Selling your car can be a huge financial decision. It is recommended to consider several factors for the best Return on Investment (ROI) in this situation.
Gumtree outlines the various scenarios where selling your car can be profitable:
Gumtree outlines the various scenarios where selling your car can be profitable:
- One of the best times to trade in your car is when its trade value is around the same as the settlement amount owed by you to the bank.
- Reports suggest that when a car reaches the 75,000 km to 100,000 km mark, it is more likely to need regular repairs and maintenance. If these repairs are costing you an arm and a leg, it is time to sell.
- If you are undergoing a financial crunch, it may be exceedingly difficult to pay the high costs of fuel and insurance premiums. Selling your car may give you the room to breathe and rebuild your finances.
- If you are at the end of your warranty or motor plan, consider selling the car before its trade-in value depreciates significantly. The warranty protects the owner of the vehicle and if not in place, repairs and maintenance can be too costly.
- Sell your car if the specific make and model has been discontinued as finding parts later will be a nightmare. For example, in South Africa, when Citroen pulled the plug on manufacturing in the country, Citroen owners were scrambling to sell their vehicles.
- Higher-end or luxury cars incur huge maintenance costs. More importantly, their trade value drops significantly as they get older. Thus, it is important to sell them when their value is still significant and attractive to dealerships or other independent buyers.
