5 Reasons Why You Need To Think About Selling Your Car Today
Which side of this fence are you on?
“I hate my car but I couldn’t possibly flog it because I’ll lose too much money.”
or are you more…
“Why would I want to sell my car, it’s beautiful, runs like a dream and I absolutely love it.”
To be fair, until a few months ago, both of the above sentences would have been totally understandable. We would have just left it at that. Job done. You wouldn’t have needed to carry on reading this blog.
Times are a changing though. It doesn’t matter which side of that fence you were sat on. You should 100% carry on reading. Why? Well, that’s because the car market is currently going through one of its craziest periods ever. Getting hold of brand-new cars is currently nigh on impossible. Especially if you have your heart set on a specific make and model. Thanks to the B-movie horror story mix of coronavirus and Brexit, some new car waiting lists are now running into years.
And that’s why nearly new cars are becoming highly sought after. The nearly new used car market is seeing its stock sell as fast as it comes in. In some cases, waiting lists are now developing for used cars too. Fancy getting in on the action and capitalising on this current used car trend? Here are our top 5 reasons why you should explore the idea of selling your car:
1. You Could Make Money
That’s right. Honestly, we’re not pulling your leg. That car sat outside your house might have appreciated since you bought it. That means you might be able to sell it and make money. Even if it’s on finance. Up until this year, most used cars cost less than new ones. As soon as you drive a new car off the forecourt, it should lose money. That’s just not happening right now though. This can’t possibly last forever, so if you do want to cash in on your nearly new car, now’s the time.
2. Do You Even Need It Now?
Covid-19 hasn’t just impacted supply chains. It’s changed the way so many people work. Office blocks are still a shadow of the bustling work environments they used to be. With hybrid working the new normal across many sectors, you might find your commute has all but evaporated. So ask yourself this; should you really be spending all that money each month on a car that’s just sitting idol most of the time?
3. You could upgrade to a better car, for the same monthly repayment
Thanks to the fact most nearly new cars are getting themselves into positive equity faster than ever, you might be surprised by the amount of deposit you could put towards something newer or more luxurious. Whilst it wouldn’t be advisable to do this if you want a very particular make and/or model, for those who are happy going for something readily available, it could work out really well indeed.
4. Or you could downsize and be quids in…
Yep, you could also go down the other route. Try and lower your monthly repayments by getting something cheaper. By settling your existing PCP and taking out new finance against a lower valued car, you could easily free up some much-needed monthly cash. Again, if you’re not precious about make and model, you can use the current market to dramatically improve your financial situation.
5. Because variety is the spice of life
Some people like to change their car frequently. Even when they understand the cons of instant depreciation. Somehow when it comes to cars, losing money is just the norm. If you’re one those types of car-lover, you should rejoice. You can change your car completely guilt-free this time around. Perhaps even use that money you’re so used to losing to get into something that would have previously been out of your price range. Or be sensible. That’s a great option too…
There you have it. 5 reasons to get the cogs in your head spinning. We’re sure you’ll agree it’s an insane time for the used car industry. Whilst these used car prices almost certainly won’t last forever, they are still going strong right now.
So go on, we dare you…jump on one of the online car valuation sites and see what yours is worth. Then you can start thinking about what you might spend your free money on!