Knowing the right time to sell your car is one of the crucial aspects to get the best value for it. To determine the right time, it’s essential to understand the car market dynamics in the UAE and when to put your car up for sale. Additionally, you need to be aware of two critical factors related to your vehicle: the depreciation rate and the resale value. As soon as you buy a car, its value begins to decrease, with the price dropping by up to 20% in the first year and up to 60% within five years.
Therefore, if you’re planning to sell your car in the UAE, consider some vital factors that can help you get the best deal. The right timing is necessary to ensure that you get the maximum value for your car and a successful sale.
Here are some crucial factors to consider when selling your vehicle profitably at the best time of the year.
Car Depreciation Value
As mentioned above, it is recommended to sell your car within the first five years of ownership, as the value of the car depreciates by 60% during this time. This is an ideal option for those who want to upgrade to a newer car model and get a good sale value for their current car while it is still in good condition and has a five-year warranty.
After the first five years, the car’s depreciation rate slows down, and its market worth decreases. Moreover, maintenance costs increase and the car’s condition deteriorates. Therefore, it is advisable to sell your vehicle in good condition within the first five years to get the best price for it.
Check the Condition of Your Vehicle
Another critical factor that affects the value of your car is its condition. Apart from having a 5-year warranty, your vehicle should have all its parts in good condition to be sold at a reasonable price. Even if your car’s warranty has expired, ensure that it has genuine parts and looks new.
It is also recommended to take your car to a mechanic for any minor repairs to enhance its appearance before advertising it for sale. Moreover, it is best to sell your vehicle before it starts to break down, as every car owner eventually has to sell their car, so why not sell it at the right time?
Read our blog: 5 Essential Tips to Maintain a Car – Dubai
Check Car Mileage
Cars with low mileage have a better chance of a quick sale at a good price. Mileage below 60,000 Km is the best option as it indicates a longer lifespan of the vehicle. Therefore, car sellers need to keep a record of their car mileage and sell their car before it reaches a significant mileage mark.
Seasonal Discounts to Check
Keep an eye out for discounts and deals on used cars for sale and purchase. In the UAE, seasonal discounts are often available on vehicles during the holiday season or when Ramadan is around. So, it may be the best time to look for a potential buyer.
However, it is essential to consider that many people working in the UAE spend their vacations in their home countries, which may result in fewer potential buyers around. So, take your time and make a well-informed decision.
Take Your Time
There is no rush to sell your car; take your time and research the UAE’s car market. Find the best possible way and time to sell your car, search for vehicle valuation, and know the worth of your vehicle. Moreover, delaying the sale for the right moment is better than feeling sorry later. Once you’ve found a potential buyer, negotiate with them to make a deal that works well for both parties.