It’s no news that the moment you start using a new car, its value begins to depreciate. Research has it that a car can lose up to 20{0e441d6ab9c1e194b10d298e630061aaec753b129dc4c400460f540cfce3613c} of its value in the first year and, after five years, lose 40{0e441d6ab9c1e194b10d298e630061aaec753b129dc4c400460f540cfce3613c}. That is, it loses 15{0e441d6ab9c1e194b10d298e630061aaec753b129dc4c400460f540cfce3613c} of its value each year after the first year. If you want to sell your car and notice people are pricing it at a lower value, you’ll need to carry out an extensive check. Inspect the exterior and interior parts of the car. This is because several factors can cause a car to depreciate quickly. And apparently, affect the actual car resale value.
You might have to fix some of these factors, while some might be extra and entirely out of your control.
Factors That Affect Your Car’s Resale Value
Below are the crucial factors that affect your car valuation. Some are inevitable, while the driver causes others. They are;
Car Model
While depreciation happens quickly in some vehicles, it is slower in others. Depending on the car’s durability, it might pass the several tests it encounters in the resale market. This is because some cars are stronger than others, even if they’re from the same brand. Impressive fuel economy is also another criterion for old car valuation. This is why efficient vehicles hold more value when gas prices are high.
Color Of Your Car
The color of a car influences the decision of a buyer. Although we all vary in taste and style, only a few people prefer bright colors for their cars. In contrast, most people prefer basic colors like black, gray, or white. When repainting, go for minimal chrome and muted colors, and avoid unnecessary patterns or streaks. Too many patterns could draw an unimpressive noise to your car. But with basic colors, the buyer could pay a reasonable amount.
Interior Conditions Of Your Car
Nobody is going to buy a car with poor interior conditions. This is because your car’s interior determines how well you’ve been taking care of the car. And a nice car interior impresses and urges the buyer to pay even more than the right amount.
Check the inside of your car thoroughly for any interior features that need to be fixed. Also, you’ll need to check the seats. If They’re torn or worn out, you could amend them before listing your car for sale. Clean the inside of your car, get new floor mats, and be sure to neutralize any odor.
Exterior Conditions Of Your Car
The exterior conditions of your care are just as important in used car valuation as the interior conditions. The occurrence of crumples, scratches, dents, dings, and chips will reduce your used car valuation. Apart from this, it could lead to car rust, an enemy of car resale value.
Look around the car for any rust, even in a small part and fix it before putting it up for sale. Also, driving with non-functional headlights is dangerous. Fix it once you determine it is faulty. Another thing that matters is your car’s windshield. If you notice a damaged or almost damaged windshield, repair it before resale.
Your Car’s Mileage
One way to stop your car from quickly depreciating is to drive it less. Generally, for every 20,000 miles a car drives, about 20{0e441d6ab9c1e194b10d298e630061aaec753b129dc4c400460f540cfce3613c} value gets depreciated. But high-mileage vehicles will have a lower resale value than a similar model with low mileage.
Therefore, it’s strongly advisable to sell your car before its mileage reaches 60,000. Your car should be around five years old, so it shouldn’t be a problem. Besides, nobody would want to buy a car with many maintenance and repair problems.
Your Car’s Service Record
It is common knowledge that servicing your car once in a long time depreciates its value. Therefore, manufacturers suggest you should service a car every 12,000 miles or every 12 months.
Most buyers are interested in how frequently you serviced your car before the sale. Therefore, they might demand your car service record. This is to judge the past and present condition of the car. To be on the safer side during resale, always keep your car service record.
Your Car Accident History
Cars involved in different accidents or floods have lower car valuations. This is because the vehicles depreciate with every damage that affects the car’s transmission, engine, and other mechanical components. And even when repaired, it reduces the secondhand car valuation by 10{0e441d6ab9c1e194b10d298e630061aaec753b129dc4c400460f540cfce3613c}. So, you must be careful of how you drive your car if you plan to sell it in the future.
Bumper Stickers
Try taking any sticker off your vehicle. Although experts disagree on whether it affects the car’s resale value, it’s better to be on the safer side. Bumper stickers make it hard for a potential buyer to see the car’s natural beauty. Too many stickers make a car look less than it is. If you finally remove the sticker, look thoroughly at where the sticker was fixed for any scratches or peeled paint.
Mismatched Tires
Another thing that matters in the car valuation check is your car tires. You’ll have a plus if your car tires match and are in good condition. Some buyers would expect you to change one or two of the faulty tires. But changing it beforehand can impress the buyer and earn you a good rating. When changing, ensure they are of the same type, brand, and size. Also, check out the tread depth, as there should be minimal differences between the tires.
Modifications On Your Car
If you are considering modifying your car, you should apply items that will satisfy the buyer while they check value of the car. However, it would be best to avoid unnecessary modifications, as this will degrade the car’s resale value. Try upgrading your infotainment systems, safety features, seat, and other features that can earn you more points while reselling the car.
Conclusion
These and more are factors that affect your car’s resale value. The idea is simple. Remove things that will devalue the car and add things that will impress the buyer. Toyota cars are one of the cars with highest resale value. And at Vann York Toyota, we buy and sell used Toyota cars. For more enquiries, visit our website today.
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