Understanding the car trade industry gives you a better idea of why the value and prices of cars can fluctuate over the year. While newer cars generally see a considerable rate of decline when it comes to value, there are numerous other factors that can cause the worth of a vehicle to increase or decrease throughout the year.
For example, certain models of car are higher in demand at different times of year, making them more valuable to car traders and buyers as they are much more likely to resell, and at a higher price. Vehicles like 4x4’s are much better equipped for dealing with the wet, muddy and snowy conditions that typically occur throughout winter, making them much more popular during winter months. Oppositely, sporty cars such as convertibles are in much higher demand during spring and summer. So, while selling a 4x4 during summer may allow you to grab a good deal on that convertible you’ve had your eye on, selling during the winter months is more likely to get you a better deal.
Selling before annual plate changes can also help you score a better deal. Once a car becomes a year older, the value inevitably decreases, so if your car is approaching its plate change date (1st March or 1st September) you may want to act fast and sell before any further loss of value occurs.
Don’t forget that car depreciation is still a very large factor, so weighing up if holding out for a better time of year is worth the rate of depreciation on your vehicle. Cars can see up to a 50% loss of value in their first three years, so if you’re looking to sell a newer car, remember that time is money!
This information can also be of great use to those looking to buy a new car. Understanding demand and seasonality can be a great way to score a good deal on your next car; be sure to check out this guide from The Money Advice Service on strategically timing a new car purchase.
As we saw above, there’s plenty that can affect the value of a car over even short periods of time, especially when it comes to market value depreciation and demand.
With webuyanycar.com, we offer a 7 day price guarantee that will lock in the price you receive during your online valuation for a whole week after your initial quote. That means that regardless of any changes in market value for your vehicle, you’ll receive the same price at your appointment that you get online, providing the car is in the condition you said it was during your initial online car valuation.
If you haven’t gotten your online quote yet, simply visit our online car valuation page to get your free and instant valuation. From there you can book an appointment at your local webuyanycar.com branch (we now have well over 200 in the UK) and sell your car at a time and place that’s convenient for you.
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