The best time to sell your car depends on several factors including mileage, age, time of year, market demand, and your personal circumstances. Here are key points to consider:
- Mileage and Age:
- Selling before major warranties expire tends to get a better price. General warranties often expire around 30,000-40,000 miles, and powertrain warranties around 60,000-70,000 miles.
- Many sellers aim to sell before reaching 100,000 miles since buyer perceptions often lower values after this point.
- The optimal age to sell is often between 5 to 7 years old. At this point, value depreciation slows but selling before this can avoid costly repairs.
- If you want to avoid expensive repairs, selling before 60,000 miles is recommended.
- Time of Year:
- The best months to sell are generally in the first half of the year, especially January, February, and March, due to higher demand, new registration plates, and preparation for spring/summer demand.
- August can also be a good month.
- Avoid selling in December, as demand and prices tend to be low during the holiday season.
- Seasonality matters; for example, sports cars sell better in spring/summer, while SUVs and 4WDs may get higher prices in autumn/winter.
- Market and Condition:
- Sell when your car is at its most valuable, which often aligns with the points above.
- The condition of your car significantly affects its resale value. Investing in repairs and cleaning can boost sale price.
- Changes in your lifestyle, such as needing a different type of vehicle, can be a sign to sell.
- Personal Financial Considerations:
- If your car is costing more to maintain than it’s worth, or it no longer meets your needs, it might be time to sell.
- Ensure any car loan is paid off before selling.
In summary, to maximize value, sell your car before major warranty milestones (ideally under 70,000 miles), aim for the first few months of the year, consider the type of car and seasonal demand, and sell when the car still suits your needs and runs reliably. Lifestyle changes and financial cost of ownership are also major factors to decide selling time.
