Whether it’s someone desperately in need of money or someone who’s just looking to make some extra cash, “should I sell my car?” is a common question among consumers. Although this is a big decision, it can be a great move. Here are the top four reasons why:
1. It’s Likely Your Most Valuable Asset
The “most valuable asset” varies from person to person, but for most people, it’s either their home or their car that takes this title. That means if you want to make a quick $1,000 or more, your best option is probably selling your car. People are always looking for used cars, and the process of selling a car is much faster than the process of selling a home. And even if you have a home to sell, you’d need to uproot your entire life to do so. With a car, there’s a much less dramatic impact after you sell it.
2. There Are More Transportation Options than Ever Before
The biggest hurdle for those thinking that “sell my car” was a good idea used to be the challenge of getting around town. A few grand from a car sale won’t be much good if it leaves you stranded, unable to get to work or run any errands. But this is much less of a concern now because there are a plethora of excellent transportation options available. Public transportation options are vastly improved, especially in major cities. You can get around easily taking public transportation, and if you ever need to get somewhere more quickly, rideshare apps make that a breeze.
3. You Could Save Money Every Month
If you sell your car and decide to go car-free, you could shave quite a bit of money off your monthly bills. You won’t be paying for gas anymore, which means no more stressing out when you see gas prices rise. Car insurance is a big monthly expense for many people, but it won’t be for you, and you also save on those car registration costs every year.
4. Interest Rates on Loans Are Low
Let’s say that you’re selling your car to buy a new one. This is the perfect time to do it, because of interest rates on loans, including car loans, are low. With sufficient income and a good credit score, you could get a newer car than you had before on a loan with a low-interest rate and an affordable monthly payment. Not only will you get to enjoy driving a newer vehicle, but you also won’t need to deal with the repair costs that you may have experienced if you stuck with your previous car.
These are just a few of the reasons why it may be a smart move to sell your car. It can work out well for anyone, but especially for people with access to a strong market of buyers and plenty of transportation options if you feel like going car-free moving forward. Think it over and you may find that you’ve been hanging on to your car unnecessarily and it’s time to let go.