It is hard to handle a break up, but sometimes we have to face the hard truth. Selling the trusty partner we always relied on to go around might be a hard thing to handle, but it is inevitable. And one of the biggest questions that play a part in this is deciding if you should sell your car or fix it… This is how to approach this problem.
Balance Between Your Car’s Value and Repair Costs
A really good way to know the right thing to do, is to compare the price of keeping your car on the road against what it is actually worth in cash.
When the costs of repairing your car outweighs its value, it’s probably the time to let go. Of course, many specific things go into the equation here…
– Firstly, you have to know how much your car is worth:
Luckily, many online tools can help you with this. All you have to do is find a website that provides instant car valuation and enter your car details such as make, model, mileage, add-ons, and get an approximate value of how much is its market price. You also have to keep in mind that you have to consider the repairs your car needs at the moment. You can also try out asking dealerships about what they will give you for your car, but they probably will give you the lowest number you’d find anywhere else.
You can always inquire from people around you; get a feel for how much anyone is prepared to pay for your car, any potential buyers or close relatives and friends.
Many people think that they’ll get a price which is close to what they bought their car for, but that’s never the case because the car prices always depreciate over time, and rapidly. It also depends on the market at the current time you’re selling your vehicle.
– Now, you have to figure out how much it will cost you to keep it going:
Your car is probably at a high mileage right now, so you have to look up what problems keep showing with high-mileage cars. Needed repairs that will start showing up are replacing fluids, oil, tires, checking your brakes, maybe even timing your engine belt or water pump… all of which are things you can find in your owner’s manual.
The best course of action to take here is to take your car to a mechanic and ask him these questions: “what repairs do I need to do to keep my car on the road, and how much will they cost?”, “what repairs can we put off for now?”, and “what is the cost of doing needed maintenance in the next 12 months in relation to how many miles I drive per year?”
Now you know how much money you’re paying to keep your car in a good shape, and with all this information you should get your calculator and start adding things up. If your car maintenance price exceeds the price you’ll get for the car in a dealership, it is best to sell your car from a financial perspective.
Compare the costs of repairs to the cost of replacement
Comparing the maintenance costs to selling costs is surely an efficient way of deciding to sell any car in Dubai. However, you don’t want to be left using buses and cabs to go around.
Let’s say you’ve been driving your car for years without considering repairs or maintenance. You’ll be surprised with the fact that it might need around 7,000 AED of repairs. You may also find that you are able to get a great car on an installment plan of around AED 1,500 AED – AED 2,000 monthly. This may be great if you want to avoid the big repair bill you’re facing with a new car at a good price! But remember, you’re going to be making that payment every month for at least several years.
Now, to make sense out of these figures you have calculated, compare both the costs. If the yearly repair cost exceeds a year’s worth of monthly payments for the new car you’re looking for, then it is the time to let the old one go and get yourself a new friend.
Time for the Break-up? Try Selling your Car at a Car Buying Service
So you have compared the costs and decided you’re going to get yourself a new ride. Now, It’s time to look for a fast and convenient service that can make your life easier, especially if you have a busy schedule.
You can sell your car for a fair price on the spot through various online resources. All you will have to do is visit their website, try out their free valuation tool and get an initial price. If you like the price, book an appointment to get an obligation-free valuation of your car, take the deal, and walk away with money in your pockets.
Time to get yourself that new car!
Author: Anshed Mulla
Anshed Mulla is the Managing Director of Sell Your Motors in the UAE. Sell Your Motors is a company that offers car buying services in Dubai.
For over 10 years, Sell Your Motors has been a noteworthy company in the automobile trading industry; offering professional purchasing service that reach thousands of people in the UAE.