Top Factors that Impact the Resale Value of a Used Vehicle
Every car seller aims to make the most of their used car by selling it at a fair price in the used car market. However, the growing demand and popularity of the used car market are encouraging many to enter the market. This increases the variety of options that car buyers can choose from making it difficult for car sellers to make their vehicles stand out. For car sellers to attract serious buyers and get a fair price for their vehicles, they must follow some best practices. Car sellers need to prepare their vehicles that will ascertain that they get a fair price for the car.
Several factors also impact the resale value of the vehicle that car sellers should know.
Vehicle’s Make and Segment
Several vehicles make have a better reputation in terms of reliability and features. Brand popularity and reputation can also vary from country to country. So, the resale value of vehicles from such makes will have better chances of selling well in the used car market.
The car segment refers to the sedan, SUVs, sports cars, etc., and the popularity of each segment depends on location and climate. Warmer climates are more suitable for sports cars, similarly, localities with a good off-roading landscape will have SUVs high in demand.
Mileage
Car buyers looking for a suitable vehicle in the used car market prefer vehicles that have lower mileage. If the vehicle is driven less, then it will have relatively less wear and tear. Vehicles with higher mileage will have a lower resale value in the market as the demand is low.
Car Modifications
Vehicles that have car modifications are likely to get a lower resale value in the market as well. Some car buyers may not be interested in the modifications made to the vehicle and would prefer the default setting provided by the manufacturer. Some car modifications cancel the insurance, and some require the removal of original parts. It is a common perception that removing original parts makes the vehicle vulnerable to wear and tear.
The Exterior and Interior Condition
Once the car sellers decide to sell their used cars, they need to determine the condition of the vehicle. Over time, the exterior of the vehicle is bound to get scratches, dents, chipped paint, and even rust. The car seller must carefully examine the exterior for such damages and get the required fixes before making it available for used car buyers. Similarly, the interior should be examined for ripped upholstery or faulty amenities. Thoroughly clean the interior and exterior with premium quality products to ensure that the vehicle does not endure any damages.
To make sure that no damages or repairs are missed, it is best to consult a mechanic. There will be repairs that will cost more so, it is best not to spend money on such fixes. A mechanic can also advise the car seller about which repairs they should get done. A proper inspection of the vehicle can help car sellers improve the vehicle and get a better resale price for it in the used car market.
Car History and Paperwork
Every car buyer will check the paperwork and service history of the vehicle before making the purchase. The paperwork must be genuine confirming the ownership of the vehicle. Moreover, the car service history will inform car buyers about the repair and maintenance details. This will help them decide if the vehicle is in suitable condition to be purchased or not.
Platforms to Sell the Used Cars
The are several platforms available to car sellers to sell their used cars such as through classified websites, car dealerships, and specialist car buying companies. The platform that car sellers choose will affect the resale value of the vehicle as well. So, they must research and make sure they understand the services that they will get with each. This will help them make the right decision.
Selling through a classified website allows car sellers to manage the car selling process without any intervention by the platform. They will have to price the vehicle without any guidance as there is no criteria set by the platform that they need to follow. There is a chance that they end up over-pricing or underselling their car. Moreover, the process is time-consuming and depends on car buyers contacting the seller.
Selling through car dealerships means that car sellers will be selling to professionals so, there is a chance that they will be offered an unfavorable price. Car dealers are excellent at negotiation so, car sellers may be at a disadvantage when selling the used car to a dealership. Some car dealerships also charge car sellers if they request an estimate. Some car sellers may have to spend some time finding a car dealership that does not have restrictions such as only purchasing a certain make.
Sell used car through specialist car buying companies involves a two-step car evaluation that ensures a transparent and comprehensive process. Car sellers can check the estimate online by entering basic information into the car valuation tool available on the company’s website. They can then book an appointment with the company for getting the vehicle inspected. The inspection is conducted by car experts at the company. They are thorough with the car inspection, and it leads to the final offer for the vehicle. The car evaluation process helps car sellers determine the actual price of the vehicle.
Car sellers can sign a sales agreement after they have accepted the offer. The vehicle will then be deregistered, and the payment will be made to the car seller. Payment for the vehicle is made through an electronic bank transfer ensuring safety and transparency. The company manages all aspects of the car selling process making it hassle-free for car sellers. The post-sale paperwork is also prepared by the specialist car buying company. This way, car sellers can sell their used cars at a fair price in a convenient and hassle-free manner.