When you purchase a new car, it’s likely your intention to be able to sell it one day. Depending on the make and model of the car, the resale value can be quite high, sometimes even higher than the purchase price.
In order to maximize the resale value of your car, there are several key factors you should keep in mind before you even go shopping for your new set of wheels.
Here are five key factors that will help determine the best car resale value.
1) Size
When it comes to resale value, size definitely matters. The bigger the car, the higher the resale value will be. This is because bigger cars are more expensive, to begin with, so there is more room for negotiation when it comes time to sell. Plus, buyers are often willing to pay more for a bigger car because they perceive it as being a better value.
2) Color
A car’s colour can affect its resale value in a number of ways. For example, a white car is more likely to show dirt and wear than a black car, which can make it less desirable to potential buyers. Plus, certain colours may be more popular in certain markets, which could either help or hurt your resale value.
On the other hand, some research has shown that people are willing to pay higher prices for vehicles with specific colours. Black cars tend to sell at a premium because they are perceived as better quality, while red cars can suffer from depreciation due to their popularity with rental companies.
3) Age of vehicle
The age of a vehicle is one of the most important factors in determining its resale value. Newer vehicles will always fetch a higher price than older ones, simply because they haven’t been used as much and are likely to have fewer miles on the odometer.
But even within the same model year, newer cars will have depreciated more than older ones. So if you’re looking for the best resale value, aim for a car that’s at least a few years old.
4) Fuel type
The type of fuel your car uses can have a big impact on its resale value. Gasoline cars typically have higher resale values than diesel cars, because there are more buyers for them. Electric cars also tend to have higher resale values than gas cars, because they’re seen as being more environmentally friendly.
5) Transmission
One of the key factors that determine a car’s resale value is its transmission. If a car has an automatic transmission, it will typically have a higher resale value than a car with a manual transmission.
This is because automatic transmissions are more convenient and easier to use, making them more appealing to buyers. However, cars with manual transmissions tend to be cheaper so they can still hold their own in terms of resale value.
Sell Your Old/Scrap Cars at Cash for Cars Melbourne
Trying to decide what to do with your old car after you upgrade? Are there any old cars cluttering up your garage? If so, you’re in luck!
At Cash for Cars Melbourne, we offer top dollar for all types of cars, trucks, and SUVs. In addition, we can pick up your car from you if you prefer. To learn more about our services, or to get a free quote, give us a call today!
