When is the Best Time to Sell My Car?
Best Times to Sell Your Car in Greer, SC
Are you thinking about selling your car, truck or SUV? It could be a great time to bid farewell to your current vehicle, but how can you be sure? Just as there are optimal times to buy a car, there are also more lucrative times to sell, but you may be unsure exactly when to do so. Here at D&D Motors, we can help point you in the right direction. Our team of experts has extensive experience helping customers from all over South Carolina get the best price for their vehicle. To simplify your decision-making process, we’ve listed a few signs below indicating that it may be time to sell your model. Don’t be surprised if a number of these apply to you — after all, trade-in offers for pre-owned cars are currently at all-time highs. Keep reading to learn more about the best time to sell your car.
When is the Best Time to Sell My Car?
Before You Need to
It’s a wise decision to plan ahead — don’t wait until the last minute to sell your model. Not only could you end up compromising in negotiations, but rushing to sell could lead to a higher chance of errors in the paperwork, which could cost you more money. It’s important to take a proactive approach in selling your car — especially prior to your model’s value taking a significant dip, thanks to depreciation.
Before a New Model Year Starts
Once the latest cars from the new model year are released, the values of the previous years’ models drop. For instance, when new 2024 Ford models are released, 2023 models and older will experience varying degrees of depreciation. To get the most bang for your buck, sell your used vehicle before the new model lineups are released, regardless of your mileage.
Before Significant Mileages Hit
We’re referring to mileage markers in the 100,000 to 200,000 range. To be fair, the difference between a model with 149,950 miles and 150,130 miles may be minimal, but once your vehicle exceeds a certain mileage mark, potential buyers may assume that your vehicle is not worth as much. In addition, another factor that may make buyers reconsider their purchase is the expiration of warranties.
Before Your Next Major Service Interval
This recommendation is not about overdue oil changes or wiper replacements — it’s applicable to more extensive maintenance and repairs. You’re unlikely to recoup what you spent on repairs when selling, so rather than delaying any major fixes, we recommend just selling before your model reaches its next major service interval.
When You're Not Upside Down
Having a car that’s worth less than what you owe is known as being upside down, and it’s not an ideal position to be in. Even if you choose to sell your car, you’ll still be responsible for covering the difference in value to your lender. As the prices of used cars are increasing, the value of your current model may increase as well, so take the time to compare how much your vehicle is worth against the amount you still owe. If you wait to sell when your vehicle’s value is higher than what you owe on it — or until your car is paid off — you’ll emerge from the sale in a better financial position.
When Repair Costs are Killing Your Budget
If your older model is starting to require repairs more often, you may want to consider selling. A new car typically incurs lower costs for maintenance, so it may be wise to trade in your older model for a brand-new one, instead of paying for repair costs that could be as high as a monthly payment.
When You're in Danger of Defaulting on Your Car Loan
In this situation, the wisest thing to do is to sell your car! You don’t want to run the risk of defaulting on a car loan. This would make any future loans extremely costly, and it would be nearly impossible to secure another car loan for almost a decade.
If you have any questions about your model specifically, contact us online or give us a call! D&D Motors is located at 13655 East Wade Hampton Blvd., Greer, SC 29651, serving the automotive needs of our neighbors from Greenville, Spartanburg and the Upstate. We can't wait to help you drive away with an exceptional cash offer!