How Do You Know If You Should Sell Your Vehicle?
When we buy a new vehicle, we often have a specific set of wants and needs in mind at the time. However, over the years, our focus on what matters most to us in a vehicle shifts and we start to feel like maybe we need a change. The hard part is not only knowing when is the best time to trade-in or sell a vehicle, but also knowing if the reasons you have for considering to sell are good ones. This article is here to help you decide on whether or not to sell your used car.
Cash For Cars BC is one of the best used car buyers in all of Greater Vancouver and the Fraser Valley regions. We have been the leaders in the used car buying business since 1998, and because we are the leaders, we know a thing or two about whether or not our customers should even sell their vehicle at this point in time. This is part of why we are always happy to offer free vehicle related advice, even if you never end up becoming our customer.
Signs You Should Sell or Trade-In Your Vehicle
There are many reasons why people decide to sell their vehicles; mechanical issues, age, cabin space, towing capacity (or lack thereof), gas mileage, and overall practicality are just a few. As a vehicle owner, it’s not always easy to tell if you should make the switch to a newer or different vehicle just yet. Sometimes, we are lured into the dealership when there’s a big sale, even when it turns out not to be all that “big”. Other times, we see a vehicle we like and get excited at the bells and whistles it comes stock with and we make an impulse purchase that shortly after we end up regretting. Here are a few solid signs that the timing is right to actually sell or trade-in your used vehicle.
1. It No Longer Serves Your Needs
You would think this would be obvious, but it’s really not. Like anything, it’s hard to see it when you’re in it, right? Well, when you’ve been driving a vehicle for a long time, you learn to adapt to what it does and does not offer you. That can make it difficult to see that your current ride may not actually be fulfilling your driving needs. Maybe you started out with a vehicle that’s sole purpose was to get you to work and back, and occasionally up the mountain to go skiing in the winter. But now, you’ve started a family and need something that has more room for things like a car seat, a pack and play, and 2 other people. Or maybe your family is just expanding and you need to upgrade from a 5-seater Mazda to a 7-seater Dodge Caravan because you’re tired of having to take two vehicles everytime you go away for the weekend. You could have even had a Jeep meant for 4×4-ing, but now you need a truck with real towing capacity to pull your newly purchased fifth wheel up that logging service road where you camp ever year with your friends and family. Whatever it is, take a look at how practical your vehicle is for your current needs and uses, and that will help you decide if trading in or selling your vehicle is something you should consider right now.
2. The Repairs Keep Adding Up
When you own a vehicle, it goes without saying that there’s a certain regularity in which you have to spend money on it to keep it maintained. However, when you’re spending more than what’s usually required to maintain it on a regular basis, it’s time to think about selling. The repair list can sneak up on just about anyone. It starts with something simple and typical like a full brake job, or spark plug replacement and a new battery, but when it shifts to things like exhaust system issues, major mechanical problems, or mystery electrical issues that are incredibly expensive to get to the bottom of, it’s time for a change. Then poses the question, “who is going to buy a vehicle with issues?”. Cash For Cars BC that’s who! We buy vehicles in virtually any condition, even if they have their fair share of quirks and perks. We are a professional and licensed used car buyer in Metro Vancouver, and as such, we are always prepared to take care of the problems that some used cars bring with them in a sale. Contact our used car buyers today if you feel you have a car that needs a little more love than you can afford to give.
3. You Need Better Gas Mileage
It’s not hard to tell when you’re filling your gas tank more than you’d like, but when you notice an increase, it may be time to switch vehicles. Gas consumption isn’t always a product of just driving more, sometimes it’s because as a vehicle ages, the fuel economy decreases. For example, you may have a Kia Optima that you purchased in 2015 that initially got approximately 5.5 – 6.5 litres per 100kms. However, now it only gets 8.0 – 9.0 litres per 100km because the vehicle is now 7 years old and has many miles of driving under its belt. Different engine components affect they fuel economy, and when things age, they tend to directly affect how your vehicle utilizes gasoline. If you’re a Sunday driver who only uses their vehicle to go to the grocery store and church, then gas mileage doesn’t really matter. If you are someone who has a 30+ minute commute to work each way on a daily basis, and use your vehicle for regular trips out of the city, a 2-4 litre per 100 kms jump in fuel consumption makes a noticable difference in your gas bill.
