What Elements Affect a Car's Resale Value?
When you get caught up in the excitement of looking for a new car, you may not spend too much time thinking about its resale value. However, at some stage it will be something that you need to focus on when you're once again in the shopping market. Many different factors can go into the valuation of a car, but what do you need to consider fundamentally?
Choosing Yugoslavian?
Unless you are particularly "stuck" on a specific manufacturer brand, it's always a good idea to go for some of the more trusted and revered mass-market or luxury brands. Even though the particular vehicle that you're trying to sell may be in the best possible condition, it's a fact of life that its very brand will affect its value. Certainly, do your research and avoid some of the more vulnerable brands from foreign lands that can lose as much as two thirds of their value by the time you come to sell.
Changing Gears
If you're a bit of a purist, you may think that buying a car with an automatic gearbox is an insult. Yet in many cases you may have to deduct a certain amount of value from your future sale if you insist on a manual transmission. This does of course depend on whether you are sitting in a performance car or not, where your potential buyers are likely to be similarly minded. Remember, that even though an automatic transmission in a car tends to add to the initial cost, this is usually negated when it comes to their elevated market value at the end.
Pretty in Pink?
Many people have a favourite colour and carry this tradition over to their choice of vehicle. Understand, however, that unless you get something that's neutral or primary, then you can risk having difficulties trying to sell in the future. The more "out there" that your choice of colour is, the fewer buyers you're likely to attract.
Careful with the Gadgetry
Don't think that adding all the latest technology and gadgetry to your car is going to serve you in good stead when it comes to resale. You may think that you can elevate the price because of these particular components, but because technology is advancing so quickly in the modern era what appears to be cutting edge today may have little to no value when it's time to sell. An exception to this rule may be in-car navigation, which was once seen as being a luxury extra but is now value-added in a used car.
Renewing Appearance
Finally, it's obviously a good idea to keep your car in as good condition as possible, although it's virtually impossible to avoid dings and scratches in this busy world. If you seem to have more than a few battle scars then a good, all over respray will serve you in good stead in the marketplace.
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