It’s hard to depart from your car. You have too many fun and great memories with it, and it has served you well through the years. But just like any other material possession, your car will eventually outgrow its utility. You are left with no choice but to replace it with a newer model. You may have been driving your car for a few years now. It may have undergone major repairs and replacements through the years. Is it time for you to let go of your car and let someone else enjoy its remaining years?
Let our guide help you determine whether it’s high time for you to consider selling your car. Here are eight questions that you need to ask yourself and help you decide whether it’s time to move on and sell your car.
1. Has it reached more than 50,000 kilometres?
Mileage or the number of kilometres indicated on your odometer will help you determine whether your car is slowly becoming a high maintenance risk for you. It can become tedious to sell a car with more than 50,000 kilometres of mileage. If your car was able to reach more than 100,000 without any problems, your car will still have a ton of years left under the hood. You can sell your car swiftly without having to settle for a lower tag price. Ideally, you should consider selling or trading in your car when it has reached at least 50,000 mileage to get its optimum price.
2. Has your vehicle reached its warranty?
Most brand-new cars come with a 3-year warranty or up to 100,000 mileage, or whichever comes first. There are also car manufacturers that offer up to 5-year warranty on their vehicles. It’s important to take note of your car’s warranty, so you can directly go to the dealership for free repairs. Selling a car past its warranty will significantly reduce its overall value. If you want to get an optimum price for your car on sale, make sure to sell it before its warranty expires.
3. Are you still making car payments?
Did you pay for your car in full or are you on a financing option? If you are financing, how much money do you still owe? If you are at a point where you only have a year left or a few months to pay your loan completely, you may go ahead and sell your car. You can use the payment from selling the car to pay off your outstanding balance and still have down payment for a brand-new car.
4. Are you spending more on gas?
Fuel efficiency and performance greatly decline with passing time. If you are paying twice or three times for gas today than two or three years ago, it’s time for you to consider buying a more efficient car. It may be tempting to blame rising costs of gas to increased demand or scarcity, an old car in fact greatly contributes to costly refueling in recent months. If there is a huge difference between the price of gas consumption today than in recent years, this is a clear indication that your car is losing its fuel efficiency, which in turn affects its overall performance. The best time to sell a car is if your vehicle’s fuel performance is worse compared to brand-new models in its price category.
5. Are you paying handsomely for car repairs?
As your car gets older, it will start developing more mechanical problems. During the first few years, there will be a few occasions where you’ll need to visit a car repair shop for minor fixes. But as wear and tear gets the best of your car, you will notice that your visit to the auto mechanic becomes more frequent and expensive, too. Start monitoring the money that you spend on car repairs. By closely looking at the money you’re spending on car repair and maintenance as well as your car payments, it’s easier to determine whether it’s more sensible to sell your car or keep it for a few more years. You can save more money if you decide on selling your car if your budget for repairs have increased significantly in recent years.
6. What is your car’s trade-in value?
To know the exact trade-in value of your car, seek for its value from a car professional. A car professional will perform an appraisal on your car. If you are short on budget and cannot afford professional appraisal services, you can try visiting trade-in dealerships to check how much they are willing to pay for your car. If your car still carries a high trade-in value, it’s high time to consider selling your car and buying a brand-new model instead.
If you want your car to retain a good value despite years of service, don’t forget to bring it to a professional car servicing shop in Sydney. HP Automotive is one of the most trusted car repair shops in the city. Fully-equipped with the latest tools and technologies and a team of talented car mechanics, rest assured that your vehicle will always be in good hands. If you want to learn more about HP Automotive offerings, simply call their direct line today.