Have thoughts about selling your car been lingering for too long in your mind? Maybe you are not sure if you should, considering that a car is an extremely valuable tangible asset. You may have bought the car with your first bonus, so there’s a certain emotional attachment as well. However, if you are thinking about selling your car, then it is probably because on some level, you do know that you would benefit from it. Not to mention, the cost of maintaining a car can be quite high. We are here to explain to you why you should not put a delay on selling your car if you have already given the idea some thought.
- Increasing expenses.
This is almost always the most important reason behind why people sell their cars. Maintaining a car is hard work and requires you to shell out a lot of money on fuel and repairs. You simply cannot expect to park your car at your garage and not use it at all, as this will only worsen the condition of the engine. All this without even thinking about the money that goes behind the insurance for the car- and combining all this, the total expenses on your car for a year can be around 20 percent of your annual income! If you want to take it easy on your expenditure, then selling your car can be the best available solution for you- not to mention, you can also rent out your now-empty garage and earn some extra income too!
- Warranty period.
All manufacturers provide a certain warranty period, during which they take care of any repair or spare part replacement. Once the warranty period gets over, however, you would have to cover all these by yourself. In case there is no option to extend the warranty period, it is better to sell your car. The person buying it would also be able to enjoy the limited period warranty.
- Consider the right timing.
You cannot expect to get a reasonable price for your car if you sell it at simply any point in the year. While most people do not sell cars to make any profit, you would at least need to cover the cost price. The timing would depend on the model of your car as well- for example, SUVs will probably be in demand more during winter months. Keep a lookout for tax refund season as well, since many people buy cars during that period.
- Switch to fuel efficient cars.
If you have received a good increment in the last quarter and want to buy a new car, then you can always sell your old car and upgrade to a better model. Many people sell their old petrol-fuelled cars to buy new diesel-fuelled ones or opt for CNG, as this not only saves you a considerable sum every year, but can also be better for the environment.
Are you still not convinced, and want a second opinion on whether to sell your car? Visit our website to know more, we can help you make the correct decision.
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