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.
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