8 FACTORS THAT AFFECT THE RESALE VALUE OF A CAR

Assessing the resale value of a car is of utmost importance before one wishes to make a deal. Negotiations should under no circumstances bring in a great deal of difference in the price of the car and hence ascertaining the resale value of car is necessary.

There are many ways to ascertain the resale value of your car and there are a number of factors contributing to the resale value :

1.       Brand – The brand of your car is a significant contributing factor to its resale value and greatly affect the same. Sometimes the quality and condition of the car comes secondary to the brand, because it is the brand name that attracts the buyers and wins their trust. In fact the brand name decides the depreciation rates of cars. Honda, Subaru, Hyundaiand Toyota top the list for retaining higher resale values while Lexus, Acura, Infiniti, Mercedes, and Audi fare best in terms of luxury brands.

2.       Performance Parts & Aftermarket Accessories–Before making a deal make sure your car is equipped with all the latest accessories and gadgets available in the market. And if that is not the case, then be prepared to settle for a lesser price. A car adorned with all the necessary accessories like supercharger kits, high-end stereos, custom rims etc. issure to promise a better resale value.

3.       Exterior conditions – It is a given fact that before selling your car you have to make sure that the exterior of the car is not too worn out, because the exterior of your car is what your buyer will see first and any damage to the exterior no matter however small it is will definitely affect the deal.

4.       Interior Condition – The interiors of the car should be as spick and span as possible, because the driving experience and comfort is what matters at the end. And one should get his/ her money’s worth when buying an old car and the very first thing that they look into is the comfort of the inside of the car. So if you have a torn and worn out interior bother to get it fixed before selling it so that you get a handsome resale value on your car.

5.       Mechanical Condition – The car should be kept in a constant and proper running condition. Cars prone to breakdowns after a short drive will obviously fetch a low resale value. Also, be sure to present to your buyer the documents of car services and repairs so that they are aware of the car’s well - being.

6.       Drivetrains and Seasonal Demands - automatic transmissions are popular with the average used car buyer crowd, although manual transmissions are sometimes more preferred. Season is also an important determinant of car resale, for example - Convertibles sell better in the summer months while 4x4s sell in winter.

7.       Paint Colour – some customers can be very picky about colours and it is a fact that some colours sell faster than others. Also cost of keeping up with the colour maintenance can be an issue for the buyers.

8.       Mileage – The last but not the least comes the factor of mileage. It is rather an important contributing factor and it goes without saying that better mileage cars sell better than low ones. 

3 Indicators For Market Smart Used Pricing Decisions

There are certain factors which affect the used car pricing decisions. The probable factors which affect pricing are depreciation factor, location of the seller and checking out other dealers in his locality. But the seller before setting the price should visit websites like indianbluebook.com or carwale.com, zigwheels.com from where he can know the exact condition of his car. You need to fill up the basic queries like the model number, when did you buy and such things and the website will immediately let you know the depreciation rate and the present condition of the car. Accordingly you can set the price keeping a percentage of profit, if you have repaired or repainted the car or changed the tyres just include the price of it in the whole price and give the buyer a reasonable price and also a room for negotiation. In this way the seller can sell his or her vehicle in a stress free manner and does not has to worry about whether he will gain from the transaction or not.

·         The depreciation factor ---The car when it is being used from day 1 it starts depreciating and the depreciation rate varies from vehicle to vehicle. This one important factor which affects the pricing of the car as the buyer will always find out how much the vehicle has depreciated.

·         Location of the seller – This is important because the ex showroom prices vary from state and also the price. The price for used car will also vary according to the ex showroom rates. One can consult the showroom from where they have bought the car and ask them to help them to price it for you.

·         Keeping eyes open and see the other dealers selling similar models – This is another point which the seller should see that in his locality nearby is there any other seller who is selling the same model or similar one. If so then the seller should enquire about the price to know where he stands. By chance if the other seller is offering comparatively lesser price then it is probable that he will get more buyers.

Thus these are the three factors which the seller needs to keep in mind while deciding upon the price of the used car. 

Jan Feb or March? What are the best months to sell your car

There are certain times in a year, month or week when you should purchase certain goods. Car is also one of them. Usually companies when selling new cars give some promotional offer during the weekend. Another time when there is high sale of cars is during festivals. In India usually the companies provide some kind of discount and in those two or three days there is huge rush. The same goes for used cars but here the dealers are even smarter. They do not advertise the offers but one has to negotiate well with them for the used car prices.

