Monday 24 June 2024

4 Factors affecting your car’s resale value

No matter how much the purchase price was for your vehicle, you are unlikely to sell it for the same amount of money. The value of a car depreciates quickly; even newer models drop in value by around 10% a year after purchase.

Of course, depreciation isn’t the only factor affecting your car’s resale value. Here are some of the other factors you need to be aware of.

1. Your car model’s reputation

Unfortunately, not every car model has a good reputation. Take a look at these motoring turkeys, for example, which quickly depreciated in value.

If you are looking to sell something that has garnered bad reviews, for any number of reasons, then you may want to price your car reasonably low if you want to secure a sale. Remember that buyers aren’t stupid.

Before buying, they will do a Google search to find out what they are letting themselves in for. Of course, you should do the same. Before buying your next car, search for the more reliable cars online and buy something that will both withstand depreciation and be of worth to future car buyers.

2. The condition of your car

It shouldn’t need to be said, but if you want to get a fair price for your vehicle, then it does need to look and feel roadworthy. If there are any damages to the exterior or interior of your car, then the value of your car will be significantly reduced.

Do the right thing, and ensure you get your car serviced regularly. Follow our maintenance tips to keep your car in tip-top condition, and if you spot signs of trouble, contact your local garage immediately. The better care you take of your vehicle, the better your chances of a profitable sale.

3. Your car’s service history

Following on from the above, remember that a prospective buyer will want to see your car’s service history. This will offer them peace of mind, as knowing that it has been serviced regularly will inspire confidence in their decision.

Provided there has been nothing significantly wrong with your car; the buyer should offer you a decent price for the vehicle. Of course, if there is evidence of a lot of repairs within the service history, you might have to accept something lower than your initial asking price.

4. Modifications to the car

You need to be careful when modifying your car, as while you may be trying to add value, you might also do your car a disservice in the process. When considering cosmetics, choose popular colour and seat trim options, so you don’t rule out much of the car buying public.

And if adding alloy wheels, choose something from a premiere wheel specialist, such as Vossen alloy wheels to add to your car’s aesthetic appeal. Safety and entertainment modifications might also add value.

What won’t add value is anything that falls within a personal remit, where your specific tastes dictate your purchases. You might fancy recliner sports seats, for example, or brightly coloured interior lighting, but that doesn’t mean the average buyer will. Before modifying your car in any way, do your research first to ensure you get value for money from the sale.

** This is a collaborative post

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