How much is your car worth? Knowing this is important if you are looking to sell your vehicle, whether it’s now or later. On the other hand, if you are planning to keep driving your car until the wheels fall off, this might not be a major concern for you.
Understanding factors that affect how much your car is worth in the resale market is key if you want to buy a new one every few years, and sell your old car. Making the right decisions from before you buy your car until the time you sell it will help you get the best resale value. Aside from your car’s age, kilometers, and general condition, there are several other factors you need to keep in mind.
Factors that affect what your car’s worth before you buy
Some things affect how much your car will be worth in resale before you even drive it out of the dealership. The car’s make and model make a major difference. In Australia, small fuel-efficient cars like Subaru Impreza and 4WDs like Nissan X-Trail tend to be worth more in the resale market than large cars like Ford Falcon, in relation to their original retail price.
Choosing a factory standard colour like black or silver is a smart decision if you are eventually planning to sell the car, as it will make it more attractive to potential buyers. That neon yellow paint job might look really hip now, but in a few years it will look outdated and you’ll be pressed to find anyone to take that car off your hands.
When it comes to city vehicles, an automatic transmission will usually raise how much your car is worth by about the same amount that you originally paid for the upgrade. On the other hand, for sports vehicles and 4WDs, a manual transmission is often more desirable to potential buyers.
When it comes to extras and gadgets, it varies. An upgraded stereo or GPS won’t do much for your car in terms of resale value. On the other hand, a sunroof, leather seats, and climate control will raise your car’s perceived worth.
How to maintain your car’s worth while you own it
Giving your car a regular, thorough wash will help maintain the paint in good condition, which is a big factor in your car’s perceived worth. If the paint looks dull and has dents and scratches, the car will be a lot less appealing to a buyer. The same is true about your car’s interior – wash it regularly, and take care of stains and spills as soon as they happen. A clean and good-smelling car will make a good first impression on the buyer.
Maintain your car in good mechanical condition and keep all the records, especially if planning to sell to a private buyer. Have your car inspected by a mechanic before you sell it. Check your battery, change your tyres and oil, and make sure the car is in good running condition. This will significantly affect how much your car is worth to a potential buyer – few would want to buy a car that doesn’t run well.
To learn more about increasing your car’s resale value, go here. To find out how much your car is worth, fill out the valuation form on this page.
