So, you’re looking to part with your car and you’re more than ready to get on with it. Just stop before you do. Knowing WHEN to sell is just as valuable as the bells and whistles of your vehicle. How you go about it is also a key factor.
We’ve gone into detail on points and conditions that you should consider before saying goodbye to your wheels.
How to sell your car at the right time
The timing
More often than not, car manufacturers won’t want to carry existing stock into the next year, therefore increasing sales before the new year. Things like incentives are offered to customers which leads to more trade-ins and more vehicles available to choose from.
Depreciation
Each car loses value over time, but not all cars lose value at the same rate. Some brands and models drop in value faster than others. So, when you’re thinking about selling your car, check how much it’s currently worth and compare it to similar models.
Vehicle category
Demand for different vehicles fluctuates throughout the year. For example, SUVs are often in higher demand during school holidays when parents seek something more comfortable and spacious for traveling. On the other hand, entry-level vehicles are far more popular at the beginning of the year, particularly among matric students who have left school, those are starting university or entering their first job.
Location
How well cars sell can change depending on where you are. In bustling cities, there are more people buying and selling cars, causing things to move faster. In some instances, people even look at other areas to find the best price for their car. Knowing what’s going on in your area can help you get a better deal.
The economy
There is more to buying and selling used cars than focusing on times of the year. It’s affected by factors such as borrowing costs, the confidence people have in spending money, and the number of cars available compared with the number of people who want to buy them.
As long as you take these things into consideration, you will be better off. However, even if there are better deals at certain times of the year, you should always be ready with your money, thoroughly research the vehicle, and feel confident in your choice.
Tip: Get the best deal on your car
Whether you trade your car in at a dealership or sell privately, by following the market and recognising the seasonal demand for different vehicles, you’ll get the most out of your car’s value. In addition, a Service Plan through MotorHappy will help you maximise the resale value, making it a smart, profitable sale.
