What Factors Affect Car Resale Value?
Are you ready to sell your car? You may want to know – what factors affect car resale value? Does car color affect resale value? Does leather interior improve resale value? We will help answer these questions and more when you choose to sell your used car, truck or SUV at The Car Depot in Birmingham, AL. Find out what factors determine our instant cash offer for your car at The Car Depot with this quick guide.
Top 12 Factors That Determine Car Resale Value
A lot of factors determine the resale value of your car, truck or SUV when you choose to sell at The Car Depot. In most cases – the 5-year resale value is determined by third-party providers like Edmunds and Kelley Blue Book® that will take mileage, features, color and more into account. All of these factors are included in the projected offer for your vehicle.
1. Economic Factors
The status of the United States and global economy will play a part in the value of your car when you choose to sell. When market conditions are down, the price for your used car will follow the same trend in most cases.
2. Vehicle Manufacturer
Did you know that the make of your car, truck or SUV will impact the price buyers will pay? Vehicle brands that have a reputation for quality – like BMW, Mercedes-Benz, Audi, Toyota, Subaru and Honda – will generally provide a better financial return than competitors.
3. Vehicle Body Style
It is no secret that crossovers and SUVs are more popular than 4-door sedans in the current market and will fetch a better price when you sell. The climate and conditions are a factor as well – convertibles pay more in warmer climates and SUVs pay more in colder climates.
4. Vehicle Mileage
Wear and tear on the engine, tires and body will affect the resale value of your car, truck or SUV. A used vehicle with more miles on the odometer will pay less than the same make and model with fewer miles.
5. Vehicle Transmission Type
Manual transmissions are a thing of the past in the automotive industry and are not even available for most modern makes and models. A vehicle with a manual transmission will generally fetch a lower price than a model with an automatic gearbox.
6. Vehicle Exterior Condition
Does your car have a few dents and dings? Hail damage? Rust? All of these aspects will lower the resale value by as much as 15% to 30% for potential buyers.
7. Vehicle Interior Condition
Does your car, truck or SUV have leather interior? Does the interior have stains? Are there any odors in your car? A stained interior or an interior with an obnoxious smell will lower the resale value of your vehicle when you choose to sell.
8. Vehicle Maintenance History
Have you kept up with the maintenance and care of your used car? Vehicles in need of major maintenance will fetch a lower price when you sell, and by comparison, a vehicle with up-to-date maintenance will have a higher resale value.
9. Vehicle Accident History
Has your car been in an accident? Does your truck have flood damage? CARFAX® Vehicle History Reports make it simple for potential buyers to see if a vehicle has been in an accident – which will have a negative impact on the sale price.
10. Aftermarket Parts and Accessories
Have you made your own upgrades to your car, truck or SUV? Aftermarket parts and accessories will have a positive impact on the resale value of your vehicle when you sell at The Car Depot.
11. Vehicle Technology
Does your vehicle have the latest infotainment system with an easy-to-use touchscreen? Vehicles for sale with the latest automotive technology will have a much better resale value than vehicles equipped with dated technology.
12. Vehicle Color
Color plays an important part in the resale value of your vehicle. Cars, trucks and crossovers with muted colors – like black, gray or white – are the most popular, but recent trends show that brighter colors like green, yellow or blue are more desirable to potential buyers.
When you plan to sell your vehicle, you may want to know – what factors affect car resale value – and we can help at The Car Depot. Contact The Car Depot today to find out how to get the best price for your used car, truck or SUV in Birmingham!