When Is the Right Time to Sell Your Car?

Wow, so you’ve just got your car loan finally paid off! Feels great right? That car is 100% yours, and the title will be fresh off the press and in your mailbox in a couple of business days! Now that’s an amazing feeling. However, if you’re like us, after driving the same car for five to seven or so years, you may be just itching to get into a new one. Or maybe, you’ve discovered that after driving the same car for as long as you have, it is just not the best fitting vehicle for you. These feelings may have you wondering, is it a good time to sell your car? Will it even be worth selling it right now? Here are a couple of ways you can tell that it’s the right time to sell your car.

Cars Are Worth How Much?!

No matter who you are or what you’re driving, you may have realized that the values of cars are just soaring off the charts! This may seem, in a way, counter-intuitive because if you’re selling a car for a lot of cash, then you’ll have to buy a car for a lot of cash, too, right? Not necessarily! The values of used vehicles are phenomenal right now, and you can actually sell your old car for quite a bit and buy a new car for a very reasonable price! Supply and demand are in really great play right now, which means we’re paying top dollar for used cars right now because it helps us build up our lots to fit any family’s needs. So ultimately, your used car is worth a lot of money right now.

Do You Own It?

A great indicator that it’s time to sell your car is whether or not you own it. If you have a balance owed on your vehicle, it’s not necessarily a good idea to sell your car. Any potential profit you might have made off of the sale will end up going towards your remaining balance, and you won’t be left with much, if any, after selling. So if you sell your vehicle for ten grand but still owe five grand on you auto loan, then your total profit is only five grand because your buyer will need you to pay it off to be able to get the title of the car. So you have to keep that in mind when you’re looking at whether now is the right time for you to sell your car.

How Many Miles Are On It?

The next thing you want to consider for when is the right time to part with your vehicle is how many miles you have logged on it. The more miles you put on your car, the less the value is. Now for some cars, such as Hondas, a lot of miles don’t actually decrease the value of the car excessively because they have a reputation for longevity and reliability. So you’ll want to consider the specific build of your vehicle.

The other thing with miles is what type of miles they are. Some people don’t drive around the city much, so most of their miles are highway miles. These miles mean that the pressure from frequent starts and stops is reduced. Since highway miles put a little less wear and tear on the vehicle, they don’t reduce the value as much. Along with miles, you have to look at whether you’re driving a gas, diesel, or electric vehicle. Diesel vehicles tend to have a longer lifespan than most gas ones, so 200,000 miles on a diesel isn’t the same as 200,000 miles on a gas car.

How Much Are You Spending on Parts?

Next, we can look at the condition of your vehicle. Sometimes your car seems to just be falling apart at the seams. Maybe it’s going through a midlife crisis or something; we don’t know. But if you find yourself spending more and more money on auto parts for sale to get your car fixed, you may want to consider selling. Obviously, disclose that information to your buyer, but if you find yourself in a situation where you spend more money fixing your car than what it would cost you a month to pay for a new one, then it’s time to consider selling it.

Ooo, What’s That?

Sometimes the right time to sell comes regardless of the type of vehicle you currently have and centers entirely on a vehicle that you wish you had. If you find yourself staring wistfully at the newest Honda Accord or that truck that’s right off the corner of Satellite Boulevard, then it may be time to look at selling your current car. After all, while the phrase YOLO has slowly faded into the not-so-distant past, it still remains true, and you shouldn’t drive a car you don’t like when you could be driving a car you absolutely love!

Is It Safe?

There’s been a ton of updates for cars. If you’re driving something older than a 2005 model, you should definitely look at selling. The NHTSA updated their requirements for vehicles after 2005 to have better safety features when it comes to rollovers and crash prevention systems for cars. We love our older models; we really do, but that doesn’t mean that they’re the safest ones out there. They were certainly great for their time, but now, it’s a good idea to sell your car and upgrade to a newer, safer one. We trust our cars to keep our families and ourselves safe. This may mean you might want to sell your car so you can ensure that your family is in a car that meets all the updated safety requirements.

I Don’t Like it!

This probably seems like a no-brainer, but we’ll throw it in there anyway. If you don’t like your current car, don’t waste any more money on it! If there’s not a single thing you can do to make your car something you are proud of and like to drive, and you’re in a position to sell it, then do. A lot of people will buy a car out of necessity and end up hating it. Sometimes it’s because the car is faulty, and other times it just isn’t the right fit. Whatever the reason is for you not liking it should be a good enough reason to sell while the market is hot and get yourself something new that you will actually like.

Honey, I Shrunk the Car!

Did your car shrink, or are we just growing? More likely than not, your car is the same as it always was and is probably just getting a bit too tight for your growing family. Whether it’s growing because you’re adding new members or your current members have just hit their growth spurts, if your car feels too small, you are definitely at a point where selling is a good idea.

We’ve been there before, struggling to strap a squealing toddler into the car seat. We’ve done the bonking of our heads on the top of the car and the prying of little fingers off of doors. We’ve also been in the backseat of the car with said toddler, having no room to escape their lightning-fast fingers and hair-pulling prowess. If this is you, it’s time to sell your car. Make your life a little easier, and get something a little bigger. If your car isn’t growing to accommodate your family, it may as well be shrinking, and we encourage you to sell. Save yourself the stress and frustration of having to squish everyone into it.

If You Have a Reason, Then Now Is the Right Time to Sell Your Car

There are a lot of things to consider when you’re looking into selling your car. These are just a few of those things. Ultimately, even if you love your car dearly, there comes a time when it is just necessary to sell. Gwinnett Place Honda is here for you when that time comes to part with your current ride. Until then, consider all your options and whether or not now is the right time for you to sell. Really, it truly comes down to you and whether or not your current vehicle is meeting your needs. If it is and you love it, then now may not be the time. However, if your car is costing you a lot more than it’s worth, whether it be more money, more stress, or more frustration, it may be time to save your sanity and sell it.