As we live and grow, we upgrade long term assets. A car is perhaps the most perfect example of this. A few times a decade, you are going to be driving a new one. When this happens, do you often ask yourself if now is the right time to sell my car? There are a few things to consider when trying to determine if now is the correct time.
Do you think that somebody in your family will need it? Maybe you already had this in mind if you turned down the trade in offer while buying your new car. It’s a well-known fact that no dealership will ever give you an amount down that will come anywhere close to the amount that you would get by cleaning the car and selling it on the open market yourself. Maybe a family member doesn’t need it right now but might in a few years? Perhaps you should wait in such a situation. When you sell to your family, you often won’t be dealing with items such as vehicle history reports and such. The economic downside is that a family member will always be looking for a discount, however. Very rarely will you get what you would have from a stranger from your niece, nephew, son or daughter!
Maybe you are hesitant to sell your old car because you have the intention of using it as a backup? This is a very realistic way to approach the situation. If you are …
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