Big Bucks Auto™ eNEWSLETTER |
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Monthly Automotive Articles
July 2008
Top 10 Factors That Affect Car Resale Values
– Resale Value Series, Part 1
By Buddy Evans, President of Big Bucks Auto™
When you go to sell or trade-in your used car, there are many factors that will contribute to the car’s resale value. Some of these factors are far more obvious than others, and many may even be out of your control as a car owner. However, it can still be helpful to keep the factors that affect an automobile’s resale value in mind before buying a new car, or selling your current car.
Here are the top 10 factors affecting your cars resale value.
1). Mileage.
Your cars mileage probably has the biggest impact on the vehicle’s resale value. It’s really quite simple; cars with fewer miles are generally worth more money. A good rule of thumb is that 10,000 – 12,000 miles per year is considered to be about average. Much more than that will likely have a negative effect on your car’s resale value.
2). Season.
To get the best resale value for your car, try to sell your car in its best season. In other words, a 4x4 vehicle will likely sell for more, and sell more quickly, during the winter months, while a convertible will have the best resale value during the summer months.
3). Condition.
Cars in better condition are certainly worth more when it comes time to sell. Dents and dings, chipped paint and holes in your cars upholstery means a negatively impacted resale value. Keep your car in good condition and get more money when you sell.
4). Options.
Cars that were ‘loaded’ with all the good most desirable options are worth far more than base model or lightly optioned cars.
5). Make and Model.
Make and model has a huge impact on car resale values. Some make and model cars are simply less than desirable on the used market, while others are in high demand. For instance, American-made family sedans generally do not hold their value well, while European cars may hold their value far better for many years. Make and model, and consumer perceptions of the make and model can have major impacts on your car’s resale value.
6). Economic Factors.
Although current economic factors are beyond your control, they still affect automotive resale values. For example, the currently high gas prices hurt resale values for gas-guzzling SUVs and trucks - while having an extremely positive impact on economy car resale values.
7). Appearance.
A car that looks better almost always sells better! To maximize your car’s resale value keep it looking good by washing, waxing and vacuuming, especially before you show the car to prospective buyers.
8). Vehicle History.
With everyone having easy access to sites like Carfax.com and other vehicle history reports, it’s easier than ever for a consumer to check on a vehicles history before making a used car purchase. A history of any collisions or other problems can certainly have a negative effect on your auto resale value; another reason to stay out of collisions and drive safe!
9). Local Supply.
Supply can have a big impact on car resale values. If there are a lot of cars like yours for sale in your area, it will likely be harder to sell your car. Adversely, a limited supply could make it easier for you to sell your car quickly – and for more money.
10). Other Factors.
There are a multitude of other factors that can affect automobile resale values, from service records to magazine reviews to the color of your cars exterior. Some of these are out of your control, while others are not. All in all, you can make sure you get the most for your used car by taking care of it while you own it, keeping mileage low, and staying out of accidents!
Are you curious about how much your used car is worth? Get a free quote to sell your car today, from my team at Big Bucks Auto™. We are a reputable used car buyer; the largest used car buying service in the New York Metro / Tri-State area. With Big Bucks Auto™, you’ll be able to get fast cash for your car, without the hassles of selling privately.
Thinking about selling your car? Read our How to Get Fast Cash for Cars article for some useful tips.
Learn more about why choose us to buy your car and call us today at 1-888-44-8257
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