Upgrade My Car

When should you upgrade your car?

You’ve been using your car for a while now, and you’re starting to think about an upgrade of your vehicle. There are a few things that needs to be considered first such as: When will you sell the car?,where are you going to sell the car,will you part-exchange it and how much as you willing to sell the car.Fortunately, this article has been written with the aim of helping you to answer all the questions just listed above as we always advise people to always upgrade their car everyday.

How often should I get my car upgraded?

Interestingly, the normal duration people have their cars for has changed remarkably over the past few years. Not too long ago, the normal duration someone would keep their car for four years but it has recently risen to around six years. Most companies, however, still  keep for three years. A recent study also observed that consumers are now planning on keeping their cars for ten years or even more. So, the average time in which people keep their cars has changed a little bit in recent years. In our experience, many of our customers choose to upgrade every two to three years.

However, you should upgrade your car when it starts costing you a lot of money for maintenance.

Upgrading your car might also be a good idea if your status changes. For example; if you’re planning to start a family but own a sports car, you might want to consider upgrading to something more family friendly. Or, you might be relocating to a further distance away from your work so upgrading to a diesel engine is a good idea.

Basically you should upgrade your car if it regularly costs you a lot of money to maintain or is not going to be good enough for your situation.

What time of the year is it best to sell my current car?

Frankly, you can sell your car at pretty much any time of the year. However, there are some cars that will sell better during specific times. For example; your sporty convertible will sell for a higher premium if you choose to sell it at the beginning of the summer. However, if  you have a four wheel drive,that will sell best when the weather is getting a little bit worse. So, it all depends on what car you own at the end of the day.But ultimately, it doesn’t matter too much.

What affects the resale price of a car?

When you are determining the resale price of your car, you will have to put decline into consideration. Cars suffer decline as soon as you drive your car out of the forecourt. They decline their fastest in the first year to eighteen months. After that period, it stabilizes.

If you travel longer distances frequently or perhaps you don’t service your car frequently, this causes the car to suffer decline at a faster rate. And, the number of  years you have used your car will determine the degree in the loss of value, and also affect the resale value. Eventually, your car will still suffer decline one way or the other. Come what may how old, or young, it is and how well you have managed it. This will very much affect the resale price.

Which of these are best applicable when selling your car?

Selling privately or part-exchange?

When you want to resell your car, you have two options;

You may want to sell it privately, or you can part-exchange it. If you sell it privately, the money you acquire is yours to keep. If you part-exchange it, you will use the amount you sold your old car to help fund the new car you want to acquire.It is a decision totally up to you pertaining to the option that best suits you.

Which is best between selling through a broker or a dealership or online

You can either sell your car online yourself, online through a website such as webuyanycar, or through a broker or dealership but which is more suitable for you?

I would suggest getting your car valued at webuyanycar before doing anything. Webuyanycar is a renowned website with one of the easiest guides on how much your car is worth. We have seen several examples of customers who have been paid way too much. We’ve also seen examples where the bid has been way under but nonetheless , it’s a fantastic  place to start. However, you are not necessarily going to get the best deal by going through similar websites. If you want to sell your car online, I would advice selling it privately. There are advantages and disadvantages to selling your car online. When you sell your car on a website such as webuyanycar, the whole thing can be done within a 24 hour period with the money in your bank straight away. However, if you sell on a website such as Autotrader or Gumtree, it can take weeks or even longer. So, it greatly depends on where you choose to sell your car.

What about a dealership?

For instance,  you want £5K for your car. But, it’s worth is only £3K. A dealership will give you £5K for it, but they will make up the difference (£2K) by taking it out of the discount on your next car but if you go through an independent trader then you will be able to keep the top discounts without deviating from your price.

It is also better to part-exchange with a vehicle broker. A broker has access to several more traders. Therefore, you can get the best part-exchange value but it should be noted that not all brokers will offer this. Only established and reputable brokers tend to do part-exchanges. For more information on what to look for in a vehicle broker read our article.

In summary, you should start considering upgrade your car if you are constantly spending a lot of money  to keep the car running. How you sell it, however, is totally up to you. It’s your choice whether you sell it privately or part-exchange it through a vehicle broker. I would recommend doing a comparison to see which one will be the best deal for you.

Feature Image: Pinterest.com

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