What Factors Affect the Car Selling Price?
People have different reasons and sentiments on why they want to sell their cars. Some might want to get an upgrade; some just want to get rid of a very old vehicle in their garage, and some need extra income. But no matter the reason for selling your car is, one thing is certain: Unlike stocks, real estate, and investments, your car’s value isn’t the same as when you first bought it. With that being said, if your goal is to get maximum cash for cars that are used, old, or even wrecked, you have to know and understand by heart all the key factors that affect your car’s resale value. By recognizing those, you will be well-prepared to sell your car in its rightful and just value.
1. Car Manufacturer/Brand
Many car experts would say that it is very important to consider the brand whenever you are choosing what car to buy. Why? Believe it or not, the car brand and manufacturer highly affects the car’s resale value. There are certain brands that lose as much as 50% of their value just after one year. You can research whether your car belongs to the top car brands that are known to retain higher resale values. And obviously, luxury car brands are expensive to buy because you can still sell them at higher prices even after a number of years.
2. Market Demand
There are many things that influence the demand for a certain type of car. It can vary depending on the time, location, weather, popularity and so on. For example, if you live in a place where it’s mostly sunny, then convertibles are probably more in demand. Similarly, if you live somewhere where it usually rains and snows, 4×4 vehicles are more popular. You have to understand what the car buyers currently need and want.
In addition, you could also research about the current rate of used car sales in your area. If the used car sale market seems low, you might want to wait about 3-6 months more before selling your car.
3. Year of Production
Generally, for each make and model, a car that has been produced in an earlier year will most definitely cost more. For example, you and your mate have the same kind of car. Yours is a 2004 model and has a 2008 model. Obviously, his car would sell at a higher price. His car would have features that your car doesn’t. Furthermore, if you have fortunately bought a rare model or limited edition type of car, then selling it a higher price wouldn’t be a problem. It might as well be your USP or unique selling proposition.
When buyers compare two cars of the same make, year model, and features, they will most definitely look at each car’s odometer. Basically, lower mileage means higher resale value. The car’s current mileage cannot be ignored because you are also looking at how much more maintenance or repair you’d have to do in the future. It will reflect how much you have used (or overused) your car. If your car has a very high mileage, buyers would assume that the vehicle won’t be able to last much longer and that they might probably deal with more headaches after buying it.
5. Exterior & Interior Conditions
These show how well or how poorly you have taken care of your car. This one should be a no-brainer. All the insides and outsides of your car should still be attractive if you want it to sell faster and at a higher value. It is best to have your car detailed, washed, and waxed before you put it up for sale. If your car has minor dents and scratches, you might want to get those fixed as well. No buyer would want to get a car with bruises, right? Make your car buyer feel as if he/she is buying a new car, even if it isn’t.
6. Mechanical State
When selling a used car, there is a chance that you’d come across a car enthusiast/expert at least once. You wouldn’t want a buyer to be so attracted upon seeing your car and then suddenly gets disappointed after doing a test drive. So to save yourself from possible embarrassment, ensuring the good mechanical condition of your vehicle is a must. You should keep a record of your car’s periodic maintenance and seasonal improvements as proof of its good running condition. Every good thing you say about your car’s engine, body, or performance, should be backed up by evidence.
7. Special Features & Upgrades
If you have bought your car in its most basic variant and you have decided to sell it as is, then don’t expect to sell at a higher value. But if you have invested in superior add-ons like body kits, safety equipment, top-notch sound systems, or gorgeous rims, then you have gained yourself additional rights to sell your car a bit higher. Just steer clear from those accessories that alter your car’s performance, safety, and durability.
If you are that confident about your car’s brand, popularity, year model, interior and exterior conditions, mileage, and all these, then selling it with a nice price tag shouldn’t be a problem. But if you want a hassle-free and fast way to get instant cash for cars, go for the services of Rapid Car Removal. We are happy to accept all kinds, brands, and makes of cars in the best and worst conditions.