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What Affects Your Car’s Resale Value?

What Affects Your Car's Resale Value?

If you’re looking to trade in your old vehicle, or just planning on selling it on your own, you’ll naturally want to ensure maximize value. Many factors go into determining your car’s resale value, so read ahead to find out what’s most important and what you can do to help increase your vehicle’s worth.

HOW NEW IT IS

Generally speaking, the newer your car is, the higher its resale value will be. This is because newer vehicles are less likely to need repairs, especially if they haven’t been driven much.

Consumers are always concerned about the number of kilometres a vehicle has on it, with a lower number obviously being better. If you drive often, you may end up getting less than you anticipated.

BRAND/POPULARITY

You’re more likely to get more for your vehicle if it is highly sought after. It goes without saying (however I’m going to anyways) that resale values can very significantly depending on the popularity of the vehicle.

ADD-ONS

It depends on the buyer, but having add-ons with your vehicle may help its resale value. A quality stereo or sound system, cool navigation system or some new safety features are all things that can make your car more attractive.

Depending on how much you’ve added, it may take longer to find the appropriate buyer, but if you find someone who values the same stuff as you, then chances are you’ll make a solid return on your car.

COLOUR

You may have a tough time finding a buyer for your vehicle if it’s an exotic colour. Typically, white, black and silver cars are much easier to sell. There’s still a market for abnormally coloured vehicles, but it could take much longer to find the proper customer.

APPEARANCE

No matter what the colour is, it’s important to keep the paint job looking fresh. You should store your vehicle in the shade, or in a garage if possible. This will reduce the risk of fading and damaging the exterior of the vehicle.

Finally, always wash and wax your vehicle before selling. This will remove any dirt, bugs and/or debris from the car and give a better first impression to the buyer. It may not seem like a big deal, but appearance can make a difference in terms of what you get for your car.

WEAR AND TEAR

Arguably the biggest factor that determines your vehicle’s resale value is the condition it’s in. If you’re an aggressive driver, fail to properly maintain it and use it often, then you’re going to see the value of your car drop significantly.

In order to prove that your vehicle has undergone proper maintenance during its lifetime, you should always keep records and receipts every time you take it in to get repaired. The more confidence the buyer has that you’ve taken good care of the vehicle, the better the chance that you’ll get a deal done.

Routine oil changes, rotating your tires, swapping old air filters and switching your fluids are all good ways to maintain your vehicle and increase its resale value.

Good luck and happy negotiating!