When Is the Best Time to Sell My Vehicle to Maximize Its Resale Value?

Many Canadians today are faced with a difficult decision to downsize their vehicles in an effort to reduce their monthly spending. This in flood of used vehicles on the market place is actually working against the sellers, the basic rule of economics dedicates a situation of over supply will diminish market demand and therefore reduce the selling price. Since a vehicle is a depreciating asset rather than an appreciating one, you do not want to compete with many others if possible. In a real life scenario before you are ready to post your vehicle up for sale, do yourself a favor to research the current market condition. If there are many 2006 Honda Civics up for sale around your area, you may want to wait few weeks until the market inventory reduces so you can secure the asking price you want.
Unknown to many Canadians today, every vehicle has its optimal selling point or the best time to sell your vehicle before the depreciation takes a big chunk out of your resale value. Take a typical Honda Civic for example, the best time to sell your Civic before the price drops dramatically is 48 month mark. That means 48 months from the day your vehicle How To Apply For A Startup Business Loan was delivered to you as brand new would be the best time to sell it. Theoretically when your vehicle is older than 48 months, the depreciation will speed up until it comes to a gradual slope around the 10 years mark. A great way to figure out the best selling point for your particular brand is to look at the manufacturer’s suggested lease promotions.
For example if you are driving a late model Lincoln MKZ and the TV commercials are promoting a 39 month lease program on that particular model. That means according to the market research done by Ford Corporation, the best time to get rid of your Lincoln is the 39 month mark. Ford is using How To Pay Off Loan Faster that research data to predicate future resale value and in turn maximize its residual value. Remember every vehicle brand has a different optimal selling point, do your research and sell your vehicle before that mark, or wait it out until the depreciation slows down to almost a flat line.

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