4. Budget Restrictions
Sometimes when we first visit a dealership, like our friends at Audi Downtown Vancouver we get excited and distracted by all the shiny new vehicles and all the creature comforts the floor models offer. It is very easy to get taken in by the fancy new car that surpasses the one you are currently driving in every way imaginable. This is how many people make an impulse decision to by a vehicle, that may not be entirely out of their means at that moment, but the monthly payments don’t leave much left over either. With the inevitable inflation that hits us year after year in Vancouver, and the constant gas wars at the pump every other week, it can very easily change your circumstances to whether or not you can still afford the car you are driving. Refinancing can often tack on more negative equity, but offer you a better interest rate, or a promotional interest rate along with cash back. This is one of the reasons consumers choose to trade-in a vehicle that has them living pay cheque to pay cheque.
A better and more effective way to get the most out of your current vehicle, is to sell it to Cash For Cars BC! We pay more cash for cars than most dealerships will offer you as a trade-in, and that cash in hand can allow you to purchase a newer or more economical vehicle without being a slave to bank interest rates through financing. If you want the most cash for cars in Metro Vancouver, contact our team of used car buyers to find out just how much cash you can get for your vehicle.
5. Selling It Gets the Most Out of It Now
Another good indicator that it’s time to trade-in or sell your used car is by how much value is left in it, and how much it has depreciated since you’ve purchased it. If you’re looking to get the most bang for your buck, you’ll want to sell it before it’s lost every dollar that you put into the initial investment. According to Credit.org, selling your vehicle within the first 2 years, or after the first 6 are the best times to get the most out of selling your car. Here is some quick and easy visual explanation to clarify.
Imagine if you purchased a car for $30,000. Over the next 3 years, the value of the car decreases to $15,000 from depreciation. If you take the difference between the purchase price and the current value price, you’re left with a depreciation amount of $15,000.
(Purchase price) $30,000 – (Current value ) $15,000 = (Depreciation) $15,000
If you divide the depreciation amount by the number of months that you’ve owned the car, you’ll see that you’ve paid $416 per month in depreciation essentially to own the vehicle.
(Depreciation)$15,000 / (Months owned)36 = (Depreciation per month) $416
Now, if you own the car for another 3 years, you may see the value of the automobile decrease from $15,000 to $13,000. That means that for the next 3 years, you will only have paid $55 in depreciation every month. So, if you keep the car for 3 years, you “lose” $416 per month in value, but if you keep the car for 6 years, you only “lose” $236 per month. Cars typically lose value faster in the first 2 years of ownership. Once you’ve weathered that stretch, the value will drop much more slowly. So basically, if you’re looking to sell your car, the best time to do it in general is after the first year, or after year 6.
We Are Vancouver’s Best Choice for a Used Car Buyer
Since 1998, we’ve been the leaders in the used car buying business for the entire Lower Mainland. Customers choose us again and again because they know that we genuinely care about our customers, they don’t have to haggle over the price of their vehicle, and they trust that they will truly get the MOST cash for cars when they use our car buying services.
All we need to get the ball rolling is some basic details about the vehicle you’re selling. Make, model, and year. Then we’ll arrange for one of our used car buyers to come and do a visual appraisal on the vehicle. The best part about that is that our used car buyers come directly to you, so you don’t have to worry about getting the vehicle to us! Then, they’ll make you an offer on the car you’re selling, and if you accept, they pay you in cash for all lower priced vehicles. If you’re selling a higher end model vehicle, we’ll pay you in the method of your choosing. It’s really that simple!
If you want to get paid the most cash for cars in Metro Vancouver, trust the used car buying services of Cash For Cars BC. NOBODY pays more!
Contact Us Today!
A simple call, text, or email is all it takes to find out just how much cash you can get paid for your vehicle. Even if you’re not entirely sure that now is the right time to sell, we can help you determine that after assessing your vehicle, your driving needs, how much money you’ve put into the vehicle, and how much you can get out of it. Don’t waste your time going to a dealership to trade-in your car, truck, SUV, or van, talk to us and find out why more people choose our used car buying services than anyone else in the Lower Mainland!