Published On: Tue, May 14th, 2019

Important Factors that Affect the Resale Value of a Car

A car starts depreciating the minute it leaves the showroom and it only continues from thereon. When an owner of a car wants to sell it there are a number of factors that will help in determining its resale value. There are a lot of experts in the market who can help you calculate the resale value but it always helps to have some idea about it yourself. This will put you in a better place when you are navigating the used car market as the scope of you getting cheated will be less. Apart from dealers that help you in selling your cars there are options to sell car online in Dubai and in entire UAE as well.

photo supplied/ bankruptcydocumentslibrary.com/

When you are looking to sell used car, there are important factors that affect the resale value. Some of them have been listed below for your knowledge.

  • Depreciation of the vehicle – as mentioned above, a car starts depreciating the moment it leaves the showroom and it never stops. This is one of the major factors that affect the resale value. At the end of the first year the car has depreciated almost 20%. The longer you wait to resell the car, the more it will have depreciated.
  • Demand and supply of the market – the law of nature regarding demand and supply is followed in the used car market as well. However, certain cars like a limited special edition vehicle, manual-transmission sports car and high end technology cars always demand more value irrespective of the condition of the market.
  • The mileage of the car – the amount your car has travelled is recorded in the odometer of the car in miles or kilometers. This number can increase or decrease the resale value. When the mileage is lower, the value of the car will be more and when the mileage is more, the value will be less. A good rule of thumb to maintain is 10,000 miles per year.
  • The appearance of the vehicle – as humans we are drawn towards anything that is attractive and well maintained. The same applies to cars as well. The car is more appealing to a potential buyer if the overall exterior and interior are well maintained. Rust is a major factor in this as no buyer wants to deal with this. Care for this should be taken from the early days itself.
  • The performance of the vehicle – along with the overall look of the car, the mechanical performance of the car needs to be well maintained as well. No customer wants to deal with pre-existing issues and this should be looked at from before. Reports and documents of periodic maintenance can help increase the resale value of the car.
  • Brand of the car – like with everything else in life, a brand demands the price. Some brands are worth more than the others because of the luxury factor and some because of their quality and reliability.
  • Color of the car – surprisingly, something as simple as this can affect the value of the car. Not every color looks good on every car and customers can be extremely choosy about this. Some will be willing to pay more for a preferred color of their choice. Some colors on the other hand, like black and white on certain cars just tend to demand more value.

The team of experts at Carswitch hand inspects each car and helps you determine its true value and ensure you get the best price. For a fair deal on your vehicle, this should be your one stop destination.

Author: Bhuvaneshwari R

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