Best Times to Sell Your Car in Lafayette, LA
Have you been considering selling your car, truck or SUV? It might be a good time to part ways with your current vehicle, but how can you be sure? Are there better times than others to sell a car, just like there are to buy a car? We can help with those questions. Giles Buys Cars, part of the Giles Automotive Group, has spent plenty of time helping customers from all over Louisiana get the best price for their vehicle. We’ve collected and organized a few indicators that it’s time to sell your model below. You might be surprised at how many apply to you — after all, the trade-in offers for used cars have never been higher. Consider these factors when deciding the best time to sell your car.
When is the Best Time to Sell My Car?
1. Before You Need to
Waiting until you absolutely have to sell your model might not be the best idea. Not only will you be forced to compromise in negotiation, but the rush could raise your chances of making a mistake in the paperwork, which will only cost you more money. It’s best to sell your car before you need to, especially before your model hits a depreciation level so slow it’s no longer valuable.
2. Before a New Model Year Starts
As soon as the latest car from the new model year drops, the previous model years’ value drops. For example, when new 2022 Subaru, Volvo and Nissan models are released, 2021 models and older will decrease in value in varying degrees. To get the most out of your used car, sell it before the new model years’ lineups come out, no matter what your mileage looks like.
3. Before Significant Mileages Hit
We’re talking about those 100,000, 150,000 and 200,000 mileage markers. Granted, there’s not much of a difference between a model that has 149,950 miles and 150,135 miles, but once your model crosses the mileage mark, buyers will consider your vehicle worth less money. The expiration of warranties, too, is another reason buyers will hesitate.
4. Before Your Next Major Service Interval
This piece of advice doesn’t apply to your overdue oil change or wiper replacement but rather to extensive maintenance (and those coordinating repair costs). It’s unlikely that you’ll get what you paid for in service repairs when selling. Don’t put off major repairs — just sell your model before its next major service interval.
5. When Repairs Costs are Killing Your Budget
If your model is older and its repairs are becoming too frequent, it might be time to sell. Maintenance costs on a new car will be much less, and if your current repair costs are so high that they’re basically a monthly payment, why not trade your pricey, older car for one that has a higher value? Stop the financial bleed — consider upgrading to something better.
6. When You're Not Upside Down
Owing more than what your car is worth is called upside down, and it’s not a great position to be in. Even if you decide to sell the car, you’ll still have to pay the difference to your lender. With the price of used cars rising, the value of your car may be increasing (great news). It’s a good idea to know how much your vehicle is worth in coordination with what you still owe.
7. When You're in Danger of Defaulting on Your Car Loan
Two words: Get out. Your credit score is at risk, so if you’re faced with the decision of selling your model or defaulting on a car loan, you should sell. If you default on your auto loan, it would make your next loan extremely expensive (if not nearly impossible to get another car loan for close to a decade).
If you have any questions about your model specifically, contact us online or give us a call! Giles Buys Cars is located in Lafayette, LA, serving the automotive needs of our neighbors from New Iberia, Abbeville, Youngsville and Broussard. We can't wait to help you drive away with an exceptional cash offer!
*For more information, please visit this article from the U.S. News and World Report.