get to enjoy a newer, nicer model. Even if you’re still buying used, you can get a newer used car with more safety features.
When Should You Sell Your Car?
There are times when it’s better to throw the towel in on your old car and put it up for sale. How do you know when it’s that time, though?
Here are some tips that will help you decide if the time is right for you:
Repair Bills are Adding Up
Does it feel as though you’re spending money at the mechanic’s shop every other week? Are you tired of feeling like your hard-earned money is getting washed down the drain?
If the repairs are adding up and starting to surpass the value of the car, it’s time to sell it and move on.
It Doesn’t Meet Your Needs
Maybe your car still runs relatively well, but it’s not what you need any longer. If your car can’t accommodate your family or isn’t practical for your day-to-day activities, why not sell it and buy something that’s a better fit?
You Can’t Find Parts
Depending on the type of car you have and how old it is, it might be tricky for mechanics to find the parts they need to fix it. This, in turn, can make repairs more expensive. If this is the case for your car, selling it could be a better option.
You Don’t Trust It
Do you feel like you’re gambling every time you get behind the wheel of your car? If you don’t want to feel stressed out and anxious whenever you drive, you’re better off selling your car to someone who wants the challenge of fixing it up or selling to a local “We Buy Junk Cars” business.
Your Mileage is Over 150,000
If the mileage on your car exceeds 150,000, you’re probably going to have to start investing in more repairs soon. It might be better for you to get ahead of the issue now and sell it while it still has some value instead of waiting for things to get worse or new problems to present themselves.
It Doesn’t Meet Basic Safety Features
Cars have come a long way over the last few years, and there are lots of safety features out there that can make them more reliable and protect you while on the road.
If you want a car that has some of these features (such as lane assist, adaptive cruise control, and collision warnings), it might be time to sell and buy something one the newer side.
How to Sell Your Used Car
Does your car check any or all of those boxes? If so, it’s probably a good idea to try selling it and purchasing something new.
Of course, selling a used car, especially one that’s in subpar condition, can be tricky. Here are some tips to help you get a good price for it and get it off your hands:
Make sure you have all your basic paperwork at the ready. This includes the title for the car and a vehicle history report.
Clean it Out
A clean car will always be more desirable than a dirty one, even if it has some other issues or exterior damage. Take some time to vacuum out your car, clean the seats, and get rid of any dust or dirt that’s built up in it.
Set the Right Price
To figure out the appropriate asking price for your car, do some research using sites like Edmunds. Look at local ads, too, to see what similar cars are going for. Then, set the price slightly above so that you have some room to negotiate.
Create the Right Ads
Create ads that talk up the benefits of your car and make it seem like a good choice for buyers. Share ads on online classified sites like Craigslist, and consider listing it on social media platforms like Facebook Marketplace.
If there are problems with your car, be sure to disclose them in your advertisement. A lot of people are willing to buy cars that are damaged or having problems, but they need to know what they’re getting ahead of time.
Sell Your Car Today
There are a lot of questions that come up when you start considering selling your car — everything from “when should you sell your car?” to “what price should you ask for your car?”
Now that you have some more insight into this issue, do you think it’s the right time to sell your car? If so, keep these tips in mind to ensure you find the right buyer and sell it for the right price.
If you’re looking for more information, don’t forget to check out some of the other sales-related articles on our site today.