Should I Sell my Car or Store it?
Sell My Car or Store My Car, Which is Better?
The question of “Should I sell my car or store my car?” introduces a common predicament that many people aren’t sure how to tackle. If you are deciding whether it is best to sell your car or to put it into storage, the right answer will depend on your specific situation. Let us help guide you on some factors to consider before you reach your decision and answer the question “Should I sell my car or store my car?”.
Sell My Car versus Store My Car: Costs & Time
The first thing you should consider when you are asking yourself “should I sell my car or store my car?” is the amount of time you will need to store your car. Since cars are meant to be driven, leaving them to sit in storage for extended periods of time will actually be hard on them, and often leads to more damage and wear over time than if the same car was driven and maintained regularly. If you just need to keep your car stored away for a couple of months, then putting your car in storage makes sense. There is little risk of damaging the car by keeping it in storage for two months despite the recommendation that cars should be driven at least once a week.
On the other hand, if you need to store your vehicle for more than a couple of months, there are more things to consider. A common scenario occurs when people who are in the military are deployed overseas for lengthy stretches of time. On average, the length of time spent by members of the military while deployed overseas is 3 years, which is far too long to keep your vehicle in storage. If you find that you are going to need to store your car for a long period of time, you need to consider the high cost of storage.
Car storage fees can range from $100 to $450 a month, which means a cost of $1200 to $5400 a year. If you have an unpaid loan on the vehicle, storage fees could quickly approach what it would cost to finish paying the car off. If you are still making payments, you should consider whether you are able to sell your car, pay it off, and maybe have some extra cash in your hands.
It’s possible that even selling the car for a small loss might make more sense than paying storage fees for an extended period of time.
Another consideration to make when answering the question “Should I sell my car or store my car?” is that when a car is stored for a year or longer, there is an increased risk of needing costly repairs to fix your car that may cost hundreds or even thousands of dollars.
Sell My Car versus Store My Car – Type of Car and Special Attachment
Do you have a special attachment to your car? Does it have sentimental value to you? If you answered yes to either or both of these, you should consider this when you are asking yourself “Should I sell my car or store my car?”.
One thing to keep in mind is that if your car is less than 5 years old, it will continue to depreciate in value. So along with considering how much value the car will lose, you also have to consider any physical deterioration that will happen while the car sits in storage.
There is an exception to the rule. Not all cars deteriorate in value as time marches forward, and in some rare instances, certain cars can actually see an increase in their market value. If your vehicle is an antique, classic or collectible vintage car, keeping it stored in a climate-controlled facility can actually increase its value and the cost of storage can pay off.
The car may also have such sentimental value to you that you just can’t let go of your vehicle. You should still take a look at the costs involved to store your car versus selling your car and recouping some valuable funds.
Sell My Car versus Store My Car – Help Out Family or Friends
If you have a reliable family member or friend who is in need of a vehicle, you might consider loaning it to them. A few things to consider with this option is if you will have them pay a monthly fee while they use your car. You will want to make sure that they take care of your car’s regular maintenance and carry insurance.
This option could end up backfiring. The person you let use the car may not be as reliable as you thought. If they don’t take care of your vehicle as you would expect, misuse the car or wreck it, it could open more issues and headaches than you are willing to deal with.
Sell My Car versus Store My Car – Cars Should Be Driven
You may think you are in luck if a grandparent is passing down their car to you. After all, they barely drove the vehicle and it has low mileage. Cars should be driven, otherwise, they develop a variety of issues.
When a car sits in storage for an extended period of time, a commonly occurring issue is the build of moisture and condensation that leads to a host of problems. The engine will have some corrosion since the moisture doesn’t get burned off like it does when a car is being driven. The vehicle’s many rubber and plastic parts can also crack from drying out while it sits. Many of these rubber and plastic parts serve crucial functions in the car that would cause the car to become unsafe if they failed such as the engine and transmission mounts, suspension bushings, electrical components, and wiring harness.
Other problems you can have are the tires developing flat spots and dry-rotting, seals cracking, hoses developing leaks, and the batteries losing their charge. When a car is being driven on a regular basis, these issues are avoided. Unfortunately, too many people have found out the hard way that the cost of storage wasn’t the only cost that they would have to incur. In the end, they were hit with the additional cost of repairs from storing their vehicle.
It’s recommended that a vehicle be driven for at least 20 minutes a week. Just driving the car in residential areas won’t be enough, as the car should be driven over 50 mph for part of the drive. Driving the car at faster speeds helps ensure that the condensation and moisture evaporate.
Sell My Car versus Store My Car – Decision Time
Answering the question “Should I sell my car or store my car?” can be more complicated than you might have thought. If you have decided “it’s time to sell my car” after looking into your different options, it’s now a matter how looking into how to sell your car.
One option is to take your car to a dealership and sell it outright, however, this often leads to less-than-satisfactory results. Dealerships tend to pay very little for used cars because they are trying to resell them for maximum profit. Another option is to do a private party sale of the car. A few things to consider with a private party option is the amount of work, time and stress to get the vehicle sold.
The third option would be to use a car buying service like CarVIO. You can use a car buying service that is hassle-free and pays you a fair price for your used car faster than conventional methods. We can provide you the same fast speed as a dealership and often will beat a dealership’s offer.
At CarVIO, our only business is buying cars. We won’t try to push you into purchasing another vehicle, we’ll just pay you a fair price for your car. We will also take any make and model of car, a car with high mileage, a wrecked car and even a car that doesn’t run. We will also come to you, or you can visit one of our 75 locations across all 50 states.
If you have said I am ready to sell my car and think that using a car buying service is the option to get paid quickly for your car with no hassle, then CarVIO is here to help!
CarVIO is Fast, Easy and Reliable! Visit us at www.carvio.com to get your quote today and the cash for your car you want!