Should I Sell My Car? 4 Scenarios Where It's a Good Idea
Should I Sell My Car? 4 Scenarios Where It's a Good Idea
Posted on November 7, 2022
Cars are an important part of almost every Canadian, however there do come times when selling a car makes more sense than keeping it. But how do you know when that point is? How can you identify the signs? If you've been asking yourself "should I sell my car" recently, here are 4 scenarios when you probably should.
Your Car is No Longer Needed
There are several situations when it turns out that realistically you don’t actually need a car anymore. For example, since the pandemic more and more people have moved to a full time working from home set up, which means they no longer need their daily commuter. You could be in a similar situation if you’ve recently retired, or have moved closer to your place of work and it’s easy to walk.
If you’ve recently gotten married and your partner has a car then it may make sense to only have one car and share it, especially if you’re not going to be driving that often.
Your Car is No Longer Affordable
Sometimes when the finances get tough a car can be sacrificed in order to pay other, more critical bills. Beyond the initial cost cars can add up to a lot of extra money each month. You’re also paying fuel costs, insurance, maintenance costs and of course, loan payments if you financed the car.
If you’re able to survive without it you could see significant savings by getting rid of your car, and even if you need a car downsizing to a cheaper model could also be highly beneficial in improving your financial situation.
Your Car Is Old and Boring
Not everything needs to be a strong or important reason, sometimes your car is just done and it’s time to upgrade, could be that you’ve owned the car for several years, the loan is paid off, and you’re ready for something different, a car that’s old but not too old is the ideal time to sell as the older it gets the more likely It is to have problems, and the harder it will be for you to sell it.
The Market is Right
If your looking to make some money on selling your car then you need to keep your ear to the ground and keep up with market trends, for example right now the car market is still recovering from the effects of the pandemic and as such used cars have an inflated value compared to usual, making it an ideal time to sell your car.
Trends can also change with the seasons, winter is a bad time of year to sell your car since people will be less willing to buy, but the milder seasons like Spring and Fall are ideal times to sell.
Ready to sell your car? We've love to buy it! Click here to get started.