When Should You Sell Your Toyota?

November 15th, 2023 by

A common question Toyota owners have at some point is, “When should I sell my Toyota?” You want to sell your vehicle at the right time, considering your needs while getting the best possible return. Several factors determine when you should sell your Toyota, and it’s important to consider them before making any decisions. Below, we highlight some key reasons you might want to sell your Toyota and the factors that can impact its resale or trade-in value.

Reasons To Sell Your Toyota

There are a few common reasons you may want to sell your Toyota that take priority over maximizing its value.

You Want a Newer Model

One of the most common reasons to sell any used vehicle is that you want to upgrade to the newest model. Toyota vehicles receive significant improvements over time, so even if your current Toyota is only a few years old, the newest models may offer a big upgrade.

Maybe there are some new features that you wish you had in your vehicle, such as the ability to connect your smartphone or the latest safety innovations. Once you start growing tired of your current model, it’s a good time to start exploring what newer models offer and see what you can afford.

You Have Different Needs

When you purchase a vehicle, you do so with your current needs in mind. For example, a college student may opt for a small, affordable sedan, while someone with children might need the size an SUV offers. However, your needs won’t always be the same, and when they change, it may be time to reassess your vehicle. Maybe you have a new child on the way, or your kids have all moved out, and you want something smaller. If your current vehicle no longer suits your needs, it’s likely time to sell your Toyota and search for a new car.

You’re Tired of Repair Costs

Finally, many people sell their used vehicles because they’re tired of the maintenance and repair costs. If a vehicle gets old enough, these repair and maintenance costs may even eclipse what you would pay on a new auto loan payment or a lease. Worse, repair and maintenance costs are often unexpected, making it hard to plan your monthly budget around them. Since newer vehicles are less likely to need repairs, you can remove this worry from your life by selling your current Toyota and getting something new.

Determining the Value of Your Toyota

If you don’t need to sell your Toyota, you can choose the right time to sell based on maximizing your return. A few factors determine how much you can receive for your used Toyota. The biggest factor is the condition of the Toyota. Toyotas with higher mileage and those needing significant repairs won’t sell for as much.

Generally speaking, one of the best times to sell your Toyota is between 60,000 and 100,000 miles. Your vehicle needs more repairs at this range, but there’s still plenty of life to entice buyers. You’ve also likely gotten plenty of usage from your Toyota, giving you a better return on your initial investment.

Besides the mileage, the age of your vehicle should be considered. Even if your vehicle hasn’t many miles, the further away your Toyota is from the current model, the lower its value. According to Edmunds, the best time to sell a used vehicle is typically before the four-year mark, when vehicles typically see a drop in value. To determine your vehicle’s value based on age and mileage, you can use our free value estimation tool.

Finally, you’ll want to consider whether you owe any money on the vehicle’s loan. If you took out a loan to pay for your Toyota, you must factor this in when determining the value. Subtract whatever you owe from the estimated value of your Toyota to determine what you’ll get in return.

Picking the Right Time of Year

When possible, selling at the right time of year can give you a better return on your used Toyota. More people shop for vehicles in the spring and summer, making this the best time to sell your used Toyota. In addition, you should look to sell your Toyota before the latest models become available. Once the newest version of your Toyota goes on sale, your model is one more year out of date. Research when the latest models are on sale to determine the best time to sell your Toyota.

Lastly, the type of Toyota you’re driving may influence when you should sell it. For example, if you’re driving a Toyota SUV or truck with all-wheel drive, you may get a higher return if you sell it in autumn or winter, as these vehicles are in more demand. In contrast, if you’re driving a convertible, you may be better off selling during the warmer months. It’s not always possible to sell at the right time of year, but if you can wait a bit, you might get more for your used Toyota.

Sell Your Toyota in Tyler, Texas

Many factors impact how much you’ll get for your used Toyota. Choosing the right time comes down to your circumstances and willingness to wait for the perfect time. Once you decide to sell your Toyota, visit Classic Toyota of Tyler. We’ll give you a fair return for your Toyota and make the sales process as smooth as possible. And if you’re in the market for a new vehicle, we have the latest Toyota models to explore. To learn more or to schedule a visit to our dealership, contact us today.

vehicle driving through empty road by Raivis Razgals is licensed with Unsplash License

Posted in Used Cars