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Author: hannahmoore

Carmigo announces promotion of Austin Hille to Director of Marketing

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Carmigo announces promotion of Austin Hille to Director of Marketing

Hille has served in the company’s leadership for more than two years, and is now taking on a new role and responsibilities

Carmigo has announced the promotion of Austin Hille to Director of Marketing. Hille left his role as Manager, Marketing Strategy at C Spire to join Carmigo in November 2021. He was the company’s first full-time marketing hire. Since then, Hille has taken on a wide range of responsibilities within the company.

“We originally brought Austin onboard to build out our consumer marketing strategy, but as Carmigo has taken on more of a dealer-to-dealer focus, we needed him to step outside of his original role,” said Andrew Warmath, CEO and Co-Founder of Carmigo.

“While marketing is still his primary responsibility, we’ve all been impressed with his ability to serve the company’s goals wherever we need him.”

Hille has managed projects within product, sales, and operations. Most recently he oversaw the launch of the company’s new wholesale platform – Carmigo Turn.

He’ll now work alongside other departments to ensure the company’s growing salesforce has the support it needs to scale their dealer network, and will continue to build out a dealer-focused marketing strategy.

“2024 will be a massive year of growth for us,” said Hille. “I am happy to help in any way I can to help us realize our goals this year. It’s been a privilege to work with the team at Carmigo thus far, and I am excited about what the future holds for us.”

Carmigo launched Turn alongside a suite of improvements for its users on February 1. In the first quarter of 2024, the company has more than tripled its salesforce and is anticipating unprecedented growth throughout the year. Visit carmigo.io to learn more.

About Carmigo

Carmigo is an online marketplace and wholesale platform for dealerships. They provide tools to help dealerships increase used inventory turn and source consumer cars for their dealership. The startup works with dealerships across the nation, but is based in Tupelo, MS, and is rapidly expanding its team.

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Carmigo elevates Chris Michael to Vice President of Operations

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Carmigo elevates Chris Michael to Vice President of Operations

Michael is a nearly three-year veteran of the company, and now serves as a Vice President alongside new responsibilities

Carmigo has announced the promotion of Chris Michael to Vice President of Operations.

Michael started at Carmigo in April of 2021, just three months after the company’s founding. He has remained a foundational member of the Carmigo team, and has lead its operations department across multiple company wide initiatives.

Carmigo started as a solely consumer-focused platform with in-market inspectors across the Southeast. Michael oversaw the inspection and post-sale teams when they were in-market, managed the transition of those teams to headquarters based roles, and is now in charge of managing in-market operations for Carmigo’s growing dealer-to-dealer network.

“It’s hard to imagine Carmigo without Chris,” said Andrew Warmath, CEO and Co-Founder of Carmigo. “I asked him to join the company when there was no promise of a future. Since then, we’ve thrown a lot of changes at him, and he’s handled each one with precision and candor.”

Michael’s newest set of responsibilities come following the launch of its wholesale platform – Carmigo Turn. Carmigo has more than tripled its salesforce in the first quarter of 2024, and alongside this growth comes a need for operational support in markets across the south.

“We’re seeing a growing need for inspector and post-sale efficiency as our network grows and our sales increase,” said Michael. “It’s all about perspective. Our dealers demand a level of service and support on par with our national competitors, and we must meet those needs in order to stay competitive.”

Michael will be focusing on rapidly growing the Carmigo Inspection Team as they eye expansion across the southeast throughout 2024.

Carmigo launched Turn alongside a suite of improvements for its users on February 1.

Visit carmigo.io/turn/ to learn more.

About Carmigo

Carmigo is an online marketplace and wholesale platform for dealerships. They provide tools to help dealerships increase used inventory turn and source consumer cars for their dealership. The startup works with dealerships across the nation, but is based in Tupelo, MS, and is rapidly expanding its team.

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Dealer Sales Representatives

by hannahmoorein Career Page

Dealer Sales Representative

  • Multiple Locations

About Carmigo

Carmigo is changing the way dealerships think about their wholesale strategy by creating a simple, end-to-end platform called Carmigo Turn that is designed to easily increase inventory turn. Carmigo is growing fast with a lot of energy in our pursuit to change the way dealerships manage their remarketing.  We are building a team that thrives in a fast-paced environment with accelerated growth in mind. 

About the Position

Dealer Sales Representatives work to find new dealerships that can use Carmigo’s platform as well as maintain relationships with current dealer customers.  Each DSR will be assigned a market and will work autonomously to build a network of dealers who will buy and sell their cars on Carmigo.  This position will require in-person visits to build and maintain relationships with dealers.

