We’re moving into the new month of March, and for many people, it may be just the right time to buy a car. There are many things to consider when buying a new car and parting with your current ride. It is important to know that your car’s market value can depreciate very quickly in situations like these, and will affect the choices made when you finally plan to sell off your car.

So what are the reasons why you should sell off your car? And is there a perfect timing to do so? We answer those questions here today!

What is the best time to sell?

A car’s value is lost over time and the rate of loss depends on the car’s age, make and model. Averagely, a new car depreciates 19% in the first year. Usually, a new car has a 5 year grace period, after which they will lose value due to various factors like maintenance issues, insurance and usage.

When is the best time to buy?

The timing to buy your car is important. For the best deals on the new car you have your eyes on the festive seasonal promotions, the months of February, June or December. These are the periods when dealers are most focused on sales targets or clearing current model-year stock, works both ways and perfect timing to have upgrade.

As consumers, we’re always bombarded with ads from carmakers in Malaysia, with plenty of incentives and promotions tempting us to buy. It’s always a temptation to buy the latest models as they have the latest features and bells and whistles to make your old car look ancient.

Ultimately, buying a new car boils down to one's personal budget, preference and choices.

When should you change your car?

The need to upgrade or buy a better car actually depends a lot of user’s preference and likeability. For the average consumer, you should definitely think of an upgrade when your car has started to cost a lot in maintenance.

There are few question you should consider when upgrading your existing vehicle.

Does it meet your current lifestyle requirements, ie, if you have a family?

Is the car still running in its best condition?

Is it still reliable or breaking down too much?

The average life expectancy of a car can be up to 8 years or 150,000 miles. Other contributing factors may be how the driver takes care of the car and doing regular maintenance. Usually, the best time to change your car to a new model is when you find it to be less performing, less reliable than usual. The problems have begun, and the car no longer runs like the well-oiled machine it is.  

Are you planning on changing your car soon? We hope these tips have helped you. Leave a comment below if you are!