You’ve been stressing out for weeks now wondering, “Is it time to sell my car?” Perhaps you decided it was time, only to guiltily change your mind as you slip back into the comfortable driver’s seat. If this sounds familiar, keep reading. This entry launches a four-part miniseries designed to guide you on when it’s appropriate and wise to sell.
The first sign that it’s time to sell a car is when the car’s bills continually outweigh its usefulness.
Every car has ongoing expenses. These are what Edmunds refers to as a car’s True Cost to Own® (TCO). Following are some of the expenses included in the TCO:
The idea of TCO explains that all cars require continued upkeep and care. Just because you receive a pricey mechanic’s bill doesn’t mean that it’s time to visit the junkyard. However, all vehicles will eventually pass their prime. The longer you drive your car, the more expensive it becomes to maintain its condition. Wear and tear takes its toll, eventually resulting in a long list of parts that need tweaked, repaired, or replaced.
It’s up to you to determine when the amount of money you’re putting into your car for its maintenance and upkeep exceeds the services it gives you. As soon as it does, it’s time to sell your car.
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