Owning a new or “new-to-you” vehicle is usually exciting for most people. And although the excitement usually dies down over time, you can keep enjoying your ride for years. But ultimately, you’ll have to consider making the tough choice: parting with your vehicle. However, this is often easier said than done, as it’s often difficult to determine whether selling your car to a junk car buyer is a good idea.
That said, how long should you keep your car? It depends, although credible sources indicate that most new car owners maintain ownership of their vehicles for at least eight years. The duration may vary based on the vehicle’s make, model, whether you bought it used, and other factors.
So, let’s address the elephant in the room: how to tell it’s time to junk your car. Here are possible signs that you need to divorce your vehicle.
1. It’s Unsafe to Drive
If your car is no longer safe to drive, you might have to bite the bullet. For instance, releasing it to a junk car buyer is probably your best option if you’ve been in a severe accident and the vehicle is totalled. Additionally, you may consider parting with it if it has significant or irreparable safety issues.
2. It’s Not Worth the Repair Costs
Sometimes, perhaps due to emotional attachment, we spend more money on repairs than a car is worth. And while selling it might be your best bet, it’s one we prefer not to take. However, it doesn’t make financial sense to keep sinking money into something that isn’t going to give you a return on your investment.
And if your car is giving you more trouble than it’s worth, it might be time to terminate your love affair with it. After all, who wants to keep dealing with constant repairs and headaches? If you find yourself at the mechanic more often than you’re on the road, it might be time to get a new ride.
3. Its Upkeep Costs Keep Rising
Over time, cars start to rack up maintenance costs. If you’re spending more on gas, oil changes, and other regular upkeep than the value of your car, selling it might be the way to go.
It defeats the logic to keep spending money on something that doesn’t offer much value. Besides, nobody wants to be in a toxic relationship where they give more than they get. Hence, if upkeep costs are a constant struggle, you can save yourself trouble by considering other options.
4. Your Mileage Takes a Nose Dive
If your car is no longer fuel-efficient, you may consider parting with it. Getting a more efficient vehicle means you can save money at the pump and help reduce your carbon footprint.
With gas prices constantly fluctuating, it helps to have a car that won’t break the bank every time you need to fill up. Fuel is a recurring expense, and if your car is guzzling more gas than it should, especially at today’s rates, you might consider shopping around for another ride.
5. It’s Resale Value Tanks
It’s common knowledge that vehicles depreciate over time. But, finding a buyer for it as it, ages can be a lot harder than you imagine, especially if it has an accident history. Besides, you may be in for a raw deal even if you find a buyer.
Thus, if your car’s resale value tanks, it might be time to ditch it. After all, you don’t want to end up upside down on your loan, do you? If the car is no longer worth what you owe, selling it to a junk car buyer and using the money as a down payment on a new vehicle might be the best option.
6. Your Lifestyle Changes
Sometimes, lifestyle changes dictate whether or not you should keep your car. For example, if you’re a recent college graduate and have landed your first job, you might want to sell your old clunker to buy a new one. The same goes for a growing family. If you’re expecting a baby, you might need a bigger car to accommodate your family.
Similarly, if you’ve just retired, you might not need a car anymore. If you live in a retirement community or your kids offer to chauffeur you around; selling your car might make sense. Besides, living in a walkable city where you don’t need a car could mean a parting of your ride.
Various reasons may compel you to sell your car to a junk car buyer. Besides, any of the variables we’ve addressed may affect you at any time in life, turning your once trusty ride into a money pit or worse. If any of the above scenarios resonate with you, it might be time to get rid of your car and upgrade to something new or newish. But ultimately, you’ll have to decide what’s best for you and your situation.