What You Will Do

New Business Development (50%)

  • Identify and create a “hit-list” of sellers who fit Carmigo’s seller profile
  • Visit and call dealerships that are in your market to sell Carmigo
  • Onboard new dealerships to use suite of Carmigo products

Existing Business Management (40%)

  • Understand each dealer’s wholesale preferences and come up with customized solution
  • Work with dealers to identify & list cars they can sell on Carmigo
  • Build a buyer profile for each dealer by identifying cars they are looking to buy
  • Build a healthy ecosystem of buyers and sellers for market
  • Coordinate with inspectors to make sure cars are inspected efficiently

Account Management (10%)

  • Track dealer activity on a monthly basis to ensure proper engagement 
  • Set monthly targets
  • Identify unengaged dealers
  • Log customer interactions in CRM 
  • Handle post-sale issues with operations including titles, transportation, arbitration

Who we are looking for

  • 2+ years automotive sales experience selling to car dealerships
  • Ability to sell in a short sales cycle without having built relationships
  • Ability to build relationships to increase sales with same customer
  • Humble and hungry
  • A self-starter that is motivated to meet goals without much supervision
  • High energy
  • Ability to interact with tech proficiently
  • Automotive wholesale experience, franchise dealership experience preferred

What you’ll get from us

  • Competitive Salary + Company Shares
  • Opportunity to be an early contributing member of a company with big dreams
  • A company culture that encourages intellectual curiosity by offering opportunities to expand your knowledge

Hiring is contingent on a satisfactory background check as permitted by law. Any falsification of your application or any other hiring materials is grounds for rescinding an offer or termination of employment. Carmigo is an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability status, protected veteran status, or any other characteristic protected by law

Looking for candidates that live in these markets

  • Knoxville, TN
  • Tallahassee FL
  • Beaumont TX
  • Bowling Green, KY
  • Chattanooga, TN

Job Type: Full-time

Compensation: $80,000.00 – $120,000.00 per year OTE

Benefits:

  • Paid time off
  • Health insurance
  • Dental insurance
  • Vision insurance
  • Company car + phone
  • Flexible schedule

Apply

Meet Brandon and Mike, Carmigo’s Newest Dealer Sales Representatives

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Meet Brandon and Mike, Carmigo’s Newest Dealer Sales Representatives

They bring more than 30 years of automotive experience to Carmigo

We’re thrilled to welcome the two newest members of the Carmigo team – Brandon Crouch and Mike Benke. They have joined as Dealer Sales Representatives as we continue to expand our dealer network. Combined, they bring more than 30 years of automotive experience to Carmigo.

 

Crouch joins us from Collierville Chrysler Dodge Jeep Ram where he worked as the General Sales Manager. He has an extensive background in the dealership world with previous posts at Gossett Motor Cars and Ford ProfitBuilder. Brandon is now bringing his more than 10 years of automotive experience to our Memphis market.

 

Benke served as the Territory Manager at ACV Auctions where he was responsible for the buying and selling relationships of dealers throughout Southwest Virginia. He brings a wide range of experience from both the dealership and auction world, working roles at Capitol City Auto Auctions and Advantage Ford. Benke is now responsible for launching our Roanoke market.

 

This newest expansion of our team directly aligns with the launch of Carmigo Turn – our new wholesale platform designed to help dealers increase their used inventory turn. If you’re in one of their markets and want to see how Carmigo can make it easier to manage your lot, give us a shout. We’d love to help.

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Meet Angelia and Shannon, Carmigo’s Newest Dealer Sales Representatives

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Meet Angelia and Shannon, Carmigo’s Newest Dealer Sales Representatives

They bring more than 30 years of automotive experience to Carmigo

We’re thrilled to welcome the two newest members of the Carmigo team – Angelia Madderra and Shannon Short. They have joined as Dealer Sales Representatives as we continue to expand our dealer network across the Southeast. Combined, they bring more than 30 years of automotive experience to Carmigo.

 

Madderra joins us from America’s Auto Auction in Birmingham where she worked as a Digital Sales Representative. She has an extensive background in the auction world with previous posts at ACV Auctions and Auto Auction of Montgomery. Madderra is now bringing her more than 13 years of automotive experience to our Montgomery/Columbus market.

