Cars don’t last forever, and even the best looked-after vehicle will reach an age when the cost of maintenance and repairs makes it more affordable for you to buy a new one. The questions that often get asked usually involve, “Should I buy new, buy used, trade in while I can, or keep on driving to the end?
If you’ve had your current car for six years or more, that day may be fast approaching – so, when should you sell?
New cars shed their value
Most cars lose a big chunk of their value during the first three years of their lifespan (typically 30% or more), and after that they gradually depreciate at 10% or sometimes less. What does this mean for you as a vehicle owner?
The longer you keep your vehicle, the less you will be able to sell it for – but the more use you will get out of it. You’ll have to make the choice between driving a reliable car that has been paid for in full and upgrading to a newer model.
Do second hand vehicles make more financial sense?
If you choose to buy second hand, you’re probably making a good financial decision. A well-maintained used vehicle isn’t just more affordable – it will also lose its value at a slower rate and leave you with the option of trading it in or selling it in a few years time.
The value of a car isn’t just determined by its age. If your vehicle is accident-free, properly maintained, and has relatively low mileage, you’ll be more likely to get a good price for it.
If you’ve had your vehicle for ten years or longer, you can definitely still sell it and have a good amount of cash on hand. Our value your car tool provides a free service that will give you an accurate idea of just how much your car is worth. If you accept our valuation one of our representatives could call on you to make an on-the-spot offer.
We are currently on the lookout for models produced between 1990 and 2008, so if you have been attached at the wheel to your trustworthy steed for 20+ years, perhaps it’s time to consider just what it’s worth to you. Call us today