We know that timing is a huge factor when it comes to things like real estate and stock, but what about cars?
Is there a better time to sell your car than others?
We think that in general, yes, there is a way to time your sale so you get the best price. That said, there are other important factors to consider.
Let’s look at some of those below, starting with safety.
The Safety Of Your Vehicle
It’s time to sell your car when the vehicle isn’t the safest for you and your family situation (ie. with young kids you’ll need space for car seats and your small car may not be suitable).
Signs that your vehicle isn’t at its safest include engine hesitation, problems with the brakes, and poor fuel efficiency. Other signs include smoke coming from the exhaust, oil leakage, and broken headlights.
Safety is always paramount – if your car isn’t safe to drive, you should consider selling it sooner rather than later so that you don’t put yourself or other drivers at risk.
The Age Of Your Car
Another factor to consider when it comes to selling your car is how old it is. If your car is past its prime, it may be a good idea to sell before the safety risks are high and its value drastically decreases.
The average age of cars on Australian roads is between 9-10 years[1]. In general, people prefer newer cars as older cars may have outdated safety features, and their strength could be compromised by rust, which can increase the risk of death in a crash.
There’s also higher demand for vehicles aged between 2-6 years due to their attractive resale value[2] so selling within this window could work to your benefit.
The Condition Of Your Vehicle
The condition of your car is also important when trying to determine the best time to sell. A well-maintained car is much easier to sell and can fetch more money than one that isn’t kept in top condition.
The better shape your vehicle is in, the higher the chance you’ll get a good price for it. If there are any existing mechanical issues or cosmetic damage, it’s worth getting them seen and fixed up before you start the selling process.
If it’s been in a few accidents or had significant maintenance issues that you haven’t addressed, then selling it may be your best option. The condition of the car can impact both its value and desirability when being sold.
Demand Has Increased Or Decreased
- Market Demand
It’s also important to be aware of the current market demand for your vehicle type when considering when to sell. You can do some research online, ask around or even check out auto-auction websites to see what kind of prices cars like yours are fetching in your area.
If the demand is high, you can use this as an opportunity to get a great deal on your car.
However, if the market demand has decreased for your type of car, it could be better to wait but remember that waiting has a risk of it continuing to depreciate as its age increases.
- Seasons and Trends
Certain times do affect sales. This includes the holiday period when people are more likely to buy cars as gifts and the new year when people tend to be more adventurous with their purchases or plan ahead for their changing household situations.
Another example of convertibles not selling well in winter. People are not looking to buy a convertible in the cold winter months, but you can expect sales of this type of vehicle to increase during the summer.
Costing More To Keep On The Road
As cars age, they require more frequent and expensive servicing to keep them running well. Older vehicles may also require replacement parts that can be expensive to acquire.
Soon keeping them on the road isn’t cost-effective anymore.
Furthermore, the risk of depreciation increases with time. As cars go through their life cycle, their value goes down and when it comes time to sell, you won’t get back what you put into it.
To find out how much your car could depreciate over time, use this car depreciation calculator.
So, Is It A Good Time For You To Sell Your Car?
All other factors aside, it’s good to start with a simple free and instant car valuation.
This is important because it gives you a realistic idea of what the value of your car is and you can decide if it’s worth looking into selling now or waiting for better timing.
Conclusion
The truth is, we all want to sell our car at the best price we can get. While timing is a factor that impacts on price, sometimes other circumstances mean that we may not be able to wait.
Understanding those factors will help us make better decisions when thinking about selling our car.
If you need to sell your car and want a quick and hassle free experience, Carhops promises excellent service and fair prices including full payment by the end of the day*.
Get an instant offer online and find out how much you can get for your car.
*Payment is completed upon inspection of the vehicle
Reference:
[1] https://www.finder.com.au/when-should-you-replace-an-old-car
[2] https://www.kenresearch.com/blog/2022/08/australia-car-used-market-share/
