The fact remains that resale value is a crucially important consideration for most drivers who have intention of selling or trading in a used car. Sadly, there are several factors that tend to reduce your car’s value as listed below.
Remember that all of those things noted below can directly reduce the value of your car, but they’re partially avoidable during its lifespan.
1. Age and mileage
Absolutely, car devaluation is unavoidable after a period of time you possess it. Each passing year means that your car is one year older; in other words, its value will decrease by several tens of thousands of pesos.
Additionally, one of the top ways to consider if your car’s price should be higher than others is to compare the mileage which is displayed clearly on the odometer.
One of the top ways to consider if your car’s price should be higher than others is to compare the mileage
If your car is just two years old but already records a mileage of 60,000km, buyers will assume that it has been driven very often. In contrast, an older one which is ten years old and has 100,000km on the odometer will be supposed not to be driven much at all.
This factor can bring your car down or conversely, send it sky-high, in terms of resale value
When selling or trading in, you may be asked many questions about the car’s damage. This factor can bring your car down or conversely, send it sky-high, in terms of resale value. Thoroughly check every dent, scratch or other problems related to the engine, transmission and other components to make the most accurate calculation of your car’s resale price. If possible, consider repairing the damage so that its value isn’t depreciated.
It is undoubtedly true that the region where you live can determine the value of your car. To illustrate, mid-priced sedans are very popular in cities like Metro Manila, but more specialized vehicles do better in the certain areas. For instance, four-wheel-drive pickup trucks and SUVs are certainly preferable to rough terrains and mountainous areas. Moreover, you can’t sell your car at a high price in lower-demand regions where it is likely a hard sell.
>>> Have a look at the list of new and used cars for sale in Metro Manila
4. Paint color
Commonly, a color palette including black, white, grey and silver on most mainstream vehicles is immensely popular in our market. On the other hand, selling a car finished in some hues like pink, metallic purple or sunset orange metallic means that you are gambling on a slower sale due to the lack of interested buyers. Worse still, your car could stand still in the parking lot/in your garage for a few more years.
Selling a car finished in some hues like pink means that you are gambling on a slower sale due to the lack of interested buyers
However, it is not always the case that rear color is a heavy burden to you. You know, picking a one-off shade on a sports car is likely to boost the appreciation through the roof.
>>> Read related post: 9 things seriously damage your car paint