We'll come to your home or work place
Based in Bridgend, South Wales, we have over 38 years of experience and are committed to helping you sell your car fast, in a safe and easy way, whilst providing the best possible customer experience. We will travel to you if it is within 30 miles or an hour's travel from Bridgend.
When is the Best Time to Sell Your Car?
May 29, 2015, 2:23 pm
Everything has a time and place, so when it comes to selling your car it pays to pick the right time. It can be tricky to work this out precisely, but there are some key points in your car’s life where it begins to lose value.
So when is the best time to sell? Here are all the breakdowns you need:
New Cars
If you have owned a car since it rolled off the production line then it can be difficult to let it go, but sadly if you run it into the ground then you’ll lose almost all the value of the car and it will end up costing you a small fortune.
To get the price you should be looking to sell your car:
- Before it hits 10,000 miles
- At 2 years old, with a year or more still on the manufacturer’s warranty
- At 3 years old or 30,000 miles, after its first MOT
- Before 5 years or 50,000 miles, this is where the value really starts to drop off the vehicle
If you are planning on running the vehicle for longer then, typically, between 7 and 10 years the depreciation is relatively slow (depending on condition and mileage). After a decade the car will lose almost 90% of the value and maintenance costs start to drastically increase – if the mileage is still low you may still get a good price, but it becomes a lottery with how much you’ll receive.
Used Cars
Typically a used car will already have depreciated by a significant proportion by the time is gets to you, but this doesn’t mean that the downward curve will continue as steeply. After three years depreciation tends to peter off a little bit, giving you a tad more leniency when it comes to selling.
If you want the best price from a used car that’s over three years old, you should try to sell:
- When it’s 4 years old, you may not have had it long but it’ll still hold its value
- Before it’s 7, by this stage your car will have lost a lot of value but after 7 years it drops quite rapidly
- Before it’s 10 years old or has 100,000 miles on the clock, these are two markers that sees cars drop in value at a disproportionate rate
- While it still has low mileage, this often has a greater impact on price than age, selling with less than 70k miles should give you a better price
Don’t be fooled into thinking that keeping your car in pristine condition will maintain value, because this will only have a small impact on the overall price. While the price of your vehicle is likely to drop year on year, after about three years this tends to be a much slower process allowing you to hang onto the car for longer without a significant loss in value.
Looking to sell your car for a competitive price with minimum hassle? Enter your reg number and a few extra details at Cashpoint4Cars today and we can buy your car tomorrow! Whether your car is brand-spanking new or an old banger, we’ll offer you the best price around.
Image: Hugo90
