Selling your car can be a significant decision, both financially and emotionally. Add to this the challenging economic market we find ourselves in following Covid-19 and its impacts on manufacturing and supply chains, and it becomes even more confusing to know if or when to sell. Many factors can impact the price you can expect to receive when selling your secondhand car, so it’s important to consider when the best time to sell your car may be. In this blog post, we'll delve into the factors that influence the best time to sell your car in Australia, helping you navigate the market, and make informed decisions to help you get the best price for your car sale.
The age and mileage of your car play a significant role in determining the right time to sell. As they say, a brand new car loses 10-15% of its value the minute you drive out of the showroom, and in general cars will depreciate up to 50% over the first two years. Unless you’re planning to keep your car for many years, you may get the best resale value by upgrading your car every 3-5 years or before you clock up 100,000km. That said, different cars may depreciate at different rates, such as luxury or classic vehicles.
Lifestyle changes can prompt the need for a different type of vehicle out of want or necessity. If your family is growing, you might need to upgrade to a larger car, or if you're downsizing, a smaller vehicle might be in order. Preparing for these changes and selling your car before the need becomes urgent can help you find a better price and enjoy more negotiating power.
Did you know that different seasons can influence car sales? In warmer weather, you might see more demand for convertibles, sports cars, or road trip vehicles, whereas in colder months, 4x4s or SUVs could be more appealing. However, keep in mind that these trends might vary based on your location and local climate!
Researching market trends can be beneficial before selling your car. If a particular make or model is in high demand due to a certain feature or availability, you might want to sell when that demand is at its peak. On the other hand, if new models of your car are about to be released, you might experience a drop in value as buyers may be more likely to choose the newer model. Sale periods like EOFY also mean people might be more inclined to buy new or demo models, as dealers can offer more competitive prices or tax benefits.
Economic and environmental factors can influence car sales and the used car market. When the economy is thriving, people may feel more confident about their financial situation and are more likely to consider buying a car. On the other hand, during economic downturns, selling a car might be more challenging as buyers become more budget-conscious and risk averse.
Timing your sale with your next scheduled service or repair can be potentially beneficial. If your car requires major repairs, consider whether investing in those repairs will yield a higher selling price, or if you’ll end up financially worse off. Sometimes, getting the necessary repairs done before selling can make your car more attractive to buyers, and sometimes the cost of repairs may outweigh any added value. The good news is, when you sell your car to We Buy Cars, you don’t need to stress about service history or roadworthy certificates!
Selling your car is a big step, and the timing can impact your experience. Whether you're selling due to changing needs, market trends, or economic conditions, taking the time to consider these factors can help you get a better return at the end of the day. Remember that research is key - keep an eye on market trends, stay informed about your car's maintenance needs, and use online platforms strategically. If you want to sell your car online in three easy steps, get in touch with the team at We Buy Cars today!