What Determines the Resale Value of a Car?

January 22nd, 2019 by

What Determines the Resale Value of a Car?

When it comes time to sell your car, it may seem you do not have much say in its resale value. In most cases, this is true but there are exceptions and things you can do to increase your resale value. If you are debating selling your car, here are some factors that will determine how much you can expect:

Interior and Exterior Condition: This is one of the most obvious factors in resale value and just about the only factor you have some control over. Ensuring you get regular maintenance for your car is not only good for you but also for the next owner and your resale value.

Maintaining the aesthetics of your car can be equally as important as getting regular tune-ups and oil changes as well. Treating leather seats to keep them from cracking and taking care of stains and odors on fabric will all help the appearance and value. Even if you have not been the most diligent with maintenance, you can still help your resale value by getting your car professionally cleaned and detailed before attempting to sell.

Market Demand: A popular make and model of car will, unsurprisingly, sell better in the aftermarket. However, some types of vehicles will sell more quickly and for a better price during certain seasons. For example, selling your convertible or sports car in spring and summer will be easier and more lucrative than in the winter.

Mileage: This is another factor that is hardly surprising. Even if your car looks great and is well maintained, a high mileage will drop the value. Similarly, a car that might not be as popular or that has not been perfectly maintained may command a higher price if the miles are lower.

Color: The color of your car not only impacts resale value, it can greatly impact how quickly your car sells. Popular colors for all vehicle types include silver, black and white according to Kelly Blue Book. Gold was just about the least popular in all categories. The two interesting exceptions are yellow and orange. While these colors are not popular among new cars, their scarcity can make them more desirable in the aftermarket.

Should Potential Resale Value Factor into your Car Decision?

Don’t plan to keep your car for long? If you are someone who likes to change up your vehicle often, then resale value may be something to consider. While certain factors cannot be predicted in terms of trends in the next few years, some things do remain consistent. Popular models and luxury cars are known for doing well. Similarly, as there is a greater importance put on gas mileage and environmental impact, hybrids and more environmentally friendly vehicles can command a better resale value.

How to Resell Your Car

The most efficient way to resell your car is to trade it in for a substantial discount on your next car. Unless you plan on not getting a new car to replace the old or you have a rare collectible automobile, a trade-in option is often your best bet. Trading in or selling your car to a dealership eliminates the worries of vetting a stranger buying your car. It is also a fast and simple process that does not require advertising your car.

At Lebanon Chrysler Dodge we specialize in buying and selling pre-owned vehicles along with a wide selection of new models. Our experienced team is here to help you both sell your old vehicle and find the best new options for you. Browse our current selection of  new and pre-owned vehicles or come in and find out more about our generous trade-in offers.