When is the Best Time to Sell Your Vehicle?
I’m sure you’ve heard the phrase, “Timing is everything.” Well, when it comes to selling your car or truck or other motor vehicle, this is certainly true. There are some basic timing issues that you should consider:
Consider the Time of Year
- Trucks and 4x4 vehicles sell best in fall and winter because they can be depended upon to drive safely in the bad weather of fall or winter.
- The demand for a used sedan or sports car will be greater in the spring and summer, so listing it then will bring you a higher selling price.
- Convertibles sell best in spring and summer.
- When weather is extreme in the peak of summer or middle of winter, demand for commuter vehicles is high as people don’t want to wait for public transportation in very hot or cold weather.
- Throughout the year, holidays or special events can provide the perfect opportunity to sell your car.
- July 4th and Christmas: Prices for new vehicles are usually discounted the most during both holidays. If you have a newer model used car with low mileage, buyers who are comparing new vs used may be attracted to your offer.
- High School and College Graduations in May and June: Students are looking for used cars and parents may be shopping for gifts for their new graduates.
- Back to School: In early fall when college students head back to campus, they (or their parents) may be looking for transportation.
- Hunting Season: The demand for trucks and 4x4 vehicles for hunting goes up in certain areas of the country. List your vehicle before the season starts.
- Tax Refund Season: After tax refunds are received, buyers have more cash on hand to buy a vehicle.
The higher the number on your odometer, the more difficult it is to sell your car. Mileage, in fact, is a major factor in determining the market value of your vehicle when it is time to sell. Check out the following mileage milestones and consider listing your car for sale before your car turns the number to the higher milestone.
- Mileage Milestone 1 - about 40,000 miles: You’ll see a major dip in resale value between 30,000 and 40,000 miles because most manufacturer’s warranties will expire at about 36,000 miles. If you haven’t completed the suggested maintenance for this milestone, the value of your vehicle can go down by the amount it costs to service it.
- Mileage Milestone 2 – about 70,000 miles; You’ll save money if you sell your care before it hits this milestone. Your second major service visit which usually occurs between 60,000 and 70,000 miles may include flushing the transmission, and replacing belts, worn brake pads, and valves or hoses. You may also need to replace spark plugs and get new tires.
- Mileage Milestone 3 – approaching 100,000 miles: Vehicles today still have plenty of use left in them at this mark; however, the perception of most buyers is that the vehicle’s life is limited. Selling your car before it reaches 95,000 miles can increase its resale value and appeal to a wider range of buyers.
- Mileage Milestone 4 – 100,000 miles and over: Even if the vehicle is still operating well, the interior and exterior body may show wear and tear and further decrease the value of the vehicle.
The ups and downs of the economy can affect the demand for certain types of vehicles. Here are some situations that impact the chance of a quick and profitable sale:
- Luxury cars and SUVs – when the economy is good, larger vehicles are in higher demand.
- Interest rates and loan approvals: When interest rates rise because of a weak economy or if getting car loans become more difficult, buying a used car becomes more likely than purchasing a new one.
- Fuel costs: When the economy is down, gas prices rise. If your used car is fuel-efficient or a hybrid, it can be more attractive to buyers.
- Public transportation: When the cost to use public transportation rises, there will be more interest in buying a used car.
- Trends in the car marketplace: Popular car models sell quicker than others so it is important to research what models are popular in your area to see if the time is right to list your car for sale.
