You’ve had your eye on a car for a long time. Finally, after trading in your old one and saving for months, you get to drive your dream car home. At first it’s glorious. However, after a couple of months, you realize that the car hasn’t lived up to your expectations. It doesn’t accelerate as fast as you thought it would and it sits lower to the ground than you prefer. After a year of driving it, you’re actually wondering, “Should I sell my car?”
The past few entries have discussed how to know when it’s time to sell an older vehicle. This entry, which concludes the series, will help you discern whether you should sell a new car or not.
Depreciation
One of the major factors to consider is depreciation. According to Kelley Blue Book, depreciation is best defined as the difference between what you paid for the vehicle and what it’s worth five years later. When you buy a new car, you pay a hefty price for the car’s newness. Unfortunately its value begins to decrease as soon as you drive it for the first time. In fact Kelley Blue Book says that the average vehicle loses 44 percent of its original value within the first three years.
With the concept of depreciation in mind, State Farm Auto Insurance suggests that the best time to sell a new vehicle is five years after you purchased it. While you can sell your vehicle before the five-year mark, you might lose some money in the process.
When you are ready to sell your vehicle, Indy Cash for Cars is here to take it off your hands – and give you cash for it. You don’t even have to make an appointment. Simply drive over, and we’ll inspect the vehicle. Next we’ll quote you a competitive price and offer you cash for your car. Whether you want to sell a truck or a motorcycle, www.indycashforcars.com accepts almost anything. Contact us today in Indy at 800-404-6461; we look forward to serving you.