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The Key Factors That Determine the Best Car Resale Value
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The time has come for you to part ways with your old baby. The car that has served you well for many years now deserves a new owner as you have a need for something else it cannot offer you.
Every seller wants to get the best possible price for their cars for sale, but how do you factor in the values that determine its resale value?
Everyone knows that the moment you leave the car lot with your brand new car, depreciation takes a hit. If you plan to resell the car you bought yesterday to someone else, more likely than not, you will not get your money back. Experts agree that a car loses an average 35% of its market value during the first 5 years. That still depends and leads to our next factor.
Brand and Model Reputation
Of course, the depreciation of different cars are not the same and their resale value depends on brand reputation. Some Auto brands in the PH just have a bad reputation thus they see their market value plummet hard for the first few years.
If the engine is good and the body is fine with the interior not smelling of cigarette smoke and old socks you can rest assured that you can get your money's worth when you have your car appraised.
I mentioned earlier that cars experience the most depreciation during its first 5 years. It then slows down afterwards. Even if you have the same model, most cars released later than yours may command a higher premium over earlier models
If you have a low mileage car, it increases its market value exponentially compared to similar year models with high mileage.
This creates the impression that since it's been used less times, all the internal parts within the engine, suspension and interior wear and tear are at a minimum.
Cars themselves undergo fads, last year it may be about sports coupes and this year about mom-car wagons. Don't be surprised if you've held off from selling your vehicle today only to find that it's value actually increased the next year.
It is advised that you should visit the nearest car dealers in Llorente, Eastern Samar to schedule a car check in person so that you might find what type of cars are more in demand than the rest.
So there you have it! Do you think that your car will depreciate better or worse over time? Will you next purchase be a winner? Don't forget to check out our Philippines car price list to learn more about the monthly-updated price list of all car brands and models as well as have a good financing plan to get the best deal.
Thank you for visiting Philkotse.com and good luck with your car purchase journey!