This is the best time to sell your car

So, you’re looking to part with your car and you’re more than ready to get on with it. Just take a minute 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

It may sound like a cliché’, but timing is everything. In fact, it’s often overlooked from both the buyer and seller.

There are the obvious conditions you should look at when timing your sale:

1. Economy
2. Vehicle depreciation
3. Vehicle type
4. Location
5. Time of year or season (not so obvious)

Let’s break it down

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, it's important to check how much it's 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, are starting university, or are entering their first job.

Location
The way cars sell depends on where you live. People are more likely to buy and sell cars in crowded cities, so things move faster. If you know what's going on in your area, you might be able to get a better deal.

The Economy
There is more to buying and selling used cars than the different times of the year. Additionally, it is 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.

Factors that impact your sale

As with any sale, the buyer depends on something reliable while you're looking to get the best deal.

With that said, here are a few terms and conditions you should always keep in mind:

• Once cars age, they depreciate significantly. However, if you still have an active manufacturer’s warranty or service plan, the best thing to do is sell or trade in your vehicle before these expire.
• Vehicles that are over 10 years old generally sell for less than 50% of their initial value, primarily because they are not typically eligible for financing.
• The price also depends on the mileage. The value drops significantly for vehicles that exceed 200,000 km or have mileage that is unusually high for their age and type.
• Brands also matter. Cars with a strong following and reputation tend to hold their value much longer.

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, maintaining it with a Service Plan through MotorHappy will help you make a quick, smart, and profitable sale.