 

Short previously served as a Market Expansion Manager at EBlock where she was responsible for the go-to-market strategies for nine states. She brings a breadth of experience from both the dealership and auction world, working roles at KAR Global and Dealers Auto Auction. Short is now responsible for launching our Mobile/Pensacola market.

 

This newest expansion of our team directly aligns with the launch of Carmigo Turn – our new wholesale platform designed to help dealers increase their used inventory turn. If you’re in one of their markets and want to see how Carmigo can make it easier to manage your lot, give us a shout. We’d love to help.



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Meet Stacy, Carmigo’s Alabama Dealer Sales Representative

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Meet Stacy, Carmigo’s Alabama Dealer Sales Representative

She has 15 years of experience in the auction and automotive industry

We’re thrilled to welcome Stacy Williams to the Carmigo team in her role as our Alabama Dealer Sales Representative. Not only does she possess a wealth of knowledge in the auction world, but she also holds a well-rounded accounting background rooted in the automotive sector.

 

Stacy began her career in accounting at Wilson Dodge and Gray Daniels Auto Family in the Jackson, MS market. In addition to standard accounting practices, Stacy’s responsibilities included managing wholesale and retail accounts, auditing, cash control, and inventory management

 

Most recently, Stacy worked as a Field Sales Representative for IAA in Birmingham. She was responsible for building out a buyer network for auctions, negotiating sales, and managing relationships with customers and providers.

 

Stacy’s extensive automotive background, combined with her knack for forging connections, makes her a perfect fit for Carmigo’s customer-centric approach. As we expand further into the Alabama market, we are excited to see Stacy’s skills in action, furthering our mission of making managing your inventory easy.

 

Stacy’s primary focus is connecting with dealers in our Alabama market. If you’re in Alabama and want to see how Carmigo can make it easier to manage your lot, give Stacy a shout.

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Meet Toni, Carmigo’s newest Dealer Sales Representative

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Meet Toni, Carmigo’s newest Dealer Sales Representative

With an exceptional track record and a deep understanding of the industry, Toni brings a wealth of experience to Carmigo.

We’re excited to welcome Toni Paige to the Carmigo team as our newest Dealer Sales Representative.

Toni is no stranger to the world of auto auctions. She entered the industry as an Auction Coordinator for IAA. There, she was in charge of setting up new provider contracts, registering new buyers, and a myriad of other responsibilities that helped build their pipeline of inventory in her six-year tenure. Toni then joined Louisiana’s 1st Choice Auction as their Professional Sales Representative, which has historically transacted over 15,000 vehicles annually.

Toni’s keen ability to empathize with dealers’ needs makes her a perfect fit for Carmigo’s customer-centric approach. As we embark on exciting ventures, we are thrilled to harness Toni’s skills to help our mission of making managing inventory easier.

Toni’s first focus is helping dealers in our Jackson, MS market. If you’re in Jackson and want to see how Carmigo can make it easier to manage your lot, give us a shout.

Learn more about Carmigo
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Should I Sell My Car or Trade It In? A Comprehensive Comparison

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Should I Sell My Car or Trade It In? A Comprehensive Comparison

When it comes time to part ways with your beloved vehicle, the decision to sell it privately or trade it in at a dealership can be a challenging one. Both options have their pros and cons, and understanding them can help you make an informed choice. In this blog post, we will explore the factors you should consider when deciding, “Should I sell my car or trade it in?” So, let’s dive in and weigh the benefits and drawbacks of each option.

Table of Contents

person holding keys to used car ready to sell or trade in
should I sell my car or trade it in?

Benefits of Selling Your Car

Selling your car privately allows you to set the price based on its market value and condition, potentially resulting in a higher selling price compared to a trade-in offer.

If you’re asking “should I sell my car privately?”, think of the opportunity to negotiate with potential buyers, giving you more control over the final selling price.

By selling your car privately, you can aim to maximize your return on investment, especially if you have taken good care of your vehicle and it has unique features or modifications that may attract a niche market willing to pay a premium.

Selling your car privately doesn’t limit your options when it comes to purchasing your next vehicle. You can explore various dealerships, private sellers, or even consider alternative options like auctions or online platforms.

how to sell my car privately person holding car keys

Drawbacks of Selling Your Car

Selling a car privately requires time and effort to advertise, communicate with potential buyers, schedule appointments for viewings and test drives, and handle paperwork. It can be a time-consuming process, especially if you’re in a hurry to sell.

