That is a question we commonly get asked. Should I sell my car or keep it?
It all depends on (what) car you have to start off with.
It may be rare or common but in demand.
You may need or want the funds now or be willing to sit and hold for an uptake in the market which may or may never come.
Here are some points below to think about that may help you decide which way to go..
When is a good time to sell ?
Since NSW and Victoria have been in a lock down, it has been difficult for people to inspect vehicles in person.
Now that lockdowns (are somewhat lifted) for NSW at least, you may find an increase in interest.
Buyer hesitancy in a lockdown market is quite high compared to the last two years.
Even though there is movement, there is nowhere near the same amount of buying and selling.
Keep in mind that many buyers do purchase sight unseen if the car is rare, hard to find or in extremely good condition so time would then be irrelevant.
Does the odometer really matter ?
Yes it does.
A car that has done 98,212km vs 103,243km always looks better even though there is barely 5,000km between them.
Plus the 100,000km mark puts people off as this is often the threshold of a major service. Also consider that buyers search for kilometers using the low to high sort feature and you don't want to be the highest one on the market. If you are, you need to price accordingly, which means heavily discounted to compensate for the high km's.
The only time it rarely matters is when it's a classic collector car. As a rule, a high kilometer car is never looked at favorably.
Will I get a good price ?
Think about the condition of your car, its age, kilometers and inclusions. We recommend to list at a reasonable price rather than a ridiculous one, as you may scare off people with a price that is too high.
A reasonable price is something you are happy to let the car go for plus or minus some points for negotiation.
If you are too firm, then you may take a lot longer than average to sell.
Check on your competitors and see what they are listing for.
Will my car increase in value?
There are a number of classic and rare affordable vehicles that are increasing in value YoY.
It depends what you want to do with it. A sit-and-hold approach means keeping the car for a number of years say between 1-5 years and then sell. Expect some models to return 15-30% but keeping in mind the future cannot be predicted.
Due to shortage of stock recently in the marketplace, some pre-owned cars are selling for the price they were purchased for simply because there is no stock available.
We are always happy to take your call or answer any questions or concerns you may have.
Our clients use our Private Sales Concierge service to take away the stress and labour
involved in listing, managing and dealing with the public.
Pedro is a renowned trusted advisor in the Automotive Industry with over 27 years experience in the trade in all things auto, specialising in paint, panel and mechanical.