Four Factors That Affect The Value Of Your Used Car
Do you have a used car you are wanting to sell? Maybe you are planning to trade it in for a new car? If so, you’ll want to be sure to get the most money possible for your used vehicle. We always recommend shopping around to get the best deal on your trade.
While shopping around can usually save you up to a couple thousand dollars at the end of the vehicle’s life, there are other ways to make sure your vehicle maintains its value over the time that you own it. In this article, we will discuss 4 factors that impact the value of your used car. Needless to say, there are other factors that will determine the value of your used car – these are some of the most important.
First up is the Year and Mileage of your used vehicle. While these may seem like two different factors, they generally are used as a proxy for our aged your vehicle has become. The model year of your vehicle is important, not only for determining the age of the vehicle, but also will indicate what equipment and technology is included with the vehicle. The newer the vehicle, the better technology the vehicle is likely to have (like Bluetooth or a back-up camera etc.). The model year of your vehicle is likely to be of more concern if you live in an area that experiences severe weather like hot summers or cold winters – which will lead to more stress on your vehicle. However, you should let the buyer know if you’ve kept your car in the garage as this will give them peace of mind that it was kept out of these conditions.
Everyone knows that the number of miles on the vehicle is one of the most important factors for someone looking at used cars for sale. Most people are scared of round numbers like 50k or 100k. If possible, it’s best to sell before you get to these levels as you’ll likely be excluding yourself from a lot of vehicle searches. But that’s not to say you won’t sell your car; depending on the make or model, your car, truck or SUV could still be in high demand.
The make or model of your vehicle has a lot to do with how much value your vehicle will hold over time. Some brands are generally associated with being better quality vehicles that can last longer. These “makes” including brands like Lexus, Mercedes and Honda. Because these brands have a good reputation in the market, they will generally be demanded by more used car buyers. Other model vehicles retain their value because the type of vehicle remains in high demand. As an example, used Jeep Wranglers tend to hold their value very well as there are many people demanding the popular off-road SUV. Used trucks are another vehicle that remain in high demand.
The condition of your vehicle covers off on a lot of major factors. There are three main categories of vehicle condition: interior condition, exterior condition, and mechanical condition. The interior condition of the vehicle is very important as this is where the buyer will be spending most of their time. Be sure to avoid odors like smoke as well as stains and tears to the upholstery. The exterior condition is also important. Dents and scratches can really diminish the value especially for luxury vehicles. However the most important condition is likely to be the mechanical condition of your vehicle. In short, this means how well does your vehicle run? Does the engine run smoothly? How much wear is on the tires and brakes? While some things like new tires are a cheap fix, something like a shoddy engine is not.
Believe it or not the color of your vehicle can affect its resale value. We tend to recommend you stick to neutral colors or you may alienate a large chunk of the used car market. Certain vehicles may look better than others in color but you are best to stick to black, white and gray if you want to get the most out of your vehicle.
Want to know how much your car is worth? You can use our Vehicle Appraisal Tool.
Used Cars For Sale at Glenn’s Freedom
Thanks for reading our article on 5 factors that can affect the value of your used car. Glenn’s Freedom CDJR is proud to offer used cars for sale to customers in Lexington, KY. Our professional sales staff is standing by to answer any questions you have regarding your purchasing decision. Call, click or stop by our dealership in Lexington, KY today!