Meeting with strangers and allowing test drives involves some level of risk and personal safety concerns. It’s essential to take precautions, meet in a safe location, and verify the authenticity of potential buyers.

Selling your car privately can be inconvenient, as it involves coordinating schedules, responding to inquiries, and managing negotiations. Additionally, there’s no guarantee of a quick sale, and it may take longer to find the right buyer.

If you’re not experienced in selling cars or negotiating, you may find it challenging to navigate the process effectively. Lack of knowledge about market prices, advertising strategies, and proper documentation could potentially impact the final selling price and overall transaction.

If you still have an outstanding auto loan on your car, selling it privately requires paying off the loan before transferring ownership to the buyer. This extra step adds complexity and might involve coordination with the lender.

interior of used car ready to sell or trade in

Should I sell my car?

Start by determining its value using online resources, such as vehicle valuation websites or consulting with a professional appraiser. Next, prepare your car for sale by giving it a thorough cleaning, addressing any mechanical issues, and gathering all the necessary documents, including the title, maintenance records, and service history. Take high-quality photos of your car from various angles and create a compelling advertisement highlighting its features, condition, and any unique selling points. Post your advertisement on popular online platforms, such as classified websites or social media groups, and be responsive to inquiries from potential buyers.

When arranging test drives, ensure your safety by meeting in a public place and requesting proof of a valid driver’s license. Once you’ve found a serious buyer, negotiate the price, agree on the terms of the sale, and complete the necessary paperwork to transfer ownership. Finally, ensure secure payment by accepting a cashier’s check or completing the transaction at a bank. Remember to cancel your insurance and notify the appropriate authorities of the change in ownership.

carmigo marketplace on mobile phone

Sell your car the easy way

Carmigo offers a marketplace of dealers that want your car. This means you receive multiple offers instead of a singular one, maximizing your chances of getting the best deal. The process is incredibly convenient too – simply spend a few minutes providing the necessary information, and let the Carmigo team handle the rest. Within just one business day, your car could be sold for your asking price or more, and Carmigo even takes care of the pick-up. If your vehicle doesn’t receive an offer equal to or greater than your asking price, you have no obligation to sell or pay any service fees. With Carmigo, you have the flexibility to avoid direct interaction with buyers if you prefer, but rest assured that the Carmigo team is always available to assist you whenever you need them.

Experience a hassle-free and rewarding car selling experience with Carmigo.

keys to used car being handed over after loan purchase

Benefits of Trading It In

Trading in your car at a dealership is a hassle-free process. You can handle the entire transaction, including selling your old car and purchasing a new one, in one location. This saves you time and effort compared to selling your car privately.

When you trade in your car, the dealership takes care of the necessary paperwork, such as transferring ownership and handling the loan payoff. This simplifies the overall transaction and ensures a smoother transition to your new vehicle.

The trade-in value of your old car can be applied as a down payment towards the purchase of a new car. This reduces the amount you need to finance or pay upfront, making it easier to afford a newer vehicle.

In some regions, when you trade in your car at a dealership, the trade-in value is deducted from the purchase price of the new car. This can result in lower sales tax, saving you money during the purchase.

lineup of land rover cars ready for sell or trade in

Drawbacks of Trading in Your Car

Dealerships typically offer lower prices for trade-ins compared to what you might receive in a private sale. They factor in the costs associated with reconditioning, marketing, and reselling the vehicle, which reduces the trade-in value.

While you can negotiate the price of the new vehicle when trading in, the trade-in value itself is usually less negotiable. Dealerships have specific trade-in formulas or guidelines that determine the offer, leaving less room for negotiation.

Trading in your car confines your choices to the inventory available at the dealership. If you have a specific model or brand preference that the dealership doesn’t carry, you might miss out on exploring other options that might better suit your needs.

Dealerships might apply sales pressure to persuade you to accept their trade-in offer and purchase a new vehicle from them. It’s important to stay firm on the value of your trade-in and make sure the overall deal aligns with your requirements.

lineup of used cars at a dealership ready for trade in

Should I Sell My Car or Trade It In?

Trading in your car at a dealership is a straightforward process. First, research the value of your car to have an idea of its worth. Then, visit a reputable dealership and express your interest in trading in your vehicle. The dealership will inspect your car, considering its condition, mileage, and market demand. Based on their evaluation, they will make you an offer. If you accept the offer, the dealership will handle the necessary paperwork, including transferring ownership and paying off any existing loans. The trade-in value can then be used as a down payment towards the purchase of a new vehicle. It’s important to remember that trade-in values are typically lower than what you might get in a private sale, but the convenience and simplicity of the process can make trading in a car a favorable option for many.

