8 Factors That Affect the Resale Value of Your Car
Jan 16, 2013
When you sell your car, it is important to think about the resale value of a vehicle. Many factors can affect resale value and if you stay informed, you will be able to achieve the maximum dollar amount for your car before buying a new car or selling a used car.
8 Factors That Affect the Resale Value of Your Car:
- Brand - The brand of your vehicle could have significant impact on your used car resale value, regardless of the quality or condition of the car. Some vehicles are known for rapidly depreciating in value as soon as you drive off the lot, is yours one of them? Honda, Subaru, Hyundai, and Toyota rank at the top in the mass-market for retaining higher resale values while Lexus, Acura, Infiniti, Mercedes, and Audi fare best in terms of luxury brands. Values vary, but all of these brands can retain anywhere from 45-60% of their value in the first three years of ownership compared to only 35% for other brands in the same amount of time
- Performance Parts & Aftermarket Accessories - Is your car tricked out with the latest and greatest equipment? Supercharger kits, high-end stereos, custom rims, or any other accessories you add could end up costing you dearly. Future used car buyers could be concerned with high upkeep costs in addition to warranty coverage or lack thereof. Our advice: Steer clear of add-ons, especially those that alter powertrain or safety equipment
- Exterior Condition - It's a no-brainer - any damage to the exterior of a used vehicle, however slight, has a negative impact on the value of a used car. If you're thinking about selling a used car, it's a good idea to get the car professionally washed, repair any dings and dents, or get a detail/paint correction job in order to increase the value of your used vehicle. Another tip: Remove those old bumper stickers!
- Interior Condition - It should be obvious, but it's worth mentioning. If the interior of your car is clean and well-kept, people will be more likely to buy. But if your car has an unpleasant odor or it looks like you eat/sleep/drink/live in it, you're going to have a hard time getting the value you want for your car. Use a professional service to detail the interior and invest in a set of new rubber floor mats to sweeten the sale.
- Mechanical Condition - Keep your car in great running shape by getting it serviced regularly. If you've kept a record of regular and routine maintenance/repairs, prospective buyers can see that it has been properly cared for, which could increase the value of your used car.
- Drivetrains and Seasonal Demand - Typically automatic transmissions are popular with the average used car buyer crowd, although manual transmissions are more desirable for some markets. It all depends on where you live. Certain regions make all-wheel drive a must-have feature. Seasons also impact used car values. Wait until the time is right to sell your car (Hint: Convertibles sell better in the summer months, 4x4s sell better in the winter).
- Paint Color - Selling a car is a lot like selling a house; the condition of the exterior and the interior are crucial to the value. The same goes for paint color. You risk a slow (or no) sale if you have eccentric colors on the body of your car that could become discontinued or require additional cost/upkeep (we're looking at you, matte paint). We suggest that you stick to the classic car colors; white, silver, or black.
- Mileage - Fewer miles typically translate to higher resale values. Your used car might be in mint condition, but don't be surprised if you're not getting the value you want for your car or if fewer buyers are interested if you have 200,000+ miles on your car.
If you want a fast and convenient way to sell your car, why not try webuyanycar.com? We focus on our customers receiving the maximum value when selling a used car and can save you lots of valuable time through the use of our state-of-the-art valuation technology and secure data feeds that enable us to generate a fair-market valuation of your vehicle in just seconds - regardless of its make, model, year, or condition.
As you can see, it can be a time consuming and costly process to get your used car ready for resale. You can avoid all of the hassles normally associated with selling your vehicle and use our free online valuation tool. Then stop in for a sight inspection at one of our locations near you; your car is sold and you have cash in hand, fast! With us, you will make more money on the sale of your used vehicle while saving a huge amount of time in the process. If you have any questions, post them on our Facebook Timeline or Tweet them to us! We look forward to helping you get the value you want for your car.
