While a car is among one of our most cherished possessions, we can’t dismiss the fact that it’s one of those assets whose value depreciates with time. What this means is that there comes a time when selling your car is considered a far better and smarter move to make than repairing and keeping it. To know if it’s time to sell your car, here are five signs to look for:
CHANGES IN YOUR LIFESTYLE
As one’s lifestyle changes, so does the need to keep hold of some assets. For instance, when starting a family, you may need to sell your fancy sports car so that you can buy a bigger and less fancy car that can accommodate the whole family. Also, you may move to a new house and find that your new home doesn’t offer off-street parking. At times, you may relocate to another locale that doesn’t require you to own a car because public transportation is readily available.
HIGH RUNNING COSTS
If you find yourself spending too much on gas to the extent that the costs are over-burdening your budget, it’d be better to sell your car rather than end up finding yourself in debt. The key here is to analyze your budget and see whether you really are in a position to afford keeping the car. It’s better to be a carless than to be overburdened with car related expenses.
WHEN YOU FEEL LIKE IT
At times, you may just feel like selling your car. The decision may have been prompted by various reasons such as the desire to replace the car with a newer model, the desire to own a more sophisticated or a more economical car, the need for some extra cash or simply to create more space at your home. As such, if there comes a time when you feel like selling your car, you definitely should go ahead and do it.
HIGH REPAIR AND MAINTENANCE COSTS
Once you realize that you are spending a lot more in repairs and maintenance compared to the estimated value of the car, it’s about time you sold it. This is why people are always advised to keep tabs on their car’s expenses and its estimated value. Other than this, you need to remember that, the older a car gets, the more repairs it requires.
AN OFFER YOU CAN’T REFUSE
Yes… it happens. Out of the blue, you can receive an unexpected offer for your car. Sometimes this offer is more than the going rate for your car on the open market. If this happens to you, consider it a blessing in disguise and take the offer. You can always find another car to purchase but you can’t always find a better offer.