For buying used car, one should not go to the dealers in the weekend, in the beginning or mid month and also in the beginning or mid of the year.

Similarly if you go to the dealer in the month end to buy a used car you will be able to better bargain with the used car prices. These dealers have a deadline that in one month the will be selling a particular number of cars and usually the number is high and they cannot meet it always. So if you go in the month end days then you can get a better deal as he will be willing to sell the used car at your price then or at the least close to your price. If you go to the dealer around the end of the year, like around the months October, November and December you will be able to better negotiate with the price than the other months. Just like before the dealers have the deadline to meet, the number of sales they do in a year and they will be more willing to sell the car at a negotiable price than the other months. They are also willing to clear out the stock and get new stock in the beginning of the year.

If you go to a dealer during the weekend for buying a used car, then there is quite a lot of rush for buying. Statistics have shown that in India used cars are sold more than new cars and thus the time when you go  to buy the car and there is quite a lot of rush then the dealer will bargain much and will stick to his price. It is considered that Monday is a slow day for business because whatever sale they have on the weekend days like Friday, Saturday and also Sunday they calculate them on Monday. Tuesday and Wednesday are the perfect days to go to a dealer to buy used car. Business is considered to be slow on the beginning of the week and especially on those two days and if you go to the dealer for buying the used car you will be able to get a better bargain.

Thus the time to go to a dealer for buying used car is the beginning of the week, end of the month and end of the year. Instead of January one should go around March April then one cans trike a better deal with the dealer. 

Check out the specifications, features and price of Hyundai Eon

Hyundai is a brand that has been in the market for several years. The product it produces is usually loved by the masses. It tends to have all the desired features and specifications within a good reasonable rate. The Eon series is no different. It is a 5 seat car with an average mileage of 21.1.The Eon has 6 variants and they are: Hyundai Eon D-Lite, Hyundai Eon D-Lite (O), Hyundai Eon Era, Hyundai Eon Magna, Hyundai Eon Era, Hyundai Eon Magna, Hyundai Magna (O) and Hyundai Sportz.

The exterior of all the variants are similar. The exterior decor is simple yet classy It has a sporty kind of look which looks very attractive. The variant D- Lite that is the base variant and the features are common in all the variants but in the other variants there are a few more specifications. The variants for the base one are as follows: There is the hub cap the manually adjustable driver side OSRVM, the clear head, tail and side repeater lamps, the integrated HMSL, the chrome rear emblems and the 2 tone- black plus chrome radiator grille. The interior features which catches the eye is the two tone beige and brown colour interior. The combination of the colours gives it a very comforting look. There is the PU steering wheel, the PVC gear knob, the door trims which are H board type, the front and rear grip, the wind shield mounding etc. The D-Lite (O) has all the above features including the manual AC.  The Era has all the above features of both the variant features and additional features like EPD indicator etc. The Magna has all the base features and the above variant features and a few more features like the central locking from the driver’s seat, the front power windows, tilt steering, moulded door trims etc. The Magna (O) has a few more additional features including the base and above variant features. The additional are like the audio system, USB, connectivity. The Sportz has the base plus all the above features of all the variants plus driver airbag, keyless entry, aluminium finish steering wheel, coloured handles etc.

The colours available are Star Dust, Silver Creek, Red Passion, Pristine Blue, Polar White, Mushroom, Maharajah Red, Ember Grey, Coral White. The Hyundai Eon ex showroom price in Delhi are: The Eon D-Lite costs RS 3.24 lakh, the Eon D lite (O) costs Rs 3.5 lakh, the Eon Era cost Rs 3.64 lakh, the Eon Magna(O) cost Rs 3.95 lakh, the Eon Sportz cost RS 4.23 lakh.

Costs To Consider While Buying A Car

Buying a used car is not an easy task. Apart from searching a good dealer, evaluating the car well, thinking of the depreciation rate one should also consider the costs too while buying the car. There are certain factors which one should keep in mind like:

·         The cost of insurance

·         Depreciation

·         Taxes and Fees

·         Negotiating a sale price

·         Research the purchase

The Cost of Insurance

An older used car has cheaper insurance rate than a brand new one. The buyer needs to check how much he can spend on the insurance factor.

Depreciation

The depreciation is a very important factor. The new car loses 15 to 20% of its value each and every year. If the car depreciated quite a lot and the buyer is looking for finance for that car then he will be paying more than its actual worth. Because if a car had a certain then over a period of time it lost that value and the buyer will get loan for the actual price but he needs to repay the loan plus the depreciated amount which he did not use.

