It can be tough to know when it’s time to say goodbye to your old car and move on to a brand-new set of wheels. After all, you’ve probably spent hundreds—if not thousands—of hours in the driver’s seat and have developed a real attachment to the vehicle.
But at some point, every car reaches the end of its life cycle. And when that happens, it’s important to know when to sell it so that you can get the most out of this asset.
Here are eight signs that it might be time for you to start shopping for a new car.
1) Your car is constantly breaking down
Do you encounter mechanical failures regularly? If your car is currently costing you a fortune in repairs, it may be a better idea to sell it off than to continuously make attempts to salvage it.
The reason for this is simple: as your car continues to rack up more mileage, the probability of it experiencing another breakdown increases. Though extended warranties can help, if your car is constantly breaking down then that’s a sign that the trouble is more than it’s worth. So, unless you’re prepared to keep shelling out money for quick fixes or long-day repairs, it’s probably better to find a sturdier car with factory-new parts that will cost less to maintain over time.
2) It’s no longer safe to drive
If your car is starting to show signs of wear and tear, the maintenance cost of it isn’t the only thing that should be on your mind.
Driving an ageing car can be dangerous—particularly if its brakes or tires are in bad shape. It only takes a single safety mishap for your one-ton machine to slam into something (or someone) unintentionally, so it’s always better to be safe than sorry.
3) Your family is outgrowing your car
Let’s face it, a tiny sedan isn’t going to cut it once you have three or more kids. If your family is expanding and you find yourself in a situation where there are more kids than seatbelts, it’s a pretty good indicator that you should sell your current car.
That said, being a family man or woman means your free time is stretched beyond belief. You may not know the best way to find the right owner for your old car.
If you want to list your used car in a flourishing marketplace with hungry car buyers, check out an online car marketplace over at Grays. This way, you can find the perfect buyer for your car without even leaving your house.
4) You rarely use it
If your car is collecting dust in your garage, it may be a sound idea to let go of it altogether. Buying a brand-new car only to keep it hidden inside a dark and musty garage is essentially just throwing good money down the drain.
If you live in a city where there’s already an established public transportation system, you may not need a car as much either.
In these cases, it might be more cost-effective to sell your car and use the extra funds for something more relevant, like a home or capital for a new business. You may also opt for cheaper vehicles, like a bicycle or motorbike.
5) You’re going through a tough financial patch
Whether it’s an emergency event or something else, we all go through financial hardships from time to time. We won’t be able to predict when it’ll arise, but it’s always a possibility.
If you find yourself in a situation where you’re struggling to make ends meet, selling your car may be a practical solution to consider. After all, a car is a luxury item, not a necessity. It is also a fairly valuable asset that can be quickly converted to cash.
Once you’re ready to get back on your feet again, you can always look into buying a new car.
6)You simply want a change
It’s important to consider that everyone has different financial capabilities. If you’re just bored with your current ride and want something new, there’s no harm in shopping around for a new set of wheels.
The key here is not to let emotions cloud your judgement. If you’re considering selling your car just because you’re envious of your neighbour’s new ride, think twice before taking any action. Impulsiveness can lead to regret, which can be disastrous to your financial situation when making a purchase as significant as a car.
7) Your car isn’t fuel-efficient
With gas prices on the rise, owning a fuel guzzler can be costly in the long run. If you find yourself spending a lot of money on gas, buying a newer, more fuel-efficient model may be the more practical solution.
If your region has an abundance of electric vehicle charging stations, you may even want to consider making the switch to an electric car. Not only will this save you money on gas, but it’s also better for the environment since you don’t have to rely on non-renewable fossil fuels to run it.
8) You want to sell your car before it depreciates further
The fact of the matter is that as soon as a brand-new car has exited the car lot, it has already depreciated. And as you continue to drive it, that value will continue to drop.
Usually, buyers get nit-picky at every ten-thousandth threshold your car’s mileage crosses. So, if you’re planning on selling your car in the future, it’s best to take its mileage into account.
The magic mileage number for most cars is around 100,000 miles before it starts to depreciate rapidly. So if you want to cash in before that happens, it would be wise to start looking for purchasers for your car a few hundred miles before that point.