You might be aware of the fact that the value of a brand new car starts to depreciate the moment it’s driven off the dealership’s parking lot. The value of the car dips almost 10% – 20% after the first year.
Now vehicle depreciation is expected to some extent, but do you know the various factors that could speed up the process to sell your car online, as well as, determine the resale value of the vehicle.
Here’s a list of factors that could help influence the resale value of a car and help you understand how to sell a car. There are reputed car reseller companies that can assist you in the process of buying and selling vehicles.
Just because you adore a bright yellow for your car’s external body, doesn’t mean potential buyers will too. Basic colours such as black, white, silver, especially in metallic finishes, tend to sell quicker and usually for a lot more money. In contrast, vibrant and flashy hues of gold, maroon, green, purple or other colours that aren’t part of the popular spectrum of colours may struggle in the used car industry. In most cases, the difficulty to sell a car in the first place prompts the owner to accept a low ball offer from a potential buyer.
Model & Make
Depending on the region of your habitat, a car’s make and model can have a positive or negative impact on the resale price. The reasons for this might not be logical as it can be something which I as trivial as a matter of choice or perception. Sometimes, it’s practicality that determines this as certain models are designed with better utility.
After-Sales Service Quality
When the car is protected by warranty, which can range anywhere from three to seven years from the manufacture date. Potential buyers will be keen to know if its maintenance centre has the chops to cater to the needs of the vehicle and if it is supportive enough.
Some centres get a better rating than others. Even though it isn’t your fault how the service centre performs, it’s essential to review service proficiencies of the car’s brand you’re looking at purchasing.
Exterior & Interior Conditions
Buyers prefer clean interiors for obvious reasons; it indicates that the previous owner has supposedly taken care of the car and maintained it to a certain degree. Keep in mind that these minor blemishes, small stains or slight runs in the fabric or leather of the seats won’t have an effect on the performance of the car.
However, scrapes and scratches on the body of the car may not just be a cosmetic issue but could lead to possible rusting and damage.
The more your car has travelled, the more the resale value diminishes – this is because a car which has done more miles will usually have greater wear and tear brought upon it.
Conversely, if a car has low mileage – it becomes a lot more attractive to potential buyers which might even affect the value positively despite the car being slightly older.
When a car is well maintained with service records to back it up, there is a good chance that the resale value could be positively affected. Does it matter where one services the car? The answer is yes. Maintaining your vehicle through authorised agents and dealer maintenance centres can be a plus point to potential buyers.
This is due to the fact that buyers can have a trustworthy account of the car’s past and current condition, in addition to proof of regular servicing. That being said, if the car has been maintained by a widely-reputed private garage, the resale value might not be greatly affected.
The Car’s Age
The age of a car is a pivotal factor since older cars will generally depreciate in value with the exception of the classic or collector cars. These maintain value, reduce at a low rate or even increase, making it an investment of sorts. The age of a car can have an effect on the financing options available to the buyer.