Looking to sell a used car? Then you may want to consider if now is the best time to sell.
That's right, timing is a factor when trying to sell a used auto. It can determine how successful you are at finding potential buyers and how much your car sells for overall.
That's why we've written you this guide. Below, we explain every detail of how to sell a used car, including the best time of year to do so. We'll also explain when it's better to sell or trade, or if it's best to sell it for parts instead.
With these tips, you'll have a better chance of selling at or above what your car is worth. Read on to discover the best time to sell a used car.
1. The Best Time of Year to Sell a Used Auto
Let's start with the time of year. Generally, spring and summer are the best times of year to sell your car.
This is partly due to the holiday season. Towards the end of the year, people are preoccupied with holiday plans and Christmas lists.
If they are going to buy at this time, it will be from a used car dealer. That is, they'll look for a used car on sale while Black Friday deals are going on. You'd have to set your price very low to compete with that.
Also, spring is when a lot of parents start looking to reward their graduating children with their first motor vehicle. So, this is a very good time of year to promote your used car sale in the classified ads.
2. The Best Mileage At Which to Sell Your Used Car
Next, let's consider the number of miles your car has traveled. Obviously, your car will sell for more at 36,000 miles than it will at 70,000 miles.
But besides the effect on the sale price, it's a good idea to get rid of your car between 30,000 and 40,000 miles, anyway. This is when most cars are no longer under warranty. Thus, it's also the time when your car will likely be due for some major maintenance.
At this point, if you keep driving your car for another thousand miles, you'll have to pay these maintenance/repair costs yourself. Or, you can avoid these costs by selling your car to a private party.
3. Sell Before You Need To
The important point we just raised is this: always sell before you need to. Too many sellers wait until there's a problem with their vehicle before seeking out prospective buyers.
If you wait too long, you'll be stuck with a lemon that nobody wants. It's better to sell it now, while it's in good shape and you can still get a decent price for it. Then, you can use the money to invest in a better vehicle.
4. Sell When You Can
Another mistake sellers make is passing up the perfect opportunity to acquire a replacement car. They see a good deal on a better car, but then say, "I don't need to sell my used car yet. It's in great condition!"
Remember, you want to sell your car when it's in good condition. Otherwise, it eventually breaks down on you.
Then, you'll be kicking yourself for passing up the opportunity to replace it at a good price. If the ideal replacement vehicle comes along, don't let it get away from you. At least give it a test drive.
5. Sell When You Must
On the other hand, maybe you've already missed these ideal opportunities for selling. Now, you're stuck with a dying car that has over 100,000 miles on it.
If you're forced to sell under these conditions, you might still be able to find someone to buy your car online. Most online buyers are looking to sell your car for parts, anyway, so they're not picky.
If you can't find an online buyer, find out where to sell used car parts near your location. Then, make some phone calls to get price quotes.
You can research how to sell used car parts individually if you're willing to put in the time and effort. But it's much easier to sell the whole car for parts at one time. Plus, you'll usually still get a really good deal this way.
As for when to sell used car parts, there's no good or bad time to do so. If your car is scrap, find someone to scrap it as soon as you can.
6. Sell Before You Default
Another good reason to sell your car now is to avoid defaulting on your car loan. If you're in danger of having your car repossessed, sell it right away.
This way, you might earn enough to pay off your loan. Even if you can't pay off the full amount through the sale, you can catch up on your payments.
This will still help you get the car paid off so you don't default and ruin your credit. Bad credit will make it very difficult to get a car loan in the future.
Take note, though: selling your car doesn't automatically take away your responsibility to pay off your car loan. The car might belong to someone else, but the loan is still yours.
It might be possible to transfer the loan to your buyer as part of the car sale arrangement. But you'll have to negotiate this with them and with your lender.
Follow These Tips For Timing Used Car Sales
The best way to sell a used car is to do so at the proper time. If you need to sell a used auto, remember this guide. Follow these tips to determine when to sell your car.
Thirsty for more knowledge? Then read our guide on car insurance transfers next.
