There is no definitive answer to this question, as different factors can affect the best time to sell your car. For example, some of the factors that can determine the best time to sell your car are things like, depreciation, the condition of your car, seasonality, and also trends in the market too.
When is the optimal time to sell your car
The optimal time to sell your car depends on various factors, such as the depreciation, condition, seasonality, and market trends of your car. You may want to sell your car when it has low mileage, good condition, high demand, or maybe even low supply.
According to Auto Trader, the best time of year to sell your car is just after Labor Day, which is in early September. However, this may vary depending on the type and model of your car, and your personal circumstances and preferences.
Factors to consider if you want to sell your car
Some of the factors to consider if you want to sell your car are:
Depreciation: The value of your car depreciates in value over time, especially in the first few years of ownership, that’s just the way it is sadly. According to the RAC, you may want to sell your car before it loses too much value, or after it has gone through the steepest drop in depreciation.
Condition: The better the condition of your car, the more attractive it will be to potential buyers. You may want to sell your car while it is still in good working order.
Seasonality: The demand for certain types of cars can vary depending on the season. For example, convertibles and sports cars may be more popular in spring and summer, while SUVs and 4x4s may be more sought-after in autumn and winter, according to The Car Driving.
Market trends: The supply and demand for cars can change due to various factors, such as the availability of new cars, the economic situation, the environmental concerns, and the consumer preferences. The AA reckon that you may want to sell your car when the demand is high and the supply is low, or when your car is in line with the current car market trends.
Advertising: You need to reach an audience of prospective buyers and showcase the features and benefits of your car, and doesn’t matter if your car is a new car or an old car. You can use online social media platforms to advertise your car and also on selling websites too. It can be a good idea to prepare your documents, deal with inquiries, viewings, and test drives, negotiate a fair price, and ensure a safe and legal payment.
Is it better to sell your car or trade it in?
There is no definitive answer to this question, as it depends on your personal preferences and circumstances. However, here are some pros and cons of selling your car or trading it in:
Selling your car means you can get more money for your vehicle, as you can set your own price and negotiate with potential buyers. You can also sell your car at any time, without being tied to buying a new one. However, selling your car also requires more time and effort, as you have to advertise your car, deal with enquiries, viewings, and test drives, and handle the paperwork and payment. According to Arnold Clark, you may also have to deal with haggling, scams, or frauds, so best to be vigilant at all times.
Trading in your car means you can get rid of your old car quickly and conveniently, as you can exchange it for a new one at the same dealership. You can also save money on taxes, as you only pay tax on the difference between the trade-in value and the new car price. However, trading in your car also means you get less money for your vehicle, as the dealer will offer you a lower price than the market value. You may also have limited choices, as not all dealerships accept trade-ins or have the car you want.
Ultimately, the decision to sell your car or trade it in depends on how important it is for you to get the maximum sales price for your old car, and how much work you are willing to do to sell it.
Does the type of car influence the best time to sell?
The funny thing is that the type of car can actually influence the best time to sell, as different types of cars may have different levels of demand and popularity depending on the season, the market trends, and the consumer preferences.
For example, according to Auto Guru, convertibles and sports cars may be more popular in spring and summer, while SUVs and 4x4s may be more sought-after in autumn and winter. Luxury cars may have a higher resale value when they are between 3-5 years old, says Cash Cars Buyer, while classic cars may not be affected by seasonal fluctuations. Therefore, you may want to consider the type of car you have and the current market conditions before deciding when to sell your car.
Why is spring a favourable period to sell a car?
Spring is a favourable period to sell a car because of several reasons:
Weather: As the weather improves and people receive their tax refunds, car sales increase during the spring months, according to the Telegraph. People are more likely to go out and shop for cars when the weather is pleasant, and they have more disposable income, says Auto Trader.
Demand: Certain types of cars are more popular during certain months, depending on seasonality factors. During spring and summer, demand for convertibles increases due to the pleasant weather, along with demand for classic and sports cars, says Investopedia. In autumn and winter, SUVs, off-roaders and 4x4s see a surge in demand. Therefore, selling your car in spring can help you get a better price if your car matches the seasonal preferences of buyers, says Auto Trader.
Supply: Spring is also a time when many new cars are launched, which means dealerships may offer discounts and incentives to clear their old stock. This can create more competition and lower prices for used cars, especially if your car is similar to a new model. However, this can also create an opportunity to sell your car privately, as you can offer a lower price than the dealerships and still make a profit.
What’s the impact of new registration plate releases on used car sales in the UK?
The impact of new registration plate releases on used car sales in the UK is that it can affect the demand, supply, and price of used cars in the used car market. According to Mustard, new registration plates are released twice a year, in March and September, and they usually increase the sales of new cars, as many buyers prefer to have the latest plate on their vehicle. This can create more competition and lower prices for used cars, especially if they have a similar model to a new one.
However, this can also create an opportunity for sellers who are willing to offer a lower price than the dealerships and still make a profit. Alternatively, sellers can wait until the end of the month or the quarter, when dealers may offer discounts and incentives to clear their old stock, says WhatCar?. Another factor to consider is the type and condition of the car, as some cars may have more or less demand depending on the season, the market trends, and the consumer preferences.
Are there specific days in the week that are better for selling cars?
Some would say that there are specific days in the week that are better for selling cars, depending on the type of buyer and the method of sale. For example, if you are selling your car on eBay, the best day to end your listing is Sunday, as it has the most sales and a fair average sales price, according to Auto Trader.
If you are selling your car to a dealer, the best time to sell your car is just after Labor Day, which is in early September, as the demand for used cars is high and the supply is low. If you are selling your car privately, the best days to sell your car are weekdays, especially Mondays and Tuesdays, as there is less foot traffic at dealerships and you can negotiate a better price, says Mark Sight. However, these are general trends and may not apply to every car or every situation.
Is there a favourable time to sell electric cars in the UK?
Selling an electric car is no different than selling a petrol or diesel. Selling an electric car again, also depends on various factors such as the condition of the car, the battery warranty, the market demand, and the season. However, some general tips are:
Sell your electric car within the first year or two of ownership to get the best price, or keep it longer-term to get the most from your investment.
Sell your electric car before the battery warranty expires, as this can affect the value and the buyer’s confidence, says Car Sloth.
Sell your electric car when the demand is high, such as when new petrol and diesel cars are banned in 2035, or when the government offers incentives for electric car buyers.
Sell your electric car in spring or summer, as these are the peak seasons for car sales in general.
Is now a good time to sell my car?
Ultimately, the best time to sell your car depends on your personal circumstances and preferences. You may want to sell your car as soon as possible, or wait for a better opportunity.
You may also want to compare different ways of selling your car, such as online platforms, private sales, or trade-ins, to find the best option for you. You can use our free valuation tool with our online car buying service to get an estimate of how much your car is worth, and browse our website for more tips and advice on how to sell your car.
