Expert names exact date to sell or part-exchange your car before 'boiling point'
Brits thinking of selling their car have been urged to act quickly - or risk losing out on sky-high profits.
A car finance expert has revealed the best time to sell or part-exchange your car to secure a substantially better deal. According to inside analysis, the used car market is right on the cusp of reaching peak demand, so owners have a brief window to maximise their returns before sales conditions cool off after reaching the 'boiling point'.
Motor Finance Expert at Ocean Finance, Lorna Macpherson, pinpointed this month as the optimal moment to act. So, if you've been thinking about upgrading or getting some extra cash for your current vehicle, she suggests now is the best opportunity to benefit from heightened buyer interest and increased offers.
In a statement sent to the Mirror, the expert said: "July is one of the strongest months for selling or part-exchanging. There's more demand for cars during the summer, especially from families getting ready for holidays or young drivers preparing for university in the autumn.
"That pushes prices up, especially for fuel-efficient or family-friendly cars, and mid-July is when that demand really peaks. If you're planning to switch or cash in, I'd aim for Saturday, July 19. Waiting until later in the year could mean a lower offer and less money in your pocket."
Pricing fluctuations in the used car market are influenced by a number of factors, including consumer demand, availability of stock and broader economic conditions. Right now, these factors are aligning to create a strong seller's market, but such favourable conditions may not last much longer.
Delaying the decision to sell or part-exchange could mean buyers lose interest or shift their focus elsewhere, particularly as we move towards the end of the summer and run-up to new vehicle registration in September — when the new 75 plate arrives. Lorna's advice serves as a timely warning for those postponing their decision.
Acting on or before Saturday, July 19 not only increases the chances of getting a quicker sale, it could also add hundreds of pounds to the price. For drivers looking to optimise the value of their vehicles, carefully timing the sale is crucial — those who wait too long risk missing out.
If you're on the receiving end of this, and you're looking to purchase a second-hand car — it's worth shopping around to make sure you get the best deal possible, and avoid buying any unreliable models that can be costly to repair. As previously reported, veteran car dealer Tom Kershaw warned against buying three popular brands or risk ending up with a 'money pit'.
The expert's don't touch list includes Fiat, particularly the iconic Fiat 500, BMW, and Land Rover. You can read more about why Tom refuses to buy vehicles from these brands here.
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