Buying the right car is a tough decision, but selling it out is the toughest!
When should you sell your car?
Does your car tell you it’s time to part ways?
Is it a decision to be taken with head or heart (or both)?
Or ‘should I live with this car for some more time’ is what remain in your mind all the time?
For most of us cars, unlike other objects of possession, is not just a machine that moves you from point A to point B. A lot of sentiments, nostalgia, memories (happy or sad) and occasions are associated with it. Many of you get identified by your car, Jai’s car is beautiful, Jai I saw your car near the park, your car look so nice and so on. For your little one at home car may be like a family member. Keeping a car for that one more year has the monetary benefits too. Usually by the completion of five years you would have closed the car loan and you don’t have any EMIs to pay on the car.
But keeping a car after a point of time, throws all that I professed above into a trash can. Your car can throw tantrums, nightmares and throw nasty surprises. To be straight and simple it can leave you stranded.
Thankfully you don’t need to do research to decide when to sell your car. Listen to what your “car talks”, your “ family talks” and your “ mind talks”. What are those signs your car give telling you it’s time to bid adieu? Let us try to help you out.
- Left you stranded
Cars breaking down and site of seeing a car with the bonnet wide open on the sides of a motor way is not a common scene these days. If your car is breaking down quite frequently and in back of your mind, you are expecting the same like an uninvited guest anytime while driving, it’s high time to contemplate to part ways with your wheels, the damage it makes on you, physically and psychologically depends on the location, co-passengers and the nature and urgency of the trip taken. Your car giving upon you during the trip with your in-laws or a date with your girlfriend, can be lot more humiliating. The dent it makes on you psychologically is more than the hardship caused.
- Frequent failure of Parts
Automobile technology has advanced leaps and bounds in the last decade. Gone are the days of crucial parts giving up very early in the life of a vehicle. The degree of reliability depends on car to car and manufacturer to manufacturer. Some manufacturers produce ultra reliable cars and some are on the other extreme end of the spectrum. The crucial parts can fail due to normal wear and tear, high mileage on the odometer, not sticking to stipulated service schedules, operating conditions, driving patters or just like that on that D-day. Being a complex interlinked system failure or malfunctioning of one part can elicit the chain reaction and affect the performance of allied linked parts as well as can lead to a catastrophe. Most of the new generation cars call up for your attention thru indications on the instrument cluster when a part starts malfunctioning or about to fail. Track the frequency of your visits to the service center other than for the periodic service. If you have become a regular visitor to your service center and become a familiar face among the staffs it’s time to ponder.
- Right Time to Sell
Sell early and you loss on high depreciation, sell it late and you have to undergo the hardships and end up getting peanuts for the car! Depreciation is the highest in the first year and the rate of depreciation comes down considerably in the subsequent years. But keep in mind exceptions like withdrawal of your model from the market, withdrawal of manufacturer from the market (Like Opel, Daewoo and Peugeot to name a few), as this can severely affect the resale value of your car. The more you keep, the more mileage it clocks; the maintenance cost, to upkeep the car, also goes up. For certain models availability of spares can also be an issue.
Then what is the right time to sell the car. There is no clear answer for the same as the life cycle of the car depends on various factors. Study the pattern of deprecation of your model and the up-keep cost. The moment you feel that you are spending more than usual or you feel the pinch more than usual while paying that service bills it’s time to say good bye.
- Family Matters
It’s difficult to hold onto a car that your family hates. At times it may not be attributed directly to your car. Your neighbor’s new car, new launches, additional member in family, change in lifestyle and requirements, transfers etc., can be attributed for the same.
- Other Factors
If you think twice before taking that long trip that you used to look forward to earlier, the irritating niggles don’t get sorted out even after repeated visits to your mechanic, issues which stick like a chewy that’s affecting the performance of your car are matter of concerns. Regular maintenance, adopting efficient driving techniques and good care of your car can prolong the life of your car, making it stay young as ever. A car that age gracefully is any day better than a new but abused rattle box.
Consider selling off your car if you stumble upon a buyer, who offers you a significant premium for your car than the persisting model rate for whatsoever reason. Am I sounding unrealistic? It does happen, especially for cars maintained in pristine condition. As I told earlier a car that age gracefully is a piece of art in motion.
There is no better person than you to decide, when to sell and go for that shiny new car. Listen to what others say but let the decision be yours.
Whether new or old wear seat belts and drive safe. Happy revving!