Should I Sell My Car Now? 5 Situations to Consider It

The price of used vehicles is on an upswing, which might make you start looking at the car in your driveway in a new light.

Kelley Blue Book, a leading automotive resource, reports that the average price for a used car in America was $28,219 in July 2022 — rising 11% from July 2021 prices. Compared to two years ago, amid the start of the pandemic, the average price for a used car has increased by nearly 40%.

While vehicles are often seen as a depreciating asset, the inflated prices of today’s market means you could potentially break even on a car you bought a few years ago or even score a profit.

You may be asking yourself, “Should I sell my car now?” The Catch-22 is that new car prices are also on the rise. You may fetch a profit selling your used car, but you’ll face sticker shock if you’ re looking for a new vehicle to replace your former set of wheels.

The average new car in July 2022 cost more than $48,000 — nearly 12% more than the year prior and $1,000 more since just the beginning of the year.

And if you sell your car without buying a replacement vehicle and wind up spending in excess on ride shares or rental cars, that’s just a big frugality fail.

However, there are a few scenarios where it makes sense to sell your used car and bank your profits.

5 Situations When It Makes Sense to Sell Your Used Car

Here’s when it’ll really benefit you to take advantage of this hot seller’s market.

1. You Are Now Working Remotely

Millions of workers transitioned to remote work during the pandemic. While the shift was temporary for some, many companies have committed to making the switch permanent.

If you’re secure in the fact that you won’t need a vehicle to commute to work, this may be the right time for you to sell your used car.

Don’t forget, however, to factor in your other needs for a vehicle besides work. Take inventory of how frequently you use your car. Grocery delivery, rideshare options, two-day shipping,…