No matter how much you love your car, there will come a time when it’s due an upgrade. When you outgrow your car, or it starts being unreliable – the decision to upgrade is easy!
But what about when your vehicle is still pretty reliable and upgrading isn’t such an obvious choice?
It’s common knowledge that the minute you drive your car off the forecourt, it loses value! Cars depreciate quickly and it will only be worth someone purchasing second hand is the price is right. There will come a time however when your car has no significant market value, so if you are considering an upgrade, don’t wait until it’s too late; too old or has too many km’s on the clock.
Your cars market value will be higher if it still has about 12 months of warranty left, it will make it much easier to sell or trade in!
Many Australians purchase their car under finance. When you sell your car you don’t want to still be paying it off! The ideal scenario is to sell your car for an amount that means once you pay your finance out, you still have money in your pocket to put into your new one. If you’re still going to owe money on the car, it’s not the time to sell. If you have to sell, talk to your financier who will be able to discuss your options.
Of course, sometimes you will drive your car until the day it dies. If it has become increasingly unreliable, is costing you a fortune in repairs or maintenance or has clonked out completely, then it’s time to cut your losses and sell it, or sell for parts if it isn’t safe for someone else to purchase.
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