If you’ve had your truck for over seven years, selling the vehicle might’ve been in your to-do list for a while now. After all, not only can you use the sale money to buy a new one, you can also save yourself from the hassle of frequently visiting the repair shop. Alas, trucks are known to be more durable than cars, not to mention they depreciate in value slower than regular vehicles.
For these reasons, it can be difficult to figure out when’s the best time to sell your truck. In that regard, this article will go over six signs that you’re better off selling your truck.
1. The Odometer Is About To Pass The 100k-Mile Mark
Passing 100,000 miles on your car or truck typically means the vehicle doesn’t have much time left. While recent advancements in automotive technology makes it so maintenance can prolong the lifespan of vehicles considerably, passing the 100k-mile mark still means your truck would be way out of shape. When that happens, you might be better off selling the vehicle.
For one, you may not find as many buyers if your mileage is around 150,000. A mark below 100,000 would then increase the perceived value of the truck, allowing you to get more money out of its sale. Speaking of which, if you want to sell your truck as soon as possible, you might want to consider looking into agencies like Car Bingo which can buy your truck within a week.
Nevertheless, one sign shouldn’t be enough to convince you or anyone, for that matter, to sell your vehicle. You should also consider other things, such as the truck’s safety rating.
2. Its Safety Rating Is Relatively Low
The safety rating of a vehicle represents how well it performs during accidents. The higher the safety rating, the safer the car, and the best vehicles would typically have a five-star rating.
So, what does this have to do with selling your truck? For one, if your truck has a relatively low safety rating (1 or 2), the chances of getting into an accident is high. This is especially true if the truck is already over five years old. In that case, it might be best to let go of the truck, and what better way to do that than by selling it?
3. Repairs Cost More Than The Truck’s Original Value
Yes, there are times when repairs greatly exceed the vehicle’s original value. When that happens, you might be better off selling the truck. That way, you can, at least, get a new one with the sales money. In that regard, when sending your vehicle to a repair shop, you might want to get an estimate or quote first. That way, you can determine whether you’d want to go through with the repairs or if it’s better to sell the truck according to the price set by the mechanic.
4. Rust Has Already Accumulated On Your Truck
Although rusting is common among vehicles, there are cases where rust may accumulate to the point wherein it’s no longer recoverable. Of course, such cases are quite rare as rust removal typically costs around USD$500 on average. However, if you’re one of the unlucky vehicle owners to get rust on every nook and cranny of their truck, you may end up spending thousands of dollars for full rust removal. In this case, selling the truck might be the better option.
5. You’re Spending More On Gas
The main factor that affects your gas expenses is the gas price. However, it’s possible to minimize this expense by utilizing fuel-efficient vehicles or engines. Unfortunately, as vehicles age, fuel efficiency declines. So, no matter how good your maintenance is, your truck will eventually come to a point wherein the gas costs are incredibly high. This would be a good time to sell your truck.
6. You No Longer Feel Safe Driving The Truck
While some may argue that it’s all about mental strength, some people cannot help but feel as though an accident can happen at any time while driving their truck. If this is your current situation, you should consider selling your vehicle. Not only can you get money for a new one, you’ll also get back the peace of mind that you’ve already lost with your old truck.
Perhaps it’s because the truck has sentimental value to you or your family. Maybe you just can’t afford to lose your primary means of transportation. Regardless of your reason, it’s understandable if you don’t want to sell you truck without much deliberation. However, if you’re seeing any of these signs, it’d be to your best interest if you let go of the vehicle and put it on the market.