When considering the best time to sell your car, there are several factors to consider. Firstly, predicting a perfect day, week or month to try to sell your car is like trying to accurately predict the weather forecast in Deerfield Beach on 10th September 2022. It’s impossible.
However, just because we can’t accurately pinpoint a day or time to sell your car doesn’t mean that we can’t use market data and trends to find favourable times to try to sell your car.
But before we dive into data, it’s important to know the three most important factors that influence car sales. These are: car market favorability, your car’s condition and your personal circumstances. These factors, more than any other, will influence the chances of you selling a non-running car, or one in pristine condition.
However, beyond these factors, what should you consider when calculating the best time to sell your car?
It should come as little surprise to anyone that the best seasons to sell a broken car, or car in pristine condition, is the spring and summer seasons. The winter brings cooler weather, with everyone in a generally less buoyant mood.
Not only that but the winter months can prove expensive for families. With Thanksgiving and Christmas in November and December, many families save their dollars for the holiday season and are less likely to buy a new car.
Car owners should also consider the make and model of their vehicle before deciding on the best time to sell. Selling a convertible in Chicago in the winter may prove difficult, just as selling a four wheel drive SUV in Florida may prove a challenge in the summer.
Your Personal Needs
As people mature in their lives so too do their vehicle needs. The birth of children has most families opting for the trusty station wagon. However, when the kids have reached the age of getting a licence and car of their own, you may feel the family station wagon has become unsuitable for your needs.
If this is the case, it may be time to get something a little more economical like a Hyundai hatchback or the Toyota Prius. You’ll save money on petrol – and almost every other car ownership cost. Also, the longer the wait to sell your car, the more it’ll depreciate, potentially costing you a great deal of money by the time you come to finally sell.
You Reach Mileage Milestones
Hit 60,000 miles and the value of our car will tumble. Hit 70,000 miles and yes, you guessed it, the value of your car will tumble further. This is typically the time when warranties begin to expire, and buyers don’t always prefer vehicles without a warranty.
One of the more attractive times to sell a car is before it hits 60,000 miles. This tells prospective buyers that they won’t need to pony up the dollars to fix the car – an event that will probably have owners thinking if they should fix or cut their losses and sell a broken car.
Before You’re Charged Excessive Repair Costs
If you want to avoid excessive vehicle repair costs, research the typical mileage when major faults begin to surface on your vehicle. As a estimate, the 60,000-mile mark is typically the point when transmissions, tyres and electrics can begin to show signs on disrepair.
Selling a non-running car, or one that’s beginning to encounter problems, at the 60,000-mile mark can save you a wealth of money – and some serious headaches. A new transmission can cost you $3,000!
When the Car Market is Buoyant
According to investment bank, Morgan Stanley, used car prices are forecasted to plunge by 20% in the next four years – and that’s the most optimistic forecast. Some have predicted that used car prices may fall by as much as 50% in the same timeframe. *
It may be time to think of the best way to sell a broken car that you may be in possession of or sell a used one that you wish to dispose of. Following the recession, auto sales boomed in the states. However, almost a third of the sales were the result of leasing, not purchasing. These lease cars are now flooding the market and creating a surplus.
There has also been a huge shift in American’s tastes in vehicles, with many favouring SUV crossovers to the mid-size sedans of years gone past. This has caused the price of some vehicles to plummet – and caused American’s to review the best time, and method of selling their cars.