Selling your car can be a painstaking process. Whether to take it to a dealer, sell it privately or to use a cash buying service (which of course we’d recommend!) are all questions that will run through your head. Another question that may arise is when the best time to sell your car is.
Therefore, we’ve compiled a list of reasons that may influence the best time to sell your car:
Sell my car because of depreciation
It’s a well known fact that cars – whilst we adore them – are a depreciating asset. You’ve chosen your dream car, waited patiently for the dealer to confirm its delivery date and signed all the documentation. Then the day arrives to collect your new car. That sweet smell of untouched leather & cloth is like no other. You drive it off the forecourt and…BAM! You’ve instantly lost thousands of pounds.
Making the most of a new car financially may mean you need to keep it for as long as you can. It’s unlikely to be financially viable to sell it after the first few months it’s been on the road and it maybe in negative equity. However, it may be beneficial to sell your car once you’re out of negative equity which starts to slow down after a year or two. So it’s worth taking depreciation into consideration when you think “when is the best time to sell my car?”
Sell my car because of running costs
When you purchase a new car, whether it be brand new or used, you may or may not take running costs into consideration. If a car has surpassed its warranty period then it may be time to sell. MOT’s and general maintenance may become a hassle and the need to upgrade your vehicle may be a viable option.
Likewise, if the fuel costs become high. Fluctuating oil prices can drive up petrol and diesel prices and may mean your monthly fuel bill suddenly becomes unsustainable. Furthermore, more efficient models may have been released and it may be beneficial to upgrade.
Sell my car because of new models
You’re sat there, in your car, enjoying all the features when suddenly you see an upgrade whizz by! Then car envy takes over and you’re desperate for the latest model. It can be a good time to get a good deal from the dealer and going in with cash may provide even greater buying power rather than trading in the old model.
This is one of the main benefits of a cash buying dealer like us. If you’re looking for the updated version of your current model and need the best chance of securing a good deal then cash maybe the best way of getting the deal you want.
Sell my car due to new registration releases
Every March and September the DVLA release a new host of vehicle registrations. Whether you want the 17 plate, or you’ve held off and just need the 67 one, this is another time of the year that stimulates new car purchases. Alternatively, these times of the year can lead to getting a good deal on the current model with the older registration.
Whichever route you go down, selling your car at these times could be beneficial for you in order to get the deal you require.
Sell my car due to a change in personal circumstances
When you initially take out a finance agreement on a car, you’re doing it based on your current financial situation. However, there can be unforeseen circumstances that mean you can no longer afford the agreement and you have to sell your car and cancel the agreement. On a lighter note, you may have received a pay rise or an injection of cash which enables you to sell your car to buy a new one.
If you’re too excited and you’re looking to sell your car quickly, then using a car buying service may be the best option for you. We evaluate its current condition and offer you a fair, no obligation offer, which you can use to purchase your new car.
Sell my car because I want a new one
You’re sat at home watching your favourite TV programme and you see the latest cinematic advert for VW, Audi, Ford, BMW, Volvo or any other car manufacturer. That’s it. You want it. You’ve been working hard and there’s no reason why you shouldn’t treat yourself so you’ve decided to go down to your local dealer and enquire.
Your car may have served its purpose but it’s still worth a fair amount and you don’t want to haggle. You just want cash for it and get the price you think it deserves and the TLC you’ve given. If so, a car buying service could be the way to go!
Sell my car today
So, when is the best time to sell your car? It solely depends on your personal situation. But like the above highlights, there are many reasons and good times to sell your car.
If you’d like a free, no obligation quote for your car, contact us today.
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