8 Things You Didn't Know Could Affect Your Car's Resale Value
The used car market is a tricky one. While a group of secondhand cars may seem practically identical, their prices might vary dramatically. That’s because no two cars on the used market are the same.
Many factors can affect your car's resale value and if you stay informed, you will be able to get the best bang for your buck:
It's the painful truth for fans of exotic brands, or even certain models of local brands. The first name of a vehicle can have a tremendous effect on its resale value, regardless of the condition or quality of the vehicle in question.
Honda, Toyota, and Perodua rank at the top in the mass-market for retaining higher resale, according to Carsome.
Of course, values may vary due to the popularity and trends in the automobile market, always consult your car salesman for more info.
2. Be smart about accessories
Your RM3,000 worth of subwoofers and amplifiers might seem cool to you, but it doesn't mean your potential buyer shares the same enthusiasm.
It is common for car owners to think that they can recoup the cost of their add-ons at resale time, but they're often disappointed when a prospective buyer doesn't appreciate and isn't willing to pay the price for the aftermarket accessories they've installed on their vehicle.
Instead, upgrade your ride with practical products like seat covers that could help maintain your car's value over time.
3. Paint colour
Selling a car is like selling a house - the interior and exterior are very crucial to the value, which is why choosing the right paint colour is important.
Stick to standard colours like black, white, or silver and steer clear of eccentric colours. According to Carsome, white cars means they tend to hold their value better in the secondary market, 5% more to be precise.
A lower mileage number typically translate to higher resale values. Your used car might be in mint condition, but don't be surprised if you're not getting the value you want for your car or if fewer buyers are interested if you put in 200,000km on your car.
This is a no-brainer. It's important to remember that accidents can negatively impact a vehicle's value, no matter how slight. Vehicle and exterior damage usually always impacts a car's price in a negative way.
Avoid excessive speeds and erratic or irresponsible driving, and always pay attention to the roadway and weather conditions, no matter how short the trip.
6. Interior condition
A clean, well-kept car wins over buyers from first glance - or smell. If you're a smoker, a dog or cat owner, or if you eat and drink in the car, you'll want to have the car cleaned and detailed before you sell it.
Let's face it, an inexpensive set of new rubber floor mats can look much better than stained, torn, and worn factory mats.
7. Keep a good service record
Service records can be valuable if you're selling your car. The more guesswork you can take out of a car's history, the higher the resale value you can command.
Prove it's in great running condition and you follow closely on service dates - that includes tires, oil, and battery. By doing that, you'll pave the way to a quick sale at a good, fair price.
8. Supply and demand
Supply and demand will always impact the value of a vehicle. In the past, for instance, the Proton Saga used to command a pretty solid resale price. But that all changed when Perodua released the Myvi, which is currently one of the best secondhand cars anyone can buy.
Research and consult someone who knows the market well and you should be able to decide if you should sell your car now or hold it longer for a better price.
So, if you're planning to sell your car for the first time, do take note of these things and you should be good to go! :)