Car owners love their vehicles for various reasons. There can be an emotional bond, or a vehicle can be a status symbol. Every owner faces this dilemma of when to sell their car. There can be a number of reasons — maybe your car has become old, maybe its maintenance is becoming a financial burden, and so on. Selling your car might be the right thing to do in certain situations, such as those listed below.

Quicker depreciation
We all know that a brand new car depreciates as soon as it is driven off the lot. That’s one of the major reasons why most people opt for a used car, especially if it’s only two to three years old. All cars depreciate approximately 20 percent in its first year and 10 percent from the following year. That said, if you have a decent 30,000 mile on your car, and it’s only two or three years old, chances are you will get a great deal on selling your car instead of trading it for a new one.

Company warranty
The best period to own a car is when it is under company warranty. That means, the company covers for mechanical and electrical components that usually are a high-end cost. Users enjoy having a car in this phase as they know the major costs are covered, and they will only have to worry about the wear and tear of the car. That said, it is wise to sell your car as the end of the company warranty comes closer. Besides, a car that is still under company warranty gets a great resale price and gets sold faster than other cars.

Increasing maintenance costs
Your car’s maintenance costs rises as soon as it is over 40,000 miles. You will have to get it inspected every four to six months. At 40,000 miles, one has to replace the spark plugs and its wires, and inspect the ignition and suspension systems. These checks and repairs become mandatory with every additional 5,000 miles on your car. If you want to fetch a decent resale value on your car, it’s better to sell it before it nears 40,000 miles.

Usage
Before buying a new car, always assess your usage. If you are someone who drives to work daily, using a car is a necessity. In such situations, consider your car’s security aspect in terms of its built and safety features. Invest in a car with better specs and features to eliminate the risk of accident or injuries. Safety features of a car alone play a key role in upgrading to another model.

If your car is damaged
If your car has been involved in an accident or is damaged from flood, it’s best to get rid of it. Firstly, a car that has been through an accident may require major repairs and may incur a high cost of maintenance for the rest of the following years. That means, you will be paying a hefty amount to bring it back to its original shape and function, but it will still be a liability for you. Additionally, one would be hesitant to use the same car for long drives in the fear that it could break down any time.

Popular sites to sell a car

Autotrader
This brand is popular among buyers and sellers alike as it has features that benefit both the parties. The websites allows sellers to list their car on the website, sell their car to a dealer, or ask for instant cash from Autotrader. Should the listed car not make a sale, the company guarantees cashback, and the seller won’t be charged for listing their car on the site.

Hemmings
This brand is popular among car enthusiasts as it is specially crafted for classic cars. Hemmings buys and sells collectibles that are rare, and the buyer knows exactly what they are looking for. This website effortlessly connects sellers and buyers to reach their respective car goals. The company understands their target audience really well. They also know the best way to handle logistics and transport for their priced possessions.

Craigslist
This is another popular online website that enables you to sell your car online. It’s the best way to sell your car locally as it helps you save big on the transport and logistics fees. Operational across 70 countries, Craigslist makes it easy for sellers to get a wider audience for their resale.

Cars.com
Buyers head to this online car retailer since they offer a wide array of vehicles. That makes this a popular brand among sellers to list their vehicles and potentially make a quick sale. The company also offers free and paid listing options.