8 Signs you should sell your car

Your car could be a great mode of transportation until it becomes costly and unreliable. Eventually, there comes a time when upgrading to a newer option is necessary.

Are you considering a new ride? Is it time for a change? Deciding when to replace your car involves careful consideration, but there are clear indicators that signal — it’s time to sell your current one.

How do I know it’s time to sell my car?

Here are five signs that it might be time to sell your current car and start shopping for something new:

1. Mechanical and safety issues

It might be obvious, but it’s worth saying: if your car is ageing and breaking down a lot, it’s probably time for a change. Even if your car isn’t unreliable, assess what you spend on repairs, maintenance, and servicing to see if it’s becoming uneconomical to keep.

Start by determining your car’s current value. Next, consult a trusted mechanic to discuss any upcoming expenses your car may require. This includes immediate repairs, as well as future maintenance items that may be needed within the next year or at the next service interval.

If the projected repair costs exceed the value of your vehicle, it’s a clear sign that selling is the right decision. Another method to gauge potential costs is to check an online reliability index, which rates cars by their likelihood of issues and average repair costs.

2. Your car is costing you a lot to run

As cars age, especially when they aren’t maintained regularly, they tend to become less fuel-efficient. This means you’ll likely spend more on fuel and other essentials like oil.

Moreover, with new regulations for air quality and clean air zones, older cars may not meet the standards required to drive in certain areas. If you regularly commute through or into these zones, you’ll face additional fees. These costs accumulate quickly.

3. Your car doesn’t meet your needs

Comfort is a major consideration. If you frequently yearn for more comfort from your car, it’s a signal to sell. Newer vehicles have improved seats, increased legroom, and advanced climate control systems. If you’ve been thinking about trading your small saloon for a roomier SUV or upgrading from an old car to a luxury model with modern features, you should respect your current needs and wants.

Another indicator is if you find yourself taking longer trips. If your driving habits have changed and you’re covering more miles, your car should be more efficient than before. You don’t want to be spending more on fuel than you find acceptable.

4. Lifestyle changes

Our lives evolve, and our cars need to adapt accordingly. For instance, if you’re starting a family, a small city car or one without rear doors becomes impractical for your new needs. As children grow, they quickly outgrow their surroundings, including cars. If space becomes tight and uncomfortable, it might be time to consider upgrading to a larger vehicle.

You may have the opposite scenario: if you’ve recently become an empty nester and your children have moved out, a spacious people carrier or seven-seater is no longer necessary. Downsizing will greatly reduce your running costs, so it’s an opportune time for a change — perhaps even fulfilling your dream of owning a convertible.

Moreover, if you’ve relocated, adjusting your car to suit your new environment is wise, too. In urban areas, a compact or electric vehicle will be more practical than a large SUV. Alternatively, in rural settings, a robust vehicle will handle the terrain better.

5. Market timing

Market conditions, such as high demand driven by economic stability or low fuel prices, can increase the resale value of your vehicle. Seasonal trends also play a major role. For example, for better prices sell a convertible in spring or summer when demand is higher, and consider selling 4x4s in winter when demand typically peaks.

Also, consider selling your car outside of peak new car registration months like March and September when the volume of trade-ins flooding the used car market is higher. This will maximise your selling price.

Another good reason to sell is anticipating depreciation trends. Cars depreciate most in their early years and as mileage increases, so it’s wise to sell your car before these factors noticeably lower its value.

6. Financial factors

Escalating repair expenses signals that it’s smarter financially to sell your car. As vehicles age, they need more frequent and costly repairs for things like brakes, suspension, and engine components. By selling at the right time, you can avoid ongoing maintenance expenses and get a better return on your investment.

Also, as a car ages and racks up mileage, its resale value naturally drops. Waiting too long leads to a lower sale price due to increased wear and tear. Keeping up with newer models also impacts resale values.

The last financial factor is higher insurance costs for older cars, which makes it more expensive to keep them. Strongly consider switching when the insurance costs start outweighing the car’s value. In that case, you will find it more financially sensible to get a newer vehicle with lower insurance rates.

7. Your car doesn’t feel safe

As cars age, they tend to lack the robustness and advanced safety features found in newer models. You might feel less secure on the road, especially if your brakes are less responsive or if there are signs of rust compromising the car’s integrity.

Newer cars come equipped with advanced safety features that improve overall protection. For example, they have adaptive cruise control to maintain safe distances, lane departure warnings to prevent drifting, and automatic emergency braking systems to avoid collisions.

8. Your car isn’t environmentally friendly

There are several indicators that your vehicle is not the most environmentally friendly option available, including the possibility of your car not meeting new clean air regulations.

Car manufacturers have made substantial progress in reducing tailpipe emissions and improving fuel efficiency over the past couple of decades. Therefore, newer cars typically have lower emissions and better fuel economy. Naturally, an older, less eco-friendly car is a candidate for replacement.

Another indicator of how eco-friendly your car is can be seen in the amount of car tax you pay. Vehicle Excise Duty, commonly known as car tax, is calculated based on a car’s CO2 emissions. If your vehicle falls into a higher tax band, getting a newer model will save you money and be better for the environment.

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Final words

It’s ultimately your decision to determine which signs are most important to you. However, if you identify with some of these eight indicators, it might be time to consider selling. Best wishes as you weigh your options!