Have you ever had a crush on someone and you were just waiting for the “right time” to ask them out? Depending on how lucky you are, you may have asked at just the right moment. Unfortunately, some people wait too long, causing them to miss out on something good. The same applies to waiting too long to take your vehicle to an auto auction.
While Big Valley Auto Auction can’t give advice on when to ask out your crush, we can give you advice on the best time to take your vehicle to an auto auction. Since 2008, we’ve learned the market trends and factors that prevent a vehicle from selling and when it’s recommended to sell at an auto auction.
In this article, you are going to learn how long you should wait to take your vehicle to an auto auction, potential reasons your vehicle isn’t selling, what to consider before taking your vehicle to an auto auction, the services that can help prepare your vehicle to sell, and the best time of year to sell your vehicle at an auto auction.
After reading this article, you’ll have the information needed to decide the “right time” to take your vehicle to an auto auction.
When Should I Take My Vehicle to an Auto Auction?
Most dealerships have a “Turn Time”, which is the timeframe in which they have to sell their vehicle. The turn time is usually 45-60 days. If you have not sold your unit within that time period, it is in your best interest to sell to wholesale dealers, in order to avoid a drop in value and try to make your money back.
You can also use online platforms such as OVE, SmartAuction, and Auction Edge to make your vehicle visible to online buyers. For help, you can contact your local auto auction to see if they can post your vehicle on any online platforms.
Why is My Vehicle Not Selling?
You might be asking yourself, “How come no one wants to buy my car”? There are 4 factors that can contribute to your vehicle not selling as quickly as you hoped:
- Condition
- Miles
- Color
- Price
Condition
The condition of a vehicle plays a big role in its value. The rougher your vehicle’s condition is, the less desirable it becomes. A vehicle with a cleaner, better condition will be quicker to sell.
Miles
The amount of miles a vehicle has determines the market value of a unit. The fewer miles a vehicle has, the more valuable it is. However, more miles on a vehicle takes away from its value.
Color
According to a 2023 study by iSeeCars, the color of a vehicle can affect its resale value by at least $3,000 from MSRP. Yellow vehicles tend to hold their value longer, whereas gold and brown vehicles lose value quicker than average.
Price
The biggest cause of preventing a sale is pricing your vehicle too high. Pricing too high, especially far from market value, can push buyers away from purchasing.
What Should I Consider Before Taking My Vehicle to an Auto Auction?
You should know that if you’re going to take a loss on a unit, it’s best to take it to an auto auction at an earlier stage, rather than to hold on to it longer and wait to sell. The longer you hold a vehicle without it selling will cause its market value to decline.
A rule-of-thumb dealers should follow is “Don’t let your vehicle get old on your lot”. If your vehicle isn’t selling, contact your local auto auction for any wholesale opportunities they may have available.
What Services Can Help Me Identify Issues with My Vehicle?
Most auto auctions offer different services for their customers. Big Valley Auto Auction suggests using the following services to help prepare your vehicle to sell:
- Pre-Inspection
- Reconditioning
Pre-Inspection
Big Valley Auto Auction’s pre-inspection services identify any existing issues, which will help you represent your vehicle correctly.
Reconditioning
Big Valley Auto Auction provides reconditioning services, which consist of a full detail or wash and vacuum. These services will help add value to your vehicle by making it more appealing to the viewer’s eye.
When is the Best Time of Year to Sell My Vehicle?
The most favorable time of the year for you to sell your vehicle at an auto auction is during the income tax season. This is a time when retail customers have more money on hand to buy vehicles. This is also a time when the law of supply and demand is high. As the demand for used cars raises, your chance of potentially making more money from selling your vehicle increases.
Do I Know The Right Time to Take My Vehicle at an Auto Auction?
If you’re someone who believes in the “right time” and are confident that your vehicle will sell when you expect, then you might not be in any hurry to bring your car to an auto auction. However, if you want to take the safe approach and try to get as much as you can from your vehicle sooner, taking it to an auto auction could be the best choice for you.
Whether you’re trying to get rid of a vehicle that’s been on your lot for too long, or you just want to know how long you have to wait before selling your vehicle at an auto auction, you can use this article as a guide to help you decide when the best time is for you to take your vehicle to your local auto auction.
Now that you know how long you should wait to take your car to an auto auction, learn the 3 tips you can use to sell when the auto auction market is down.
