Brisbane is one of the busiest cities in Australia. The capital of Queensland is the third most populated city in the country. With almost 2.5 million people living in Brisbane as of 2020, it is not surprising that the city’s metropolitan area continues to show signs of progress all the time. The city’s bustling economy is dominated by some of the largest Australian and multinational corporations. You will find plenty of skyscrapers in the Golden Triangle financial precinct, located near the Eagle Street Pier in the city’s Central Business District.
Because of this, the streets all over the area are usually busy with vehicles. To avoid getting stuck in traffic, it is common for car owners in Brisbane to ask themselves the question: “Is it time for me to sell my car in Brisbane?” But getting the right answer to this question can be a little tricky.
Here are several signs that will tell you that you need to sell your car as soon as possible.
The Car Is Worth Over 25% Of Your Annual Salary.
If your yearly salary is worth $50,000 and your car costs you $30,000, it is not logical to keep that car. A costly car means you need to pay higher insurance costs, a higher depreciation rate because of the money you tend to lose, and the skyrocketing maintenance costs.
Ideally, your car must only be worth 10% of your annual income. But if you are willing to spend more, it must not go beyond 25%. If your car’s worth is more than half of the money you earn, you have to start telling yourself that it is time to sell your car in Brisbane.
You Are in Huge Debt And Cannot Settle Everything In 2 Years.
Debts are inevitable, especially if you have growing expenses and your salary is not enough to pay for your needs. If your debt is bigger than what you earn in a year, you need to give up something you may live without. One of the most recommended items to let go of is your car, especially if it adds to your expenses.
A recent report revealed that the average car loan for brand new cars is $31,000, while the typically used car loan could reach around $20,000. If you let go of your car, you will remove a significant amount of your loan right away. You may sell the car and get a more affordable one if you cannot live without a vehicle. It will help you afford to pay the debts in two years or less.
You Pay High Insurance Costs
In Brisbane and other cities in Queensland, the average annual comprehensive car insurance premiums for men are $839, while women pay over $1000. The cost will go higher depending on the age of the driver.
This staggering cost can be too much for most people. So it will be best to sell your car instead of forcing yourself to pay expensive insurance costs.
If you notice all these signs in your life, it means you have to sell your car immediately. It will allow you to save a lot of money and use the savings for your other expenses. You may also save a portion of the amount that you will get from the sales to help you raise funds for a brand new vehicle that you may pay in cash in the future.