The value of a vehicle drops soon after its purchase and the depreciation of the vehicle’s value continues during the years of its use. According to an estimate, a vehicle loses almost 20% of its value in the first year and 60% in the first five years. With these figures taken into consideration, it becomes important for car owners to know the right time to sell their used car so that they can get a good resale price for it. It is particularly important for those car owners who frequently upgrade their vehicles to new ones. For such car owners, their car is a financial investment until it is sold after which they can use the funds to buy another vehicle.
Deciding about the right time to sell a used car poses an even bigger challenge than finding the right platform for selling a used car at a fair price. However, it is of critical importance to know the right time to sell a used car in order to avoid a major financial loss. There are some important factors that must not be ignored by car owners in order to know the right time to sell their used car.
The Depreciation Factor
As mentioned previously, a car undergoes maximum depreciation during the first five years. It means selling a car within the first five years can be an ideal option to get the best resale price for it. After the first five years, the rate of depreciation slows down, however, the need for regular maintenance increases significantly to keep the vehicle in its best condition. In order to get a fair price for cars older than five years, car owners must maintain their vehicles regularly according to the instructions mentioned in the car owner’s manual.
Maintenance Cost of the Vehicle
This is arguably the most highlighting aspect that can help car owners understand if it is the right time to sell their car. A car can show signs of aging after a few years when several mechanical parts of the vehicle have already experienced excessive wear and tear. A car can be sold at a good price when most of its original parts are in a good condition. If the cost of mechanical repair starts rising and you have to take your car to the workshop for frequent repairs, it is a major sign that you should think about selling your car. A used car must be sold before the cost of mechanical repairs starts exceeding the actual resale price of the used car.
Seasonal Discount Offers on New Cars
Seasonal discounts are offered on new cars throughout the year in the UAE, particularly during the holy month of Ramadan. All top car brands offer massive discount offers on select cars, which gives an ideal opportunity to car owners to upgrade their vehicles to new ones. Ramadan car deals and discounts are offered every year, so car owners can decide ahead of time when they need to sell their used cars. Car owners should keep an eye other seasonal offers as well so that they can get the best deals for buying the cars of their choice.
A Change in Requirements
Marriage, bigger family or a change in lifestyle could be the factors that can cause car owners to think about upgrading their vehicles. Car owners can also think about selling a used car if their commuting requirements have changed. For instance, switching a job might lead to a change in commuting requirements. If previously, you needed a high-performance car to frequently move in and out of the city, you might now be looking for a car that is fuel-efficient for in-city driving.
Car owners must understand that they can only sell their used car at a fair price if they sell it at the right time. A car loses its value even if it has not been frequently used, particularly during the first five years of its purchase. Acknowledging the change in requirements and making a timely decision to sell a used car can help in getting a good resale price in the used car market.
Mileage of the Vehicle
Cars with low mileage especially attract the attention of car buyers in the used car market. A used car with mileage below 60,000 Km can be a financially profitable option for used car buyers as this mileage is usually achieved within the first three to four years of the purchase of the car. For car owners who upgrade their vehicles frequently, it is important to keep an eye on the mileage of the vehicle and sell it timely to get a good resale price for it.
How to Sell a Used Car in the UAE at a Fair Price
After making the final decision to sell a used car, it is important to identify the most reliable platform where a car can be sold at a fair price. For this purpose, car sellers must not rely on classified websites as these websites cannot be considered an authentic platform to sell used cars. Selling a car through classifieds can affect the privacy of the car sellers and can give an opportunity to fraudsters to approach car sellers. It is also very difficult and time-consuming to find a used car buyer through classified websites.
Professional car dealers, on the other hand, do not offer a good price for used cars. Dealers, with their years of experience in the used car market, can exploit inexperienced car sellers and can easily convince them to sell their used cars at a low price. Dealers also offer trade-ins to car sellers, which can never be a good choice and can result in a major financial loss.
The best way to sell a used car in the UAE is to sell it to a specialist car buying company like SellAnyCar.com. With 15 branches located across the UAE, SellAnyCar.com is the largest car buying company in the country that guarantees the purchase of any car regardless of its condition, age or model. The company provides car sellers with an ideal platform to sell their used cars at a fair price. Car sellers can sell their used cars to SellAnyCar.com in just 30 minutes while all the post-sale paperwork is handled by the company.
If you are looking to sell your used car to buy a new one with advanced safety features and improved performance, then don’t forget that with us, you can sell any used car in just 30 minutes while all the post-sale paperwork is handled by SellAnyCar.com’s team.
