Reselling your car can be exciting but concerning at the same time, not knowing what it may actually be worth to potential buyers.
However, as it turns out, various factors directly affect your car’s resale value, which we will explain in detail next to help take the guesswork out of the process and ensure you get the asking price you’re hoping for.
In-Demand Car Make
Certain cars retain their value even once they are driven off the lot because they are produced by more esteemed manufacturers, which makes them more sought-after than others for their trusted quality and longevity.
For instance, luxury brands like Acura, Infinity, Lexus, Mercedes, and Audi are among the most in-demand automobiles in their class for their time-honored worth. However, buyers looking for more affordably-priced cars typically seek brands like Toyota, Honda, Subaru, and Hyundai for their durability. So just know, if your car is produced by a long-standing brand, it will increase your resale value.
In the meantime, to see the worth of your car, type the phrase, “What is my car worth?” or “online car valuation tool” and you will be able to find an online valuation tool.
Low Mileage
The lower your car’s mileage, the more valuable it is because it typically means the less wear and tear it has. Even if your car is in excellent condition, most buyers do not want to purchase a vehicle with high mileage because it means the sooner it will break down and need costly repairs.
Good Mechanical Condition
It is also important to ensure your car receives scheduled maintenance to ensure it is in good condition when you resell it. You should also keep records of all routine services and repairs, so potential buyers can see that the car has been well-kept, which may inspire them to pay a higher price.
Automatic vs. Manual Transmissions
Cars with automatic transmissions also tend to have a higher resale over automobiles with manual transmissions because most people know how to operate them compared to stick shifts.
Good Interior Condition
Before putting your car up for sale, you should also be sure to vacuum the interior and clean it of any dirt, stains, or smells that can discourage possible buyers. Any tears, rips, or cracks in the seats, doors, and more should also be repaired for added appeal.
Malfunctioning electronics can also lower the car’s resale value, even if the mileage is low. So you want to also be sure to have any computer and electrical issues fixed before showing it to buyers. Lastly, investing in new mats for the interior can also refresh it and help add value.
Good Exterior Condition
It is also a good idea to have your car’s exterior washed and repaired of dings, dents, nicks, etc., which can visibly reduce its appearance and cause it to lose value in the eyes of potential buyers.
Aftermarket Modifications
Selling a car differs from selling a home in that any modifications made to it are typically viewed as more of a risk to its lifespan rather than an investment in it. This is especially true if the modifications used are not original factory parts because they can cause various issues later.
Meanwhile, cars with expensive or flashy paint jobs can be costly to maintain. Therefore, they may be off-putting for certain car buyers, such as those looking for more of a family car, in which case they usually prefer a more neutral car color like silver, white, black, subtle blue, or gray. However, if you are a seller of high-performance or sporty cars, buyers looking to stand out may find more value in a custom color.
Accident History
Cars that have been seriously wrecked or flooded typically sell up to 10% less than cars in a similar condition that has never been damaged. And don’t be tempted to leave out that the car has been previously damaged because buyers can simply check the car history report to learn its details, which can cause you to lose the sale.
Overall, with the right knowledge and preparation, you have more control over the sale price you receive for your car, which helps make selling it more rewarding.