Sometimes, you need to sell your car. But you need to be careful because sometimes you will get less than you are expecting for your car. Here are 20 things that impact your car’s resale value.
Mileage
If you car has a lot of miles on it, then the resale value will go down. No one wants to drive a car with 100s of thousands of miles on it because it is perceived that the car has been driven a lot and has a shortened life span. You might have taken good care of it while driving a lot, but a buyer won’t really know that because they are just looking at numbers.
The Season
Certain cars will sell better in certain seasons. If you have a convertible or sports car, try selling it in the warmer seasons. If you have an SUV or a truck, try selling it in the cooler seasons.
Modifications
If you modify your car in any way, then that could make its price go down. If you have the desire to paint your blue car pink and purple, then that might look nice for you, but other people probably won’t want to buy that. Just say no to modifications if you know you will eventually sell your car.
Age
The older the car, the lower the price. This should be a no-brainer because technology advances with each year’s model. So if you have a car that is really old, it will not be up-to-date with the newest gadgets, making people want to pay less for it.
Technology and Additional Features
This perfectly complements age because everyone wants the newest technology in their car. If your car has some jazzy features, then it will cost more. If it doesn’t, you are saying goodbye to money. It is probably best to sell your car if it is five years old or less, so it doesn’t have to do much to catch up with the technology.
Ownership History
If multiple people own a car, they can get different types of services and care. A car should have a single owner, because then you know it was cared for the same way every time.
Interior Condition
If the inside of your car has a bunch of stains, rips, and tears, then people probably aren’t going to want to buy it for a high price. The interior is important to maintain, so your car will be more attractive to potential buyers.
Exterior Condition
Along with the interior, if the exterior of your car looks bad, you will be getting less money for it. No one wants a bunch of scratches and dings on their car. It is important to be mindful of this before selling.
Models That Got Year Updates
If a car got a lot of model updates from the previous year, then it is going to cost more. Model updates can enhance the car and do a complete overhaul of any issues that might have arisen from before.
Proper Documentation
If you have the original documentation for your car, such as the purchase receipt and manuals, then your car will be worth more. If you don’t have any documentation, then you will be selling your car for a lower price.
Condition
If your car has a lot of mechanical issues or a lot of dents or scratches, then the condition is not so good. This means people probably won’t pay a lot for your car. Making sure it is in good condition will make it more profitable.
Service History
If there are records of the service history, then people will be more trusting of your car’s reliability. People want to know that the vehicle they are getting was taken care of very well.
Car Color
It sounds silly, but the color of a car can affect how much you get for it. If it is a bright color, like orange or yellow, it is probably not going to sell for as much as if it were a neutral color, like white, black, or silver. People really pay attention to this, because they want their car to match their personality.
Warranty
If a car is still under warranty, then it is going to sell for more than an older car, not under one. The warranty gives a buyer a feeling of safety and security. Who doesn’t want that?
Accident History
The more accidents a car has, the less it will sell for. People look for things like that because they want a car in the best condition possible. If it has been in a bunch of accidents, then expect to get less money for it.
The Condition of the Tires
If you have bald tires with no tread, then the person buying your car will have to purchase all new tires. This means they will want to knock down the sale price since there will be out-of-pocket costs. Make sure you have new or good-conditioned tires when selling your car.
Location Matters
If you are selling a convertible in a cold climate, then you are bound to get a lower price than if you were selling it in a sunny one. Location matters when selling your car because different cars work best for different climates. Keep that in mind when selling your car.
Brand and Model
Certain brands are in the category of better. What does this mean exactly? They are either better quality than other cars because they are luxury, or they are more reliable than other cars. The better the brand, the better the price you will get for your car.
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The Market Demand
Different cars have different market demands. The higher the market demand, the more money you will get for your car. A lot of trucks are in high demand, so you can assume you will make more money of it than let’s say a sedan.
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Fuel Efficiency
The better miles per gallon you get, the better the price the car will be. Fuel efficiency is important because it shows that you won’t have to spend a lot of money on gas. The cars with the best fuel efficiency are usually hybrids or electric cars.
Read More: 20 Cars with the Worst Resale Value
