9 Factors that will Impact the Resale Value of Your Pre-owned Car

When you buy a new car, what are the factors you consider?

Our guess is you note the following:

• Cost
• Mileage
• Engine Performance
• Durability
• Space
• Looks

But do you consider another factor that is equally important, and that will impact the value of your used car when you want to sell it? That is the depreciation of your car. Depreciation and several other factors determine the market value of a car that is put up in the used vehicle market for sale.

Factors Impacting Resale Value of a Car

Let us take a look at what impacts the resale value of your pre-owned car.

• Vehicle Depreciation Rate

Depreciation is a car buyer’s worst nightmare, as it is one of the main factors affecting resale value. It starts from the moment you drive off your brand new car. A car that depreciates less in value is easier to sell at a comparatively higher price.

• The Mechanical Performance

Your car’s mechanical performance must be well maintained in order to fetch a high resale value. Most used car buyers don’t want to deal with pre-existing issues like oil leaks and a smoky exhaust. So get your car engine repaired and in good condition before putting it in the market.

• The Mileage of Your Used Car

The lesser the mileage of your car as per its odometer reading, the more value your car will have in the second-hand market.

• The Market Demand for your Car

Supply and demand play an important role in the second-hand car market. Certain factors work in favour of a car owner. If your used car is a limited or special edition vehicle, it has more market demand because of being limited in number.  So if you have one of these, you are in luck.

• Looks and Appearance

The better a car looks from outside, the more it fetches in resale value. A rusty, scratched car with peeling paint is hardly likely to attract buyers. So make sure to get the paint and repair job done before selling it. A well groomed pre-owned car is definitely more attractive to prospective buyers.

• Good-looking Interiors 

Leather seats, automatic door locks, and high-end music systems add value to a used car’s value. Alternately, torn seats, malfunctioning air conditioners or music equipment, mouldy interiors are a big no no.

• The Brand Image of Your Car Maker

Certain car manufacturers like Toyota, Maruti, Tata, Hyundai are held in high esteem because of their quality, reliability and after-sales service.

Low-quality cars with a poor history of reliability do not fare as well in the pre-owned car market.

• The Impact of Climate and Weathering

If you live in a cold region that experiences the effects of winter (snow and ice), then practical vehicles are likely to hold more value than sports coupes and convertibles. Also, cars that are parked indoors or are generally protected from elements like weathering and rain may also offer a better resale value.

• Certain exterior colors sell more

Standard colors like metallic silver, gray, blues, sell more than unconventional colours like orange, brown or purple.

Now that you are familiar with all factors that affect your car value, what’s stopping you from polishing and rejuvenating it?

Just visit to OLX Cash My Car for getting a great deal in selling your used car in India.