When you start thinking about selling your car, there’s one important word to consider: Value. There is a fine line between the monetary value you can get out of selling a used car, and the practical value of driving it until the wheels fall off.
Believe it or not, there are some critical turning points during a car’s lifecycle that will significantly lower the monetary value of a vehicle. Apart from its age and mileage, there are specific times of the year to sell a car where you will receive the best value. Here are a few things to consider when selling your car.
Mileage Points
Obviously the lower your mileage when you sell a used vehicle, the more it will be worth. But certain numbers can really affect a car’s price.
If your used car’s mileage is below 50,000 miles, you can expect it to retain the bulk of its value. By this point, most cars have undergone minor maintenance, and are set to drive another 30-40k without issue. You can definitely sell your car at this point, just make sure you get a good price for it.
If your car’s mileage is above 100,000, then the value has dropped significantly. Even selling your car at 89,000 or 90,000 will give you a noticeably better price. Most people know that 100k miles on a modern vehicle isn’t all that much, but the milestone generally signifies the car’s half-life. Even if it lasts for more than 200k miles, the second 100k and on is almost certainly going to be harsher than the first. Cars with more than 100k miles on them are still ok to sell, but we recommend doing so before 125k.
Cars with over 150k miles on them generally won’t hold much value. Even if you can prove the car is still in good shape, its wear and tear on the engine will be an inescapable knock on the value. At this point, we suggest you either hand the car down, or keep it around as a backup/daily vehicle. Unless the car is well known for its high-mileage capability, you won’t be getting much out of it
Best Time of Year to Sell a Car
When thinking about the best time of year to sell your car, it’s important to consider demand. For example, during the winter, all-wheel drive and 4×4 vehicles are going to be in higher demand. If your area is having a harsh winter, it’s time to capitalize on that old 4×4 Jeep sitting in the driveway. Gas prices rising? Your old 98 Toyota Corolla’s value is too. You get the picture here – leverage what’s happening around you to draw the most value from your car.
When to Buy, and When to Sell
This may come as a shocker, but we say the best time to sell is when the value of your car is high. If your vehicle is sneaking up on 100k miles and you’re thinking about getting into something with a little more life under the hood, don’t hesitate. But, if your gas guzzling truck is sitting at 175k miles, we say drive it into the ground. There’s not much money to be made off it, and driving it might buy you a little more time to save up for that new car you’ve always wanted.
Feel free to use our webpage to value your trade-in, or set up an appointment to discuss your vehicles value. If you’re in the market for a new car, we hope you consider buying with Leith Toyota.
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