When is the best time to sell a car?

What's the best mileage to sell a car?

The question of how long to keep a car before selling it partly comes down to its mileage. Here are some general benchmarks to consider:

• 30,000-40,000 miles: Most manufacturers' general warranties expire in that range, and the first major maintenance is usually due. Selling before the general warranty expires may get you the best price.
• 60,000-70,000 miles: Most manufacturers' powertrain warranties expire in that range, and the second major maintenance is scheduled to occur. Selling before the powertrain warranty ends can get you a better price than selling afterward.
• 90,000-100,000 miles: Crossing the 100,000-mile mark may be a psychological barrier for potential buyers. The car may be running just as well as it was at 95,000 miles, but, in a buyer's mind, there could be a perception that a car's value drops once the odometer crosses 100,000 miles.

Not all car mileage is equal. Highway miles create less wear-and-tear than city miles, and a well-maintained car generally can handle the miles better than a poorly maintained one. These variables can affect how your mileage is viewed from a valuation standpoint.

What's the best age to sell a car?

Car depreciation is the biggest factor to consider—according to Edmunds, the value of your car drops slightly with every 10,000 miles you add but there is no major drop-off at any certain milestone. What matters more is the model year. If your car is only a few years from new, it's likely to retain 60% or even up to 70% of its original value. When it's between five to seven years past its model year, the decline in its value slows and mostly settles, according to Edmunds. Learn how to calculate car depreciation.

What's the best time of year to sell a car?

Consider these factors pertaining to when to sell your car:

• New model year: The moment the next year's model hits the dealership, your car becomes one year older. That usually happens in the fall, so the earlier in the year you can sell your car, the better your sale price may be.
• Season: Car shoppers often buy in the spring and early summer, when they're ready to take vacations and their tax refunds arrive.
• Car type: You may receive more money for a sports car or convertible in the spring and summer. In the fall and winter, you could get more money for a vehicle with four-wheel drive or all-wheel drive, especially in places prone to severe weather.
• Market trends: Selling when your vehicle's make and model is in demand is a way to get top dollar for your car.

More considerations for the best time to sell your car

Sell your car on your own terms

You won't be forced to accept an offer below your asking price if you sell the vehicle on your own schedule rather than having to rush to make a deal. While selling your car before reaching a major service milestone may be wise, consider fully cleaning and detailing your car and make any minor repairs before putting it on the market. That can enhance the perception of your car's condition and value. However, don't hide any outstanding issues from a potential buyer.

Get information on selling your car safely.

Know your vehicle's loan payoff amount

If you finance your car, you might consider selling when you'll get enough money to pay it off as well as any prepayment penalty for paying the loan off early. If you're in danger of missing payments or defaulting on a loan, selling the car to pay off as much of the loan as possible could help avoid a derogatory mark on your credit score. Late payments and defaults can have a long-term detrimental effect on your credit score.

Find out when to cancel car insurance after selling a car.