Are you getting tired of your old car? Do you want to upgrade to a newer model? Do you think that now is a good time to trade in your car?
Here at Novus, we know all about car trade-ins, when the best time to do it is, and the benefits you get out of upgrading your car to a newer model.
Every car owner, at some point, has had to decide whether or not the repairs are worth spending the money or just selling their car altogether.
If you’ve found that your car has neverending issues, such as engine troubles that cost more than the car is morth, then you should consider trading in your car instead.
But, when is the right time to trade in your car?
Below we have the ultimate guide for everything you need to know about trading in your car.
Why Should I Upgrade My Car?
There are many reasons why you should upgrade your car, and below you’ll find the most common reasons people choose to trade in and upgrade their car.
1. Your Car Is Requiring More Repairs Than It’s Worth
If your car is starting to show (or already has) signs of wear and tear and requires regular fixes and maintenance, then you know it’s time to trade in your car.
Often, people tend to spend thousands of dollars fixing and repairing their car, thinking it’ll improve the car valuation, but more often than not, that isn’t the case. So, if the car is worth less than the repairs itself, you aren’t doing yourself any favours.
When it comes to selling an older car, you have to remember that you’re not just selling a machine. You’re selling the quality, the roadworthiness, and the car’s history. When a potential buyer sees a car that needs too many repairs, it can leave them overwhelmed and wondering if anything else is wrong with it, leading them in the direction of other, better-suited cars.
Trading in your current car for a newer model will likely be more fuel-efficient and have higher safety ratings. So if your car is older and requires substantial repairs, it’s probably a good time to trade it in.
2. Outdated Safety Features
Gone are the days where airbags weren’t a thing in cars. These days, safety features are among the essential elements for choosing the right car for you. The newer the car, the better the safety features will be.
If you have an old vehicle, it will likely have outdated safety features, putting yourself and others in danger on the road. Newer cars are generally safer to drive because with each new model launched, the better the safety features.
Even if you have an older car, you could be the safest driver in the world, but you still can’t control other drives around you on the road, making up-to-date car safety features imperative.
As technology gets cheaper and newer car models compete with each other to have better safety features, you’ll know that more safety features are added in most new car model launches. In fact, newer models are packed with the latest safety features to prevent injury and offer the highest level of protection to drivers and passengers.
Now, with safety being as crucial as ever, in Australia, all vehicles that are launched strive to achieve the highest safety rating, which is the 5 STAR ANCAP rating.
If your car is getting older, it might benefit you to understand what safety features it does (or doesn’t) have and what features you could be upgrading to if you replaced it or traded it in for a newer model.
3. Stick Within Your Warranty
If you have taken great care of your car, then you shouldn’t need to take advantage of the warranty.
However, some people like to have that safety net of their warranty in place. When this happens, most people will look to trade in or replace their car before their warranty expires.
Depending on the type of car you purchase, the warranty will vary. For example, usually, car manufacturers offer warranties that last three years or 100,000km, while others offer warranties that last for five years and have unlimited kilometres.
Research has found that if you still have one year left on your warranty, it’s the perfect time to sell, as it increases the market value, therefore making it a more accessible sale.
1. Your Car Is Over Five Years Old
Many people know that the older your car is or, the higher number of kilometres it’s clocked, the lower the market value, making it harder to sell.
It has been found through studies that the best time for you to sell your car is before it hits 100,000km on the odometer. It’s believed that once it goes past this, the selling price drops as there are fewer premium buyers and more bargain buyers. If your car is sitting on 50,000-75,000km, then it’s the perfect time to sell.
Not only that, but if your car is between three and five years old, it is also mentioned that it’s the optimum time to sell because people prefer newer cars with all of the latest features. However, we understand that selling your car after owning it for a few years isn’t a viable option for everyone.
However, the most important thing is the year of the model. If your car is relatively new, you will be happy to know that it can retain two-thirds of its original value, even if you’ve put a few hundred kilometres on the clock.
It’s important to remember that even if you’ve taken good care of your car, cars that are five years old or older are less likely to retain much of their original value.
So, if you’re thinking about trading in or selling your car, just remember that newer is better.
When Should I Trade In My Car?
1. Sell During Your Season
It may sound strange, but the season in which you sell your car has a significant impact on whether or not it’ll sell. This is especially true depending on what type of car you have.
When you go to sell your car, you want to sell it at the time where you’ll get the most for it, so knowing when to sell it is imperative because supply and demand for cars changes throughout the year.
For example, if you have a sports car, the best time to sell it would be in the warmer months, just like how family cars are best sold before the holiday season or at the beginning of the year between February and March.
Winter and during the holidays are generally the slowest periods to try to sell your car. With this in mind, it’s important to consider the type of car you have and the season you are selling in.
Sometimes, waiting to sell your car in its ideal season isn’t always viable. So regardless of timing, if you maintain and preserve your car’s appearance and have it regularly serviced, you will likely achieve the best possible pricing.
What Is The Best Way To Sell My Car?
When it comes to the way you sell your car, there are pros and cons to selling it privately or trading it in at a dealership.
For example, trading in your car at a dealership is a lot easier for you because you don’t have the hassle of dealing with potential buyers. Still, you will usually sell your car for a lower price than you originally wanted.
If you sell your car privately, it can put a lot of stress on your shoulders, but you will more often than not get a higher price for it if you present it well.
How Can I Best Advertise My Car?
If you’ve decided to sell your car privately, there are a few ways in which to advertise your car to get the best results.
By taking high-quality photos that showcase your car looking its best and write an advert description that highlights the features and benefits of your car, it will place you high on a buyer’s short-list.
Not only that, but a car that’s up for sale with a long registration and current roadworthy certificate will draw in buyers because it gives them some peace of mind knowing they won’t have to pay for any additional costs apart from the sale price.
No matter what type of car you have, the make, the model, or the number of kilometres it has on the clock, if you understand the points mentioned above, you’ll have no problem trading in your car and getting the best price for it!
Here at Novus, we specialise in all kinds of car repairs and services. So, if you are thinking about trading in your car but want to make it look great first, speak to the team for quality repair services at affordable prices.