It’s a fact of motoring life that cars don’t last forever. Despite our best efforts to care for our cars, the wear and tear of the miles will add up. Manufacturers normally expect their cars to last up to an average of ten years.
Thus, at some point, you will need to sell your car. But when is it the right time to do that? How do we know that it’s time to change cars? Here are some of the factors you need to consider.
Upgrading Your Car
If you’ve been driving the same car for the past ten or so years, it probably makes sense to upgrade your car. Newer cars constantly introduce technologies that improve safety or make life easier for the driver. Improved fuel efficiency can also be a big cost factor in deciding when to sell an older, less efficient model if you find yourself driving long distances regularly.
Once you’ve upgraded your car, it makes sense to sell off your previous car. Otherwise, you’ll be stuck with a depreciating asset. Best to sell it to maximize its value.
Another reason why you might want to sell your car after upgrading may simply be a matter of space. Parking space is now at a premium especially if you live in the city. If you (or your partner) will not be using your previous car, you would want to sell it if you don’t have the space to keep it.
Selling When It’s Still in Good Condition
On the other hand, selling your car when it’s still in good condition can be a great decision as well. This way, you can get top dollar for your car as well as avoid headaches down the line.
Selling a car that needs major repairs can be a lot of work. The potential pool of buyers shrinks drastically, and those that are interested will be in a position to drive the price down. As the saying goes, getting out while the going is good is a great idea when it comes to maximizing the value of your car.
Mileage can also be a great influence in deciding when to sell your car. After certain mileage markers, your car’s value will take a significant hit. If you can, sell before the 100,000 kilometer mark as that is when many manufacturer warranties expire. The next big depreciation hit comes at the 150,000 kilometer mark which is what buyers perceive as an ‘old car’, making the car harder to sell.
Your Lifestyle Has Changed
Once upon a time, you used to be a hip, single person about town. Zooming around in your compact car made perfect sense. It’s light, nimble and can fit into tiny parking spaces. What’s more, its frugal fuel consumption meant that it was light on your wallet too.
Now though, you’re married with children. That compact car is now looking really small, what with all the shopping, baby needs and strollers you need to haul around. Worse, the annual balik kampung trips are becoming an uncomfortable, cramped affair. Safety is also a concern when you’re transporting your family around in a small car.
With all the changes we go through in life, it also determines what we use our car for. In the above example, it may be high time to trade in the compact car for something with more space – perhaps an MPV or an SUV – to suit your current lifestyle. At the end of the day, a car is a (albeit expensive) tool which needs to suit our lifestyle, not the other way around.
Selling Your Car, the Hassle-free Way with Carsome
When the time comes to sell your car, choosing the correct platform can save lots of your time and energy. This is why we have made our car selling process a seamless one.
Selling through Carsome is extremely convenient and you can get paid in one hour*. What’s more, all the paperwork is handled for you.
To start the process, just book an inspection online at carsome.my/sell-car. A Carsome representative will call you to confirm your details and schedule your inspection at your nearest center. Attend your scheduled inspection and our skilled inspectors will conduct a 175-point inspection on your car before offering you a price on the spot.
Additionally, you can opt to put your car up for live bidding where our dealers nationwide will bid for your car – you can get up to 20 percent* more than market value.
Sell your car with Carsome now by booking your inspection now!
*Terms and conditions apply.