No-one can escape the fact that cars go down in value in ninety nine percent of cases. You will probably never buy a car, and then go on to sell it further down the line at a profit. In fact, it is a widely known fact that the value of a brand new car goes down the moment one starts its engine the first time after money has been exchanged.
What causes this? Many things. Here is a list of some of the factors that influence the declining value of the average automobile and reduce the cash for old cars.
Some brands have more positive reputations than others. Toyota, Honda and Subaru are examples of brands whose value tends to depreciate less than others, while British brands tend to devalue the most. The model of the car is also an important factor. The BMW 7 series is a car model that, while it is a very nice car and sold for over 70,000 dollars brand new, it is possible to find this car selling for under ten grand second hand.
The data show that when people buy cars, they normally go for conservative colors, usually black and silver. So it would follow that if you want your car to retain more of its initial value, you would get a car that was one of those two colors. But other data suggest that bright colors such as orange and yellow depreciate in value the least. But that data is for all cars, and didn’t control for specific models and brands. So it still looks like bland, safe colors like the aforementioned black and silver are still your best bet.
Are you still wondering how much is my car worth?
The rule tends to be that people with more money to spend are going to want that value to show itself aesthetically somehow. If one doesn’t take care of their car, and the result is scratched and dents everywhere, or worse yet, botched paint jobs, than the resale value will be driven down. Regular washing and professional fixing of dents and scratches when needed are always a positive influence on future remuneration for a car.
The same principal goes for the interior. Keep it vacuumed, don’t smoke or if you do have it cleaned regularly (especially if you eat in the car). Seat covers and mats help reduce wear and tear of the carpet and seats. You might update few features of the vehicle by buying the cheap auto parts.
Condition of the engine (and how well the car runs in general)
This is arguably the most important thing to buyers, because the main purpose of a car is to transport a person, and if its ability to do that is compromised in any way at all, this will affect its value immensely. A car needs to run well in order to get the best price it can. So having all the paperwork behind all the service you’ve done to the car will prove that it’s had its guts regularly seen to, thus making it more likely to run well. Buyers like this.
When one buys a car they are most certainly looking for a vehicle that has high mileage. It makes sense to want a car that needs less gas to go any distance.