This is the most difficult car owning conundrum you will have to deal with. When exactly is it the smart time to sell? Should you fix or flog? Here is a brief guide that might help.
Sell your car when the repair costs are more than the car’s value
This one is simple. If the repair is far more money than what the car is worth, then you are best off selling. What you also have to factor in is the additional hassle of finding and buying another equivalent car. Ask the garage who quoted for the repair, whether there are any other issues. If not and you like the car, then keep it.
Sell your car when the mileage is above average
The truth is that a well-maintained car can last for many 100,000 miles, so the number of miles it has covered is irrelevant. The fact is that buyers get frightened by high mileage. In theory the average annual mileage is around 12K a year. So a five-year-old car should have 60K miles. Although a higher than average mileage affects the resale value of all cars, in particular sports cars, suffer the most from an abnormally high number of miles.
Sell your car when it is rusty
One of the most expensive parts to repair on any car is the bodywork. Whereas mechanical items can often be simply unbolted and replaced, anything to do with the body structure involves more skill and complication. Painting and finishing to a decent standard takes time and money.
Sell your car if there are tax or insurance changes
Perhaps a certain size or type of engine is due to be retaxed under proposed taxation changes. Perhaps your insurance company raises your premium and you cannot get a more competitive quote elsewhere, then it could be time to change the type of vehicle you own. Your car might suit someone elses lifestyle or budget better.
Sell your car if you want a change
You knew that one already…