Sell Your Car Before Depreciation Takes Its Toll

by Joe Ferguson on August 22, 2013

sell-your-car

Normally when we talk about selling your car, it’s because the vehicle has fallen into disrepair and is now out of commission. While this is obviously a great reason to sell your car, sometimes you need to give a new car the boot before depreciation takes its toll.

Few things could be more frustrating than spending months or years saving up for a brand new car that just doesn’t live up to our expectations.

Maybe your new car doesn’t accelerate as quickly as you initially thought it would. Perhaps you just don’t like the way your new ride handles on the interstate. Whatever your reason for disliking your new purchase, there’s no rule on the books that says you have to keep driving it.

You definitely have the option to sell your car to a reputable cash for cars company in your area. And it’s better to act sooner rather than later, because once depreciation sets in, the vehicle’s used car value will greatly diminish.

Depreciation

Kelley Blue Book describes depreciation as the difference between what you initially paid for your car and what it will be worth after 5 years of ownership. When you first purchase a new car, you’re shelling out a lot of cash for the car’s “newness”, but as soon as you drive off the lot, that “newness” is already fading away. According to Kelley Blue Book, the average new car loses 44% of its original value within the first three years of ownership.

If the new vehicle you’ve been dreaming of doesn’t meet your expectations, you should act now and sell your car. The sooner you sell, the sooner you’ll be able to put that money towards a car you actually like. If you wait too long, that means less money in your pocket when you finally decide to sell.

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