When Should I Upgrade My Car?

You’ve been driving your wheels for a while now, and you’re starting to ask yourself:  ‘Is now the right time to upgrade my car?’  But there are several things you should consider first.

For example:

• When will you sell the car?
• Where are you going to sell the car?
• Are you going to part-exchange?
• How much are you willing to sell it for?

Fortunately, this article has been written with the aim of helping you to answer all the questions just listed above. We advise people on upgrading their cars every day. So we know exactly what things you need to be considered before you decide to go for a car upgrade.

How often should I upgrade my car?

Interestingly, the normal duration people have their cars for has remarkably changed over the past few years. Not too long ago, the normal duration someone would keep their car for was four years. Recently, it has however risen to around six years. However, most companies still stick to three years.

A study by Time has also observed that consumers are now planning on keeping their cars for ten years or even more. The same study also discovered that the normal age of a car on the road is eleven years old.

So, the average time in which people keep their cars has changed a little bit in recent years. In our experience, many of our customers choose to upgrade every two to three years.
However, you should upgrade your car when it starts costing you a lot of money for maintenance. For example; if you are constantly spending hundreds of pounds to ensure that your car is still roadworthy, then it’s probably time to consider upgrading.

Upgrading your car might also be a good idea if your status changes. For example; if you’re planning to start a family but own a sports car, you might want to consider upgrading to something more family-friendly. Or, you might be relocating to a further distance away from your work so upgrading to a diesel engine is a good idea.

Basically, you should upgrade your car if it regularly costs you a lot of money to maintain or is not going to be good enough for your situation.

What time of the year is it best to upgrade my car?

You may be thinking, when is it best to sell my current car?

Frankly, you can sell your car at pretty much any time of the year. However, there are some cars that will sell better during specific times. For example; your sporty convertible will sell for a higher premium, and attract a wider range of buyers, if you choose to sell it at the beginning of the summer.
However, if you have a four-wheel drive,  which will sell best when the weather is getting a little bit worse. So, it all depends on what car you own at the end of the day. But ultimately, it doesn’t matter too much.

What affects the resale price of a car?

When you are determining the resale price of your car, you will have to include depreciaation.
Car prices drop as soon as you drive your car out of the forecourt. They decline their fastest in the first year to eighteen months. After that period, it stabilizes.

So, what causes price decline?

If you travel longer distance frequently, this causes the car to suffer decline at a faster rate. If you don’t service your car frequently, it also makes the car lose value and might spoil the car. And, the amount of years you have been using your car will determine the degree in the loss of value, and also affect the resale value.
Eventually , nevertheless, your car will still suffer decline one way or the other. Come what may how old, or young, it is and how well you have managed it. This will, will very much, affect the resale price.

What’s the best way to upgrade my car?

When you want to resell your car, you have two options;

1. You may want to sell it privately, or you can part-exchange it. If you sell it privately, the money you acquire is yours completely to keep.
2. If you part-exchange it, you will use the amount you sold your old car to help fund the new car you want to acquire.

It’s decision is up to you pertaining to the option that best suites you. However, you will to have to think about how you’re going to sell it.

Which is best between selling through a broker or a dealership or online?

You can either sell your car online yourself, online through a website such as webuyanycar, or through a broker or dealership.

But, which is best?

I would suggest getting your car valued at webuyanycar before doing anything. Webuyanycar is a renowned website with one of the easiest guides on how much your car is worth. We have seen several examples of customers who have been paid way too much. We’ve also seen examples where the bid has been way under but nonetheless , it’s a fantastic place to start.
However, you are not necessarily going to get the best deal by going through similar websites. If you want to sell your car online, I would advice selling it privately. You could get more money for your car if you go through a website such as Gumtree. Although, it should be noted that this is better for those who are selling their cars for less than 10K.
There are advantages and disadvantages to selling your car online. When you sell your car on a website such as webuyanycar, the whole thing can be done within a 24 hour period with the money in your bank straight away. However, if you sell on a website such as Autotrader, it can take weeks or even longer. This is also similar with the likes of Gumtree. So, it greatly depends on where you choose to sell your car.

What about a dealership?

For instance, you want $5000 for your car. But, it’s worth is only $3000. A dealership will give you 5K for it, but they will make up the difference (2K) by taking it out of the discount of your next car.

Meanwhile, If you go through an independent trader then you will be able to keep the top discounts without deviating from your price.
It is also better to part-exchange with a vehicle broker. This is because dealers only have access to one or two traders. A broker, on the other hand, has access to several more traders. Therefore, you can get the best part-exchange value but it should be noted that not all brokers will offer this. Only established and reputable brokers tend to do part-exchanges. For more information on what to look for in a vehicle broker read our article.

In summary, you should start considering a car upgrade if you are constantly spending a lot of money to keep the car running. How you sell it, however, is totally up to you. It’s your choice whether you sell it privately or part-exchange it through a vehicle broker. I would recommend doing a comparison to see which one will be the best deal for you.