How To Know When It's Time To Sell Your Car | Refresh Financial

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How To Know When It’s Time To Sell Your Car

 How To Know When It's Time To Sell Your Car

People buy and sell cars for many different reasons. You might want a new ride, or maybe you have to upgrade to a larger vehicle to run a home business. Classic wisdom tells us that it's usually better to hang on to your car for as long as you can. No matter how much you'd love some new wheels, every financial guru across the globe is going to tell you to just run that old beater into the ground. You can hang on to your hard-earned cash for longer if you wait until your car just won't go anymore before buying a new one. But from a financial perspective, it can sometimes make sense to sell. This blog will cover how to know when it's time to sell your car.

1. When You Don't Need It Anymore

- If your car is just collecting dust as it sits in the driveway, it might be time to sell the old thing. Even if you don't get much for it, having money in your pocket is never a bad thing, plus you won't have to pay the insurance costs.

2. When It Costs More Than You Can Afford

- Keeping your vehicle fuelled, insured and ready to go can be expensive. If you're driving something beyond your means, it's probably time to sell it and start saving your money. A car is not worth going into debt over. Try and find another means of transportation as you live within a stricter budget.

3. When The Repairs Exceed The Value Of The Vehicle

- If the cost to keep your car on the road and in good driving shape is more than the value of the vehicle, it's probably time to sell. You might only be able to sell it for parts, but at least you can salvage a few bucks before you shop for a new one.

4. When There Are Cheaper Methods Of Transportation

- If you're serious about bettering your financial situation, finding cheaper ways to commute can save you a ton. Can you walk, bike or take public transit to work every day? You'll save on gas, insurance and maintenance costs. You can even use this extra saved cash to put towards any unwanted debt in your life!

If your situation isn't one of the four listed, and you're not in an emergency, it's probably best to hang on to your current vehicle. It might not be the most glamorous vehicle or the most exciting to drive, but you'll be making the best decision for you and your finances.

8 Tips For Getting The Most Money When Selling Your Old Car

So, how do we make sure we’re getting the most from the sale of our old heap? Here are some tips to help you answer that:

1. Get your car detailed

Even if you feel like your old car is beyond all hope, you’d be amazed what a talented car detailer can do. In fact, they might do such a good job that you get an even better price than you had could have imagined when you sell it.

2. Ensure you take good pictures for any online listings you post

Nothing is more frustrating to a buyer than ad after ad of poor or missing photos. These ads are often skipped over and never thought about again. Think about lighting, position and what the buyer might like to see of your old car. Think about being thorough - get photos inside and out.

3. Have a good understanding of what your car is worth

Do your research and don’t just use the “book” value. If you want to know what your make/model/year vehicle is actually selling for, check out some online auctions that have closed. Knowing what your car could sell for is a great negotiating tool.

4. Adapt to your market

If you’ve posted your car and moments later your phone lights up and people are practically lining up to see your car, you may be asking too little. Reversely, if you post your ad and the only bite you get on it happens two weeks later, you may be asking too much. Read your market and adjust to reflect it.

5. Be upfront in your ads about your old car’s history and any issues

While potential issues with the vehicle can lower the price, your honesty raises your value as a seller. Buyers will feel more comfortable buying from someone who appears to be honest and forthcoming.

6. Have your old car serviced and all the fluids topped up or changed

The last thing you want is for the check engine light to blink at the potential buyer on a test drive.

7. Write detailed ads

People don’t want to have to get in touch with strangers or come all the way out for a test drive only to find out the car is a standard transmission and they're looking for automatic. Make clear the features, sizes, specifics of your vehicle are all listed in your ad.

8. Beware of scams

If you’ve listed your car for sale on the internet, be aware that there are many scams out there targeted at car sales. Avoid any potential buyers who want you to ship your car to another city or who ask to use wire transfers to pay. It’s best to meet your buyer in person to ensure the buyer is legit. Insist on remaining in the car during test drives, or taking some collateral, such as their own car keys so you know they will come back.

Like everything worthwhile, selling your car for the best price requires work. Following these tips when you sell your old car will ensure you get the best price possible for it.

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Having trouble getting approved for a car loan? Is your credit too low? Check out our credit building program that will get you into a new car sooner than you think!

 

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