When you think about selling your vehicle, it is important to consider factors that can impact the vehicle’s resale value. The resale value of your car depends on many factors, which must not be ignored by car owners. While a car’s make, year, and model have a significant impact on its resale value, some other factors also play an important role in identifying the actual value of a used car.
Here are 5 common factors that can affect the resale value of your used car.
The Condition of Your Car
The most most important factor that can affect the car’s resale value is its condition. This includes the wear and tear that car has sustained, including the actual damage and previous repairs. Any damage to the exterior of a vehicle can have a negative impact on the value of your used car. You need to check the following elements of a car carefully before putting it on sale. These include lights, cracks and chips on windshield, tyres, brakes and dents and scratches
In order to boost the resale value of your car, it is a good idea to get your car professionally washed and evaluated. If you find any of the above in poor condition or see visible dents and scratches on your car’s body, it is advised to go for a complete maintenance job before selling the car.
Similarly, if the interior of your car is clean and well-kept, people will be more likely to buy it. You can use a professional service to detail the interior and invest in a pair of new rubber floor mats to improve the value. Even though getting your car repaired can help you get a higher resale price; it is recommended that you do a thorough cost-benefit analysis of every major repair before you choose to go ahead with it. Skip repairs that you think cost too much and are not adding enough value. A lot of car sellers make the mistake of overspending on repairs and maintenance, which results in an overall financial loss once the vehicle is sold.
Also read: How to Maintain your Car’s Resale Value in the UAE?
The Brand of Your Vehicle
The brand of your vehicle has a major impact on the resale value of your used car, regardless of the quality and condition of the car. A specific brand’s reputation and reliability in the market majorly affects the value of your car. Brands like Toyota, Nissan, BMW, Mercedes and Ford have a better resale value in the UAE’s used car market as compared to others as they have improved their reliability in the UAE over the years.
Modifications and Car Colour
If you have made modifications to your car, you will find that they will have an impact on the resale value of your car. Car modifications can range from changing the car colours, to making major changes to the interior. While some modifications such as adding a body kit may be beneficial, most of them can decrease the resale value of your car. Most buyers prefer unmodified cars, so your car would lose value if you’ve modified it extensively.
Similarly, you may struggle in finding a potential buyer for your car if you have an odd or unconventional car colour that may require additional upkeep. Classic colours like black, silver and white are generally more sought after than any other unusual options.
Mileage
The mileage of your car also has an impact in determining its resale value. The lesser the mileage of the car, the greater is its resale value. Your car might be in the perfect condition, but fewer buyers may be interested if you have 200,000+ miles on your car. Therefore, it is advised not to wait too long if you want to sell your car as more car miles will result in a lower resale value.
Service Record and Documentation
Having original documentation is one of the most important aspects of the car selling process. Incomplete documentation or any illegality in the documents can make it extremely difficult to find a serious buyer. A seller must have insurance documents and registration documents including the title transfer of the vehicle. In addition to that, car sellers will also need to provide all maintenance records of the vehicle along with a record of any modification work done on the vehicle over the years of its use. Besides this basic vehicle paperwork, car sellers will be required to present their identification documents as well.
Also read: Car Selling 101: 5 Tips to Get the Best Value for Your Used Car
Sell Your Car at the Right Time to SellAnyCar.com
Having a thorough and extensive knowledge of all the factors that can impact the resale value of your vehicle can help you decide the right time to sell it and buy a new one. It is essential to keep oneself updated with the latest market trends and to keep a check on the maintenance costs of the vehicle. You must evaluate if your car’s maintenance costs exceed its actual residual value through the help of a professional mechanic. Once you decide to sell your car, you need to get a fair and comprehensive car valuation to get a suitable price for it.
SellAnyCar.com offers zero-obligation car valuation and car buying services to car sellers in the UAE. The extensive car valuation process is completed in two steps, following which our experts offer the final price for your car. In the first step, customers need to calculate the value of their car using SellAnyCar.com’s online car valuation tool. The state-of-the-art car valuation tool gives a fair idea of the actual market value of a used car.
Following the online valuation, you can get your vehicle inspected by the experts of the company by booking an appointment at one of its nationwide branches. During the inspection, a vehicle is checked thoroughly by the experts to determine its actual resale price.
This two-step car evaluation ensures a thorough process to determine the actual market value of the car. After the final price is offered to the car seller, they can choose to accept it and sell their car to SellAnyCar.com. This service is free of cost and non-binding so, if you do not like the final offer and do not want to sell your car to SellAnyCar.com, you will not be charged for any service offered by the company. The professional evaluation of a vehicle conducted by SellAnyCar.com ensures that you get reliable information about the actual market price of your vehicle.
If you are looking to sell your used car to buy a new one with advanced safety features and improved performance, then don’t forget that with us, you can sell any used car in just 30 minutes while all the post-sale paperwork is handled by SellAnyCar.com’s team.