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Selling A Car With A Loan in 5 Easy Steps

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Selling A Car With A Loan in 5 Easy Steps

Table of Contents

Selling a car can be a daunting task, especially when you still have an outstanding loan on it. Many car owners find themselves in a situation where they need to sell their vehicle before fully paying off the loan. In this article, we will guide you through the process of selling your car with a loan, ensuring a smooth transaction and a successful sale.

Steps to Sell Car With a Loan

two men shaking hands on a car loan payment deal

1. Determine the Loan Payoff Amount

The first step in selling your car with a loan is to determine the exact amount you owe the lender. Contact your auto loan provider to obtain the payoff amount, which includes the remaining principal balance, any outstanding interest, and any applicable fees. This information is crucial as it will help you calculate the minimum selling price you need to cover the loan balance.

Here are the steps to follow:

  • Gather Loan Information: Collect all the relevant documents related to your car loan, including the loan agreement, payment history, and any correspondence with the lender. Having these documents at hand will help you communicate effectively with the loan provider.
  • Contact Your Lender: Reach out to your auto loan provider by phone, email, or through their online customer portal. Identify the appropriate department or representative who handles loan inquiries.
  • Request the Payoff Amount: Clearly state your intention to sell your car and ask for the current loan payoff amount. The payoff amount is the total sum required to completely satisfy the outstanding balance on the loan. It includes the principal balance, any accrued interest up to the date of the request, and any applicable fees or penalties.
  • Provide Required Information: The lender may ask for specific information to identify your loan account accurately. Be prepared to provide details such as your loan account number, the VIN (Vehicle Identification Number) of the car, and personal information to verify your identity.
  • Confirm Calculation Details: Once you receive the loan payoff amount from your lender, take a moment to review the calculations. Ensure that all relevant factors, such as any outstanding interest or fees, are included. If you have any questions or concerns, seek clarification from the lender’s representative.
  • Consider a Payoff Quote Expiration Date: Some lenders provide a “payoff quote” that is valid for a specific period, usually a few days. If you plan to sell your car within that time frame, make a note of the expiration date. If the quote expires before the sale, contact the lender to obtain an updated payoff amount.
  • Verify Payment Instructions: Inquire about the preferred method of payment for the loan payoff. The lender will typically provide instructions on how to make the payment, such as via check, electronic transfer, or through an online portal. Be sure to clarify any specific requirements or deadlines to ensure a smooth transaction.
person reviewing numbers and stats for a car loan

2. Assess the Market Value of Your Car

Next, research the current market value of your car. Consider factors such as the make, model, year, mileage, condition, and any additional features. Several online platforms provide estimated values for used cars, such as Kelley Blue Book or Edmunds. Compare these figures with local listings to get a realistic idea of your car’s worth.

where can i sell my car for the most money? hand full of money

3. Calculate the Equity or Negative Equity

To determine whether you have equity or negative equity, subtract the loan payoff amount from the market value of your car. If the market value exceeds the loan balance, you have equity. Conversely, if the loan balance is higher, you have negative equity. In the latter case, you will need to consider additional steps to handle the difference.

Equity Formula: Car Value – What You Owe = Equity

tools under hood of used vehicle
luxury cars at a dealership

4. Decide on the Selling Method

Once you have a clear understanding of your car’s value and loan payoff amount, you can choose the selling method that suits you best. Some common options include:

a. Private Sale: Selling your car directly to another individual allows you to negotiate the selling price and potentially maximize your earnings. However, keep in mind that handling paperwork and advertising the sale will be your responsibility.

b. Trade-In: If you plan to purchase a new vehicle from a dealership, consider trading in your car. The dealership will assess its value and deduct the outstanding loan amount from the trade-in value. This option may be more convenient, but you may not receive the highest possible price.

c. Sell to a Dealership: Dealerships may be willing to buy your car even if you have an outstanding loan. They will pay off the loan directly and offer you the remaining equity, if any. Remember that the price offered by dealerships might be lower than what you could get through a private sale.

