When Is The Best Time To Buy A Car?

What is the value of your current car? Most of you considering the best new car deals will have one eye on the value of your current vehicle. If you’re buying a new car, do you have to sell the one you currently drive? If so, you’ll need to know how much it’s worth now, and how much it will be worth a few months down the line.

There are many factors to car depreciation, including mileage, condition, new models and trends. Diesel vehicles, for instance, are losing their value quicker than ever before due to the relatively negative press diesel has been getting recently. There are plenty of sites out there that allow you to value your car, including We Buy Any Car, SellCar and AutoTrader. A useful exercise is to value your car in its current state, as well as how it will be at latter stages. This will determine whether it’s worth buying a new car now or later on. Remember, you will always get a better deal selling it privately than trading it in. It just depends how much you value the time saved on not handling the sale yourself.

According to the Government’s 2015 National Travel Survey, the average motorist drives 7,900 miles a year, which works out at around 650 miles a month. Mileage tends to be a key factor in the resale value of a vehicle; the more it’s done, the less you will receive when selling it.

The good news is that, down to enhanced technology and better mechanics, new vehicles now last a lot longer, with some able to travel over 200,000 miles. However, this all depends on how its owners have treated it over the years. The actual average life span of a vehicle, according to Consumer Reports, is 150,000 miles. There is no strict rule in terms of a specific mileage point to hit before selling your car. The actual condition of the engine, electronics, wheels and so on play more of a deciding factor. When considering buying a new car, it’s more important to consider the buying habits of the average used car consumer. Most buying guides will tell you that “if a car has 110,000 miles or more, it is better to avoid purchasing it.” Think about the average target market of your particular model, if you own a Vauxhall Corsa, for example, you’ll know that this may be especially of interest to those buying their first car. These people will be looking for an affordable yet reliable vehicle, so it may be best to sell it before it gets to 110,000 miles, for instance. If, however, you own a more traditionally reliable vehicle, like a Land Rover or Volvo, there is no harm in waiting and travelling more miles before selling.

How old is my car? Research suggests that the average life of a modern vehicle is 11.4 years, while the average length of time owners keep their vehicle is around 6 years.

With each year that passes, the value of your car depreciates. The depreciation costs will depend on the exact model you own, although you can discover how much the value of your vehicle is going down using sites such as WhatCar?’s Target Price. When it comes to looking for the best deals on new cars, try to avoid the fastest depreciating cars and instead opt for a vehicle that holds its value. Wondering if leasing a car is a good idea? Well, if you want to avoid depreciation costs and the hassle of trading in or selling your vehicle, it most certainly is! If you’d like to learn more about the best new car lease deals, give us a call today!