Nowadays, it’s very easy to get a free car valuation online by simply inputting your vehicle’s details. But how do second-hand buyers determine the resale value of your car and what it is actually worth?
Here’s a quick guide to the main things they consider for resale value, as well as some pointers on what you can do yourself to make sure you get as much money as possible when you sell your car.
Just like with us humans, the older a car gets, the more likely it is that problems will start to occur! This can then result in expensive repair work, breakdowns and general inconvenience for any new owner. Classic cars are the exception to the resale rule, of course, but generally, the older a car is, the less money you’ll get for it.
As with age, mileage is a key decider in establishing the resale value of your car – a vehicle that’s covered a lot of miles will be more ‘worn down’ than one that’s hardly made it off the driveway. You can try and combat mounting mileage figures by only using your car when it’s really necessary.
The fact is that big-name brands and models sell better with second-hand buyers, so it makes good sense for you to choose such a car yourself when you’re buying. But you should also remember that there’s always the possibility that, if the second-hand market becomes saturated with your particular make of car, you won’t get as much. Still, it is often best to play the resale odds by going for a better-known manufacturer.
Choosing a powder blue car because it’s your favourite colour might have seemed like a good idea at the time, but it won’t serve you as well when it comes to resale value. Cars in unusual shades won’t usually fetch as much as those in more traditional (and popular) colours like red, white and silver. That’s because dealers know that it’s harder to sell a car that’s not a crowd pleasing colour.
5. General state and condition
A lot of little repair jobs can add up to a big difference when it comes to the price you’re offered for your car. Consider whether it’s worth investing some time (and maybe some money too) in bringing your car up to scratch – maybe topping up the oil, windscreen washers and coolant reservoir, filling up the tyres and covering any scratches.
6. How you sell, and who you sell to
There’s many car selling options now, from putting an ad in the local paper to going online. For most sellers, the easiest and most hassle-free option is still to go to a reputable second-hand dealer to try and get a fair price for their car.