Has anyone ever heard the saying that, every time the notion of selling a car is brought up, friends or family will mention, “Want to sell your car? Do it before the end of the year” OR “Your car is almost 10 years old? Sell it off quickly, there won’t be loans for the next buyer after 10 years”.
This time, we’re not doing the talking but the asking and instead allowing our readers voice to prevail; on whether there really is such a thing as “the best time to sell your car”. Here are a few factors that are frequently brought up.
The “Before-The-End-of-The Calendar-Year” Factor
A surprisingly significant number of car owners intend to sell their cars because of this. This is as a turn of the new year would’ve deemed their cars to have aged another year and that supposedly will have drastic effects on the value that the vehicle holds.
Remember this funny uncle from the MyEG advertisements? Credit: Screenshot from YouTube
As absurd as it sounds, even if your brand new vehicle was registered, say in May 2016, the car would’ve been evaluated as a 1-year old car when its sold in January 2017. We’re wondering, has anyone ever experienced this?
Apparently if you want to sell your car, say for example a 3rd generation Toyota Vios, it’s best to do so as soon as possible before a new, facelifted model is out as a new release would’ve deemed it to be of lesser value.
Is there any validity to that perception?
The “After-5-Years” Factor
And it gets even more absurd. Often times you hear uncles or aunties, friends or family saying, “5 years old already? Time to sell, problems will start arising”. If only we got a Ringgit every time we heard that slanderous statement being thrown around. Or are we wrong for calling that statement a slanderous one?
Does a car’s physical condition actually deteriorate that quickly? Wouldn’t it also depend on the way the vehicle has been treated and cared?
Even if it were true, those who can afford this financially-unviable proposition are too few and far between.
The “Before-It’s-10-Years-Old” Factor
When a car’s age hits the 10-year mark, the vehicle in question is supposedly no longer eligible for a bank loan. This would ultimately leave your car’s value to potential buyers, a bit of a hassle. Because they would've to acquire it in cash which understandably forces them to shy away.
Sure, we can understand why banks would be reluctant to approve loans for cars beyond a certain age but is that strictly true? While we maneuver through this grey area of car loans, we’re pretty sure there are considerations given to individuals of varying circumstances.
Why would banks not be assured to do business with a person who is of a significant net worth, looking to buy a car that’s nearing or surpassed the 10-year mark, knowing that they’re perfectly capable of repayments? We'd love for some bankers to enlighten everyone on this situation.
The “After-the-Warranty-has Expired” Factor
Ah the warranties; it’s all about the warranties nowadays isn’t it? Not only does its duration and coverage affect our judgment when buying a new vehicle but it also seems to have an effect when it is time to sell.
Most would opt to sell after the warranty, which is normally when the 5-year period, is over – with the concern of having to fork out large sums of money for repairs, should major components such as turbo’s, gearbox’s or even engine’s, fail.
On the other hand, wouldn’t it also affect the buyer’s decision knowing he or she isn’t covered by the warranty anymore? So we’re curious, would the end of a warranty determine your decision to sell a car?
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