D. Carmigo: The best way to sell your car if you’re looking for ease and speed without missing out on a great deal. Carmigo handles loan payoff for you, so you don’t have to worry about anything.

keys to used car being handed over after loan purchase

5. Complete the Sale

Regardless of the selling method you choose, there are a few essential steps to complete the sale:

a. Gather Documentation: Collect all relevant paperwork, including the vehicle title, loan documents, maintenance records, and any warranties. Ensure that you have a lien release from your lender once the loan is paid off.

b. Negotiate and Close the Deal: In a private sale, be prepared to negotiate the selling price with potential buyers. Once an agreement is reached, create a bill of sale and transfer the ownership properly. If selling to a dealership, review their offer and negotiate if necessary before signing the necessary documents.

c. Pay Off the Loan: Use the funds from the sale to pay off your car loan. If the selling price is lower than the loan balance, you’ll need to cover the difference personally. Ensure that the lender updates the vehicle’s title status to reflect the loan’s closure.

car driving in snow
carmigo marketplace on mobile phone

Skip All These Steps When You Use Carmigo

Carmigo provides an easy and speedy method to sell your car with a loan. After listing your car, Carmigo handles all the paperwork including loan payoff. With a huge network of dealerships, your vehicle receives multiple offers so you get the best price for your car. You set the reserve, and if none of the offers meets it, you don’t pay a dime. Once your car sells, you only have to wait for pickup and then get paid. It’s the ideal way to sell a car with a loan.

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Should I Sell My Car Now? Timing the Sale for Maximum Value

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Should I Sell My Car Now? Timing the Sale for Maximum Value

 

When it comes to selling your car, timing can make a significant difference in the price you receive. The automotive market is constantly changing, affected by various factors such as supply and demand, economic conditions, and seasonal fluctuations. Do you find yourself contemplating the question, “Should I sell my car now?” If so, this blog post aims to provide insights into determining the best time to sell your car for maximum value.

up close photo of mileage in car speedometer

Consider the Mileage

Mileage is an essential factor to consider when deciding the best time to sell your car. The number of miles your vehicle has been driven directly affects its value. Cars with lower mileage tend to be more attractive to potential buyers because they are perceived to have less wear and tear and a longer remaining lifespan. Here’s how mileage can impact your car’s resale value:

a) Low Mileage Advantage: If your car has relatively low mileage compared to its age, it can be advantageous to sell it sooner rather than later. Buyers are often willing to pay a premium for a vehicle that has been driven less, as it suggests that the car has been well-maintained and has fewer potential issues. Low mileage can also indicate that the car has not been subjected to excessive wear and tear, making it a more appealing option for buyers.

b) Mileage Thresholds: While there is no specific mileage threshold that determines when you should sell your car, certain milestones can have an impact on its value. For example, if your car is approaching 100,000 miles, it may be wise to consider selling it earlier rather than later. Many buyers perceive this mileage point as a potential turning point for increased maintenance and repair costs. On the other hand, if your car has exceptionally low mileage for its age, it might be worth waiting until it reaches a significant milestone, such as 50,000 miles, as it could attract a higher resale value.

c) Balanced Mileage: It’s important to strike a balance between maximizing your enjoyment of the vehicle and preserving its resale value. If you plan to sell your car in the near future and are concerned about mileage affecting its value, you might consider alternatives such as carpooling or using alternative transportation methods for daily commuting to minimize the mileage accumulation.

older used vehicle parked on the street

Consider the Age of the Car

The age of your car is another significant consideration. Generally, newer models tend to retain their value better than older ones. If your vehicle is nearing a milestone year, such as reaching a decade or beyond, it might be worth considering selling it sooner rather than later to capitalize on its residual value. Here are a few key points to consider:

Depreciation: Cars, in general, depreciate over time, meaning their value decreases as they age. While depreciation rates vary depending on factors such as the make, model, and condition of the vehicle, it is generally more pronounced in the early years. New cars typically experience the highest depreciation in the first few years of ownership. By selling your car before it reaches a significant age milestone, you can potentially avoid a steep decline in its value.

Maintenance and Repair Costs: As vehicles age, the likelihood of encountering mechanical issues and the need for repairs increases. Older cars may require more frequent maintenance, which can become costly over time. By selling your car before it reaches an age where maintenance costs escalate, you can potentially save money and increase its appeal to potential buyers.

Technological Advancements: The automotive industry is continuously evolving, with new technological advancements being introduced regularly. Newer car models often come equipped with the latest safety features, improved fuel efficiency, and enhanced infotainment systems. As a result, older cars may become less desirable as buyers seek out the benefits of newer technology. Selling your car before it becomes outdated can help you maximize its value.

