When To Sell Your Luxury Car And Look For Upgrade
Is it time to consider upgrading your luxury car? Before you look for a buying option, ensure if it's the right time to sell it first. So how do you go about selling your exotic beast and get a lucrative deal?
Best Time To Sell Your Luxury Car
The period in which you sell your luxury car does matter. As per research, during the springtime, used luxury cars soar high in their value. Depreciation is another factor to consider when selling your car. There are many luxury cars that depreciate the fastest and there are others that have a low depreciation rate. So, while figuring out the best time to sell, you need to keep its depreciation graph in mind. Is it a brand new car that you have owned for a year? Then keep it for another 2 years before opting for an upgrade as you have already invested hugely. Moreover, there will be less marginal depreciation during these years.
When Not To Sell Your Luxury Car
Well, we discussed the appropriate time to sell your luxury car, but you also need to know about the worst time to upgrade. So it’s a strict ‘no’ to sell it during the first 9 months. This is when your luxury car is likely to depreciate considerably. Any attempt to sell it may result in a lower profit that you might want to avoid. Plus, getting a cut-priced deal may disturb your future financial planning.
Although you may find certain occasions that are perfect to sell your car during the year, these are some of them which can cause you problems.
- ● Financial Year End When the time heads towards the financial year-end sales, dealers try to clear out their stock as much as possible. Therefore, they will try to sell new as well as pre-owned cars with a strategy of attractive discounts and offers. You may face difficulty selling your luxury car due to such booming competition. But if you are planning to trade it for an end of financial year bargain, you can surely go ahead.
- ● Holidays Major holidays are ill-suited to sell cars. Several things such as buying gifts, and celebrating vacations occupy the minds of people, compared to big purchases. Whilst there are some occasional buyers who wish to buy a luxury car for their close one, finding them is a long journey.
Odometer reading of your posh beauty plays a crucial role in discerning the correct time to sell it. A car that has run for shorter miles has a higher value to it. Higher miles also bring repair-work, thereby reducing the profit from your deal. If you have that magic range of mileage in your car, it will surely fetch you a fair price. This range is where you have utilized your car’s benefits the most, but it has still got ample amount of life for the next owner. Normally, an odometer reading exceeding 60,000 km indicates an exhaustion of the standard warranty period. However, in most cases, it may still be eligible for an extended warranty. As a result, a buyer has the chance to use at least 40,000 km, at around 60% the cost of a new car.
The Final Condition
The right time to go for an upgrade and sell your luxury car is while the condition is satisfactory. Cars that require big repairs, or need some fixing done in the interiors, get a less resale price. Hence, the suitable time for putting it up for resale is before it starts giving engine or clutch issues. If there are smaller touch-ups required, you can first get them done, so that you fetch a better value.
Are you looking to sell your car? We buy luxury cars by offering attractive deals and zero hassles. PCH Auto World is located in Delhi, so if you need assistance, simply give us a call and our experts will guide you with all the documentation procedure.