Are you in Good Hands?
or
Call 866-501-4511
Are you in Good Hands?
or

Article

Thinking about selling your car, but unsure of whether or not it’s worth keeping? The reality is that many drivers struggle with what time is the right time to sell a vehicle. Here are four tips to help determine if you’re ready to part ways with your wheels.

Know Your Mileage MilestonesAmerican cars now reach an average age of 11.5 years, according to a recent survey by IHS Automotive. That means they’re hitting that 100,000-mile mark, after which maintenance costs may increase and resale value—as well as trade-in options—decrease significantly. Most warranties expire around 36,000 miles. Once your odometer hits 60,000 to 100,000 miles, your car will need a second major service appointment and a new timing belt, adding up to $500 or more. To avoid costly repairs, consider selling your vehicle when it’s 3,000 to 5,000 miles short of these expensive milestones.

What’s It Worth?Websites such as Kelley Blue Book, Edmunds and the NADA Guides can help you calculate your vehicle’s current value. After you enter your car’s year, make, model, mileage and condition, the website will generate three different trade-in values that vary depending on how well you’ve maintained the car.

Calculate Your “Keep It” CostsConsumer Reports periodically ranks cars based on their cost to operate over their first five years. It’s a valuable data point to have as you project what your car might cost to own for the long haul. For a more precise estimate, ask your mechanic to inspect your car and forecast your repair costs for that same time frame. He’ll evaluate your car’s recommended maintenance schedule and its condition to determine regular maintenance costs and major repairs on the horizon. If the total cost to keep the car is more than your trade-in value, then it’s probably a good time to sell.

Research Your Car’s Reliability RatingSeveral outlets—including J.D. Power, Consumer Reports, and U.S. News & World Report—rate the most reliable car makes and models on the market. If your car does not earn high marks for long-term reliability, then that may be the tipping point you need to confidently put the “for sale” sign on the dashboard.