Warranty Coverage: Many new cars come with manufacturer warranties that offer coverage for a certain period or mileage. These warranties can provide peace of mind to potential buyers. If your car is nearing the end of its warranty period, selling it before the coverage expires can be advantageous, as the buyer may be more willing to pay a higher price for the added security.

Historical Significance: In some cases, certain car models become collectors’ items or gain historical significance as they age. These vehicles may appreciate in value over time, making it beneficial to hold onto them. However, it’s important to note that such cases are relatively rare and typically apply to unique or limited-production vehicles.

tools under hood of used vehicle

Evaluate the Condition of the Car

The condition of your car plays a vital role in determining its resale value. If your vehicle is in excellent shape, both mechanically and aesthetically, it will likely fetch a higher price. However, if it requires extensive repairs or shows signs of wear and tear, it might be advisable to sell it sooner rather than waiting for further depreciation. Here are some key points to consider when assessing the condition of your car:

Mechanical Soundness: A well-maintained car with a solid mechanical history will generally command a higher price. If your vehicle has been regularly serviced, with records to prove it, it demonstrates that you have taken good care of it. On the other hand, if your car has unresolved mechanical issues or requires significant repairs, it may be wise to sell it sooner rather than later. Potential buyers will likely negotiate a lower price or be deterred altogether by substantial repair costs.

Exterior Appearance: The exterior of your car is the first impression potential buyers will have. Evaluate the paintwork for any signs of fading, scratches, dents, or rust. Small cosmetic issues can usually be fixed easily, but significant damage might require costly repairs. It is important to weigh the cost of repairs against the potential increase in resale value.

Interior Condition: The condition of your car’s interior can greatly influence its desirability. Check the upholstery, dashboard, and overall cleanliness of the cabin. Stains, tears, or excessive wear and tear can detract from the value of your car. A thorough interior cleaning and addressing any minor issues can help enhance the overall appeal and potentially increase its selling price.

Vehicle History: Be transparent about any accidents or major incidents your car has experienced. If you have comprehensive maintenance records and can demonstrate that the vehicle has been well taken care of, it instills confidence in potential buyers. Additionally, a clean title with no liens or outstanding finance provides peace of mind to buyers and simplifies the selling process.

Upgrades and Modifications: Consider any aftermarket upgrades or modifications you have made to your car. While personalization might appeal to some buyers, it can also limit your potential market and affect the resale value. Evaluate whether the modifications are desirable and add value, or if it would be more advantageous to return the car to its original condition before selling.

Safety and Emissions Compliance: Ensure that your car meets all safety and emissions standards required in your region. Having valid inspection certificates and compliance with local regulations can make your car more attractive to buyers and streamline the selling process.

cars in a row

Market Demand and Supply

Understanding the current market demand for your car’s make and model is crucial for maximizing its value. Keep an eye on trends and fluctuations in the automotive market. If your car falls within a popular category or if there is a shortage of similar vehicles, you might be able to fetch a higher price by selling it now.

Demand: Market demand refers to the number of buyers seeking a specific make and model of car at any given time. When the demand for a particular type of vehicle is high, sellers have the advantage as they can potentially command higher prices. Several factors can influence demand:

  1. Popular Models: If your car belongs to a popular make and model that is in high demand, you might be able to sell it at a premium price. Popular models often have a loyal customer base and tend to retain their value better.
  2. Fuel Efficiency and Environmental Factors: With growing concerns about the environment and rising fuel prices, fuel-efficient cars and electric vehicles (EVs) are in high demand. If your vehicle falls into this category, it might fetch a higher price due to increased demand.
  3. Trending Features and Technologies: Cars equipped with the latest features and technologies tend to attract more buyers. Examples include advanced safety features, infotainment systems, autonomous driving capabilities, and connectivity options. If your car has these sought-after features, it can command a higher price.

Supply:

Market supply refers to the number of similar vehicles available for sale in the market. When the supply is high, sellers face more competition, potentially leading to lower prices. Several factors affect the supply of vehicles:

  1. Model Refresh or Redesign: When a car model undergoes a significant refresh or redesign, the previous generation may flood the used car market as owners upgrade to the newer version. This increased supply can drive down prices for the older models.
  2. Lease Returns: Many vehicles are leased rather than purchased outright. When lease contracts end, these vehicles enter the used car market, increasing supply. A surge in lease returns can lead to a temporary oversupply, potentially impacting resale values.
  3. Seasonal Fluctuations: Seasonal factors can also influence the supply of certain types of vehicles. For example, sports cars and convertibles are more commonly listed for sale during the warmer months, leading to increased supply and potentially lower prices. Understanding these patterns can help you time your sale strategically.



