(image from AndYaDontStop under CC BY 2.0)
Keeping your car forever seems like a good decision when you’ve invested thousands of dollars to purchase it, but sometimes it’s not worth it to hang on for that long. Every year you drive your car, you save money by not having to purchase another car. However, you’re also adding more miles and more wear-and-tear to your car. This means you might have to fork over a decent amount of money when your car breaks down. There comes a time when it makes better financial sense to sell your old car, truck, or SUV for a new model. Here are three steps to find out if it’s time to sell.
1. Check the value of your car
From the moment you drive your brand new car off the dealership lot, its monetary value decreases. Your car’s value decreases each year due to normal wear-and-tear. The longer you keep the car, the less it will be worth when the time comes to sell. Knowing when to sell depends on a number of costs weighed against the value of your car.
2.Find out what needs to be fixed and how much it will cost
One of the biggest factors in deciding when to sell your car is if anything needs to be repaired and how much it will cost to get everything fixed. If these costs are too high, or worth a significant chunk of the car’s value, it may be time to sell. Look back at previous repair bills, and add up the annual maintenance cost of the car. If the annual repair bill is high, it may be a sign that you should upgrade to a newer car.
3.Make your final decision
With the value of your car and the repair costs in hand, you are now ready to make the decision of whether to sell your car or to keep it for longer. Ultimately, the choice is yours, but if your costs to keep the car exceeds the cost of a new car, then it is most likely the perfect time to sell your car. Of course, there are other reasons to sell your car, like if you’ve been eyeing a new model that was recently released or if a new job requires a newer car. Weigh in these factors and trust your own judgment on if you should sell your old car.
If you’re considering selling your car, bring it to Orange Buys Cars in Orlando, FL. We will buy it outright, or consign to sell your vehicle on your behalf to save you time and get you your money fast!