This article will provide you with factors to consider when planning for the best time to sell your car.

The car that you own has so many fond memories and it has served you well for so many years. However, just like any other possessions, time will come when the vehicle outgrows its functionality and have the need to sell it. The lifespan of the vehicle can be measured through what the odometer displays, although the mileage can’t tell you when the best time to sell your car is.

So, below are factors to consider, when the value of your car begins to depreciate, and you need to introduce it to the market. Depending on the make and model of your car, you can still expect the right figures most buyers will pay.

1. Has it reached 50,000 kilometers?

If you have more kilometers displayed on your odometer, there is a high chance that your car will be subject to maintenance risks, and thus will make it hard to sell. However, the modern cars of today are provided to reach 100,000 kilometers without any problems. If you sell your car at this point, it’s likely you can price it higher. For the best price, it is advisable to sell or trade in the vehicle at around 50,000 kilometers.

The more kilometers displayed in your odometer, the higher chances of maintenance risk

2. Are you still paying for the car?

Many car owners purchased their vehicle through financing from a bank. If you’re still paying for the amortization, you need to know the actual value of what you owe before selling your car. If you sell it right in the middle of the amortization, you can be financially tied up to the loan, which is not recommended. In our country, the rates are around 9-12% of interest in a span of five years.

If this is the case, you may need to hang on to your car and wait till its fully paid. Pay your monthly dues promptly, especially that you’re paying for a financed car. If you can’t pay on time, the bank may take it away from you.

3. Has it reached its warranty?

If you buy a brand-new car, the manufacturers will provide 3 to 5 years of the warranty period or about 100,000 kilometers on the odometer. This is essential because the manufacturer of the vehicle is not obliged to fix your car if the warranty period is expired. If this mark has been hit, the value of your car will greatly diminish.

Brand new cars have 3 to 5 years of warranty

However, this may be the right time to sell your car, so you have good reasons to avoid depreciation. If the warranty has expired, you need to properly maintain your vehicle, so it remains in top condition and will have it sold immediately through cash or financing.

4. Does the vehicle need repairs?

Many car sellers may not be aware that the next car owner of the vehicle wants it perfectly running and in great shape. This means that they don’t want to repair what they purchase for the next couple of years. If you want to sell your vehicle, ensure that it’s perfectly in good condition so new owners will find no problems in it, especially that the vehicle’s value has depreciated.

Before you sell your vehicle, make sure it is in good condition

To ensure that the car is running, you may need the engine and electrical equipment fixed. While this may be another expense for you, but your car will have a higher chance of getting sold. You also need to remember that you’re not gaining profit here but cutting your liabilities.

5. Are you spending more on gas?

A vehicle’s performance and efficiency will diminish over time. You need to assess if you’re currently paying more for gas than what you had when you first owned your car. While the rising price of gas is partly to blame, but how your vehicle runs can be a culprit. So, try to calculate how much fuel you are consuming nowadays and see the difference in how much it was before. If there is a significant difference, then perhaps it’s now time to consider selling your car.

Check if you're paying  more on gas nowadays compared to when the car was brand new

6. Are your repair bills mounting?

Mechanical problems are encountered as your vehicle gets older. You may need to repair them a few times in the beginning, but eventually turn more frequent if you can’t keep up. Even for minor problems, your budget can greatly be affected if there are continuous repairs. So, be aware of your monthly vehicle repair bills, especially if you’re still paying for amortizations.

Even if you spend on minor repairs, this can mean so much if you compute the number of times it has been done. So, if this happens, consider doing an overhaul and let go of this vehicle for a newer and more reliable one. You’ll realize that you’ve saved more pesos with the purchase.

7. Is it a great time of the year to sell your vehicle?

When car manufacturers have informed car dealerships that a new model will soon be released, they aggressively dispose of old models and try to make room for newer ones to arrive. What this means is having the dealerships offer substantial discounts and promos for unsold models, which will mean a lot of savings. If you have plans of trading in your vehicle, you are in the best position to discuss a good deal.

Choose the best time to have a good deal

8. Does the car manufacturer plan to produce a new vehicle model?

Be updated with the latest car news, especially regarding your model. If the manufacturer is pulling out existing car models in the local market, there will be a higher chance of having fewer spare parts available for your vehicle. This could mean expensive repair costs while you drive down the roads. If the car model is ending its cycle, consider selling it for a value that has dropped down significantly. You can expect that you’ll be selling your car for a much lower price.

These are the factors to consider when you plan to sell your car brought to you by Philcarnews.com. So, think about when’s the best time to sell your car. The secret is to know when the time is right. If you sell too early, you may realize that your vehicle has depreciated. If you sell too late, the performance and reliability of the car can be compromised. This can create an impact on the price you want to sell. Be updated with the real value of your car even while you still own it.

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