Last year was a seminal one for the automotive sector, as dealers throughout the UK turned to the used car industry to bolster their profits. This is understandable, particularly given the strained nature of the UK economy and lack of disposable income present in UK households.
With used cars NI also continuing to thrive, there’s a clear opportunity for people to sell their second-hand vehicles privately and the full value of their assets.
In this post, we’ll look at why timing is key when selling your used car, and appraise the key considerations when aiming to offload your vehicle for a viable profit.
- What Type of Car do you Own?
The first consideration should be the type of car that you own, as some models may be more appealing at different times of the year.
In fact, you may even own a so-called season vehicle, with four-wheel drive cars like Range Rovers known to sell better during the winter months. The reason for this is simple; as these vehicles offer far greater value in challenging weather conditions and on all types of outdoor terrain.
Conversely, soft-top and convertible cars experience a huge demand in the summer, when the weather hots up and motorists love nothing more than feeling a warm breeze while they drive.
More recently, MPVs have tended to sell well during the spring and the summer, and this is largely due to the challenging nature of the economic climate. After all, people are investing in large minivans so that they can enjoy cheaper holidays in the UK, rather than purchasing costly packages abroad.
- Who are you Selling Too?
While you may think that there’s little difference between selling to a private buyer or a dealership, this is a misconception that could actively cost you money when selling a vehicle.
This is especially true when selling to a second-hand dealership, either through a part-exchange deal or in an outright deal.
After all, these dealers have quarterly sales targets that they’re required to meet, meaning that they’ll need to optimise sales volumes towards the end of March, June, September and December.
So, if you’re buying a car and looking to use your existing vehicle in a part-exchange deal, you should aim to complete your negotiations during these periods and strive to strike the best possible agreement.
- What Colour is your Car?
Interestingly, the colour of your car may also impact on when you sell your vehicle and how easy it is to complete a deal.
After all, the colours that were in-vogue a few years ago may no longer be fashionable, with examples such as metallic blue, red and silver statistically unpopular and unlikely to experience long-term demand.
White is another colour that slips in and out of vogue, although it has enjoyed a resurgence of late (particularly on sporty hatchbacks or coupes).
Interestingly, it’s black cars and vehicles with a metallic finish that are worth considerably more than others after one year of ownership, with these models retaining their value due to their resistance to wear and tear.
