Cars wear overtime, that’s just part of the cars life cycle, but if you’re planning to sell an old car is it worth giving the car some TLC before you do so? Or should you just sell it on and let the next owner deal with all of that wear and tear? This article will help you decide.
How Much Will it Cost?
The first thing you want to figure out here is how much repairing all of these things is going to cost. Depending on the make, model and age of the car this price is going to vary drastically.
If the car was a popular model with easily accessible replacement parts then repairing the car shouldn’t break the bank, if the car was less popular or even more expensively an import then you might run into problems.
Another big factor is if you have the ability to do the repairs yourself or if you’ll need to take it to a mechanic. Doing it yourself is the significantly cheaper option, but most people don’t have the skills or the space to do car repairs in their own home.
If you’re not able to gauge repairs cost yourself you can take the car to be appraised by a mechanic, they’ll tell you exactly what needs done and how much you’ll need to spend to make it happen.
How Much Is The Car Worth?
The next thing you want to do is figure out what your car is worth, and specifically you want to know how much it’s worth if it’s in a fully repaired condition. The best way to do that is to check online listings of similar cars, seeing what their condition is and then you can gauge how much your car would be worth in the same market.
Once you have these two numbers simply subtract the maintenance costs from the possible sale value and you’ll have your profit margin.
If that calculation comes out negative, say the car is worth $1500 and the maintenance costs would be $2000 then repairing the car would be silly, since you’d just be making a loss, if the number is positive then it’s a question of time and effort rather than money.
Other Factors To Consider
Of course depending on the severity of the repairs that need done, it may be difficult to sell the car without doing at least some repairs. Repairing things is not an all or nothing affair, once you’ve got those numbers you can figure out what repairs are important, and what ones you can get away with leaving. If for example there’s any serious engine issues it’s going to be tough to sell that car so they should be a priority, where replacing damaged bodywork is superficial and can wait.
It’s all a matter of balancing the books, repairing enough that you can still sell at a profit, just like a business.