When is the best time to let go? Many of us car enthusiast have emotional attachments to our car but sometimes being emotionally attached will lead us to losing more money. Others also find it hard to let go of the car after fulfilling the 48months
amortization of hard earned money and you feel that keeping it 4 to 5 more years will help you save money or make your money’s worth. It may and it
Car Insurance is the answer to secure your investment from theft or own damage claims, however, some insurance companies nowadays insure only 8years old and younger, some extends up to 12 years old on case
to case basis.
We should all take this seriously, for sure insurance companies have a study of its own why they pegged it at 8 years old or a max of 12 years old.
As an insurance expert, i believe that cars that is more than 8 years old will have problems finding automotive parts even if its Toyota or the best selling car brand in its era. Whether we want a “surplus” or a brand new part, finding a “not so common auto parts” will be your worst nightmare, it could take you months or sometimes years to look for a replacement. So you end up at the losing end. Insurance company can’t help you either if the auto parts is not available in the country, you have to make an extra effort finding it abroad just to complete the very last part that your car needs to run normally. Plus the fact that there is a depreciation cost of 40% from the brand new price and the participation fee.
So when is the best time to sell your car? not more than 8 years old. You get outright cash at a decent fair market value and no risk of future hassles.