Taxes and Fees

There are several taxes that the buyer has to encounter like: State and local tax- This depends from which state on belongs to and then the sale price of the car. According to the calculation the state and local tax is added. Department of motor vehicle fees- The registration costs basically depends on the type of vehicle. While buying a used car one just needs to transfer it to their name. A documentation fee- This varies from city to city and one needs to pay this and clear it up.

Negotiating a sale price

This is a very important step. As the dealer always hikes the price amount to a good considerable amount and then asks for the price.  The buyer should research well have a good idea about the price and then go and bargain with the dealer

Research the purchase

Perhaps this is the most important stage while buying a car. The buyer must do a detailed study of the car he wants to own. Right from its value, to the depreciation rate the buyer must know all tiny details of the car he wants to purchase. He should also know its financing options and check how much extra he has to pay. He should do a good detailed study whether to buy the used car or to settle for a new car with lesser options of that range. After deciding then comes the price factor and other factors.

Get True Value For selling a Car

Whenever we think of purchasing or selling an item we think of loss and gain. Similarly when we sell or purchase an expensive item like car we think about the item’s valuation i.e. the car valuation. Car valuation is basically checking the used car’s price presently in the market. For selling the car you need to check the present price of that model, how much is it in demand and what value will you get in return. For selling a used car you will first need to check the car valuation from websites like indianbluebook.com and then follows a few more steps.

·         You first need to go to any car site and type in all the details of your car, mileage covered etc and see the value of your car.

·         Secondly clean up your car completely. Remove all your things, fix any part if it needs to, wash it and if needed colour it too.

·         Thirdly take ample of photographs from all angles of the car both interior and exterior and post it in the site with every information needed to give about the car

·         Fourthly deal with the buyers alone. Do not let a third person come in between because he will charge commission for his task.

·         The buyers will bargain for the price but since you have already checked the value of your car and you have spent money in repairing and other stuffs include that money in the selling price and keep a little profit and say the price and stick to it. No matter how much the buyer bargains do not sell the car without keeping a profit because in future you will get more buyers.

·         Further keep all the documentation ready for the car. Ownership, registration, service papers and whatever documentation you have about the item.

·         When the buyer comes to visit and see the car keep it in a proper condition so that the customer is attracted to the item in first sight. Then point all the positive things about the car, do not miss out any single detail.

·         If the customer agrees to buy then handover the documents after he has paid the full amount.

Thus for selling a used car the first step is to check the present car valuation and proceed with other things. 

Get True Value For Old Car

Any commodity has a value and cars are no exception. There are high end brands for cars which anybody would like to own but there are also good quality cars which have been produced for the larger masses who cannot afford a high end branded car but desire to drive a good quality car. When one is thinking of selling their car they should get an online car valuation so that they know exactly what the present price of the car is after the car’s particular amount of depletion. The old car valuation can be found out from different websites in the internet like the indianbluebook.com.  You need to fill up a few basic queries like model number, brand and manufacturing year and you can get free evaluation. By doing this you will get the exact pricing of your old car and then you know your car’s exact price. After this you can further proceed with clicking of photos of the car in different angles and post it in the internet with all information required. You need to set a price that is close to the valued price and look for buyers and sell it after bargaining and transfer the papers after he has given the money.

Thus the very first step is car valuation and it is important for the following reasons:

Ø  It provides all the details for the customer who is opting to buy a used car.

Ø  The customer gets all the details form the car valuation chart

Ø  After getting all the details the customer has an idea of what id the actual price and the seller is asking for and whether he should invest or not

Ø  If the customer is satisfied then he will proceed with the deal

Ø  If the price is too hiked then the customer will not buy and look out for other dealers and in this way the dealer loses a customer.

As days are passing technology is being more updated and the automobile factory is definitely being upgraded too with the latest technology. The car that one has bought three years back that same brand has bought in much more updated edition both technology and style wise and has given a different name. People will obviously be attracted to buy the latest one and resale their old one. There are many people who cannot afford it but still decide to buy the latest ones. They should realise and keep a check on their finance because with time again the updated version till become old and another version will come up but one needs to think several times before indulging in such impulse buying and this when car valuation plays an important role. Car valuation is thus the first step that a buyer and the seller should do. First is to know the present price of the car and get all the details. The seller should not hike the price too much and neither the buyer should bargain and offer a lower sum of money than the valuation. The buyer should also before buying get a second hand car valuation online before investing. Thus it can be seen that determining the old car valuation is a must from both the sides.