car driving in snow

Seasonal Considerations

Seasonal variations can also impact the value of your car. For example, convertibles tend to be more desirable during the summer months, while SUVs are sought after in winter due to their handling capabilities in inclement weather. Consider the type of car you have and its suitability for different seasons when deciding the best time to sell. Here’s a closer look at how seasons can impact the resale value of your car:

Spring and Summer:
Spring and summer are generally considered the peak seasons for selling cars. As the weather improves, more people venture out to car dealerships and private sales, leading to increased demand. During these months, convertibles, sports cars, and other vehicles that are associated with leisure and outdoor activities tend to be in high demand. If you own a convertible or a sports car, it might be beneficial to sell it during the spring or summer when potential buyers are actively searching for these types of vehicles.

Fall:
Fall can be a transitional season for the automotive market. While the demand might not be as high as in the spring and summer, it can still be a favorable time to sell certain types of vehicles. As the weather cools down, there is an increased interest in SUVs, trucks, and other vehicles suitable for outdoor adventures and winter conditions. If you own a larger vehicle or an all-wheel-drive model, consider selling it in the fall when potential buyers are looking to prepare for the upcoming winter season.

Winter:
Winter tends to be a slower season for car sales in many regions, primarily due to the challenging weather conditions. However, there are still opportunities to sell your car during this time. Four-wheel-drive SUVs, crossover vehicles, and sedans with good traction and safety features are often in demand during the winter months. If you have a vehicle suitable for snowy or icy conditions, targeting buyers who prioritize winter readiness can help you secure a better deal. Additionally, selling your car before the end of the year might be advantageous for potential buyers looking to make tax-related purchases.

Early Year Considerations:
The beginning of a new year can present opportunities for selling your car. Some buyers may have received holiday bonuses or tax returns, which can make them more willing to make a purchase. Additionally, as new car models are released, there is a chance for increased demand for used cars as consumers explore their options. Keep an eye on the market and consider selling your car early in the year to leverage these factors.

shell gas station at night

Economic Factors

Broader economic factors can also influence the resale value of your car. During economic downturns, buyers may be more price-conscious, leading to a decrease in demand and lower prices. On the other hand, during periods of economic growth, buyers may be more willing to spend on vehicles, which could translate into a higher selling price. Here are some key points to consider: 

Economic Stability: The overall economic stability of a region or country can influence the demand for vehicles. During periods of economic uncertainty or recession, potential car buyers may be more cautious with their spending, leading to decreased demand and lower prices. On the other hand, during times of economic growth and stability, consumers may have more confidence in their financial situation, which can lead to increased demand and potentially higher prices.

Fuel Prices: Fluctuations in fuel prices can affect the demand for different types of vehicles. When fuel prices are high, there is often a greater demand for fuel-efficient cars, hybrids, or electric vehicles. Conversely, when fuel prices are low, larger vehicles such as SUVs and trucks may become more desirable. Understanding the current fuel price trends and how they align with your car’s characteristics can help you determine the best time to sell.

Interest Rates: The prevailing interest rates can impact the affordability of financing a vehicle. Lower interest rates tend to make car loans more attractive, as they result in lower monthly payments for buyers. This can stimulate demand for cars and potentially increase their resale value. Conversely, higher interest rates can deter potential buyers, leading to decreased demand and potentially lower prices.

Consumer Confidence: Consumer confidence plays a significant role in the automotive market. When consumers feel optimistic about their financial situation and the economy as a whole, they are more likely to make big-ticket purchases such as cars. Positive consumer sentiment can create a favorable selling environment, as increased demand can lead to higher prices. On the contrary, if consumer confidence is low, buyers may be more hesitant to make significant purchases, potentially impacting the resale value of your car.

Manufacturer Incentives and Rebates: Keep an eye on manufacturer incentives and rebates that may be available during specific economic periods. Manufacturers often offer promotions and discounts to stimulate sales during slower times, which can influence the resale value of your car. If there are attractive incentives on new vehicles, it might affect the demand for used cars and potentially impact their prices.

carmigo marketplace on mobile phone

When It’s Time to Sell

After assessing your vehicle and weighing the best times to sell, you may be in search of the easiest and quickest option out there. Carmigo can help you sell your car fast, and easily without missing out on a great deal. Plus, you set your own reserve price and have no obligation to pay if your minimum isn’t met. 

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