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.