“Should I sell my car now?” is a question that car owners often mull over when deciding whether or not they want to keep their vehicle. Whether you’re eyeing a family-sized vehicle or a more fuel-efficient model, you’ll need to make sure that you’re ready to make such a significant change. At Cash 4 Cars, we understand that selling your car is a big decision, so here are some questions to help determine whether or not it’s the right time to sell.
- Are you still making payments on the car? If you owe more on a loan than the value of your car, then selling your car could be a financial hit. Consult with a professional about refinancing your loan.
- Can you afford a new vehicle? When looking at your budget to assess the impact of adding a car payment, don’t just look at your current expenses. Look ahead to see if you also have any upcoming payments to include. For example: if you have a child starting school soon, you may have to add tuition payments that you didn’t have in the summer.
- Does your car need repairs? While it’s not necessary to fix every mechanical or cosmetic issue your car is having, it’s a good idea to do a few minor repairs before selling in order to get the most money for your car.
- What’s the weather like? You might not have thought of this one, but the environment can actually affect the demand for your vehicle. Convertible and sports cars are popular summer rides, but they don’t appeal to drivers who need to withstand brutal weather conditions during the winter.
- What are the gas prices? If gas prices are high, the demand for hybrids and fuel-efficient vehicles also rises. If you’re selling a car with good gas mileage, you’ll receive a bigger payout.