7 Factors impacting the evaluation of your car’s resale value
There is no denial that you love your car and have many memories linked with it. But, you also have to accept the fact that there is a time when you have to let go of this precious possession on yours. On one side it is difficult to take this emotional call, on the other side, you also have to make sure that you get the maximum bucks from the deal. For most people, the process of selling is not apparent and is often perplexing. Questions like where to sell my car, how to find the right buyer, how to maximize the trade-in amount, etc commonly rack your brain. The most daunting task of all is to determine the reasonable yet profitable price to quote for your car. It would require you to take out anything that has personalized your car and make it look like a clean canvas to the buyer who would personalize it as per his/her likings. Apart from this, numerous factors contribute to the cost evaluation of your used car and knowing about these factors will make your estimate more accurate.
- Brand and model
The brand of your car is a strong contributor and can overshadow the condition of the vehicle in some cases. Models from many brands are known to retain their value while some brands tend to depreciate at a much higher rate. For instance, brands like Hyundai, Toyota, honda, etc retain greater resale value in regular domestic cars as compared to their competitors.
- Performance parts and accessories
Oftentimes, a used car buyer runs with a tight budget for buying and maintaining the car. Add ons and accessories would cost more and make the buyer lose interest in your vehicle. Also, some add ons tend to take a toll on the power and safety of the car which can further cost you dearly. It is advised to get rid of these accessories to boost the value.
- Outer appearance
It is obvious to have the car in the best possible outer condition. You should wash the car properly, get all the dents repaired, and get the corrective painting/polishing done if needed. The outer appearance can significantly impact the value of the vehicle.
- Condition inside
The buyers are extremely particular about the cleanliness and maintenance of the vehicle from inside. Even if your car looks great from outside, any dirt, damage, or even odor inside the car can cost you several bucks.
- Mechanical health
Keeping a record of regular maintenance and repairs done over the vehicle is a great way to impress the prospective buyer. This gives him/her an idea about the operation of the car. It reflects that you have taken good care of the vehicle and boosts its value.
It is assumed that a car that runs more on the roads will have more wearing. For that reason, if your car’s odometer shows a higher value, it would reduce the value of the vehicle.
- Market condition and demand
If you are trying to sell your car when the market is down or when there is a much lesser demand for used cars, you would end up settling for a lower price. If you are not in urgent need to sell your car, wait until the market is up again to get a better deal.