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15 Factors that Affect the Price of Your Car
June 19, 2015, 9:57 am
When it comes to selling your car, a variety of things will have an impact on the overall price of your car. Some of these things may appear blindingly obvious, while others could be things that you never would have thought of before.
Here are 15 factors that will determine how much your car is really worth.
#1 Age
Probably one of the most obvious factors. The older the car, the more worn it will be and therefore the less desirable it will become. Classics are the exception to this rule, but typically a 15 year old car will hold significantly less value than a five year old model.
#2 Mileage
Right behind the age of the vehicle, most buyers will look at mileage. In some cases this is even more important than age, for example on vehicles that are known for their reliability. Typically, most cars start to experience issues after 100,000 odd miles, which can create expensive repair jobs. The lower the mileage, the more your car is likely to be worth.
#3 Condition
As you can imagine, a car that’s battered inside and out isn’t going to be particularly appealing to buyers. Torn seats, scratches to paintwork and dents will have serious implications on the overall price of the car – the better kept the car, the more money you’ll get for it.
#4 Number of Owners
Being able to trace the car back to the original owner is important to some buyers, as you are able to directly find out about any faults with the vehicle. Having lots of previous owners can be off-putting as it looks like the vehicle has lots of issues.
#5 Service History
Knowing that the vehicle has been well looked after and maintained is vital for keeping the price high. If you have a full or partial service history then you are likely to get a much better price for your vehicle than one that’s never been serviced.
#6 Brand
While this isn’t always a major factor, luxury vehicles and brands who are known to produce reliable cars will hold onto their value better than other brands. It is worth looking into which brands hold their value best before buying, but generally German and Japanese vehicles do very well here.
#7 Fuel Type
With a greater push towards fuel efficiency, low running costs and less carbon emissions, you’ll find that hybrid, diesel and electric cars will hold their value for much longer than petrol counterparts. This isn’t a universal truth, as small petrol cars can do very well, but it is becoming a trend.
#8 Model Reliability
If your car has proven reliability, then buyers will know that they’re getting a good deal even with older cars with high mileage. While this doesn’t save you completely from losing value, it does mean that you can hold onto the vehicle for longer without losing money.
#9 Modifications
Carrying out tweaks, modifications and adjustments to your car – no matter how cool you think they are, can really damage the value of your car. If you have modified your car in anyway, and a professional carried out the work, then hold onto the receipts to prove that it’s been done well.
#10 Location
You may not think about it, but if there are lots of similar cars in the same area then you’ll be competing for buyers. This means that you are probably not going to get the best price and even little differences between cars can make a huge difference.
#11 Colour
Similarly to point #10, if there are lots of cars to choose from then people will be able to be a bit pickier when choosing a vehicle. While this won’t make much of a difference if your car is a normal colour, but if you have a bright pink, dazzling orange or graffiti art on your car then this could harm your asking price.
#12 Technology
Built in satnavs, DAB radios and parking sensors will all help to keep your car’s price high when reselling it. That doesn’t mean that you should spend good money to put these features in if your car doesn’t have them already, as you aren’t likely to make the money back, but it’s good news if they’re already there.
#13 Add Ons
Things like alloy wheels, air conditioning, heated seats and other little extras can all work to make your car much more desirable. If you’re competing against similar models that only have the base level trim then expect your car to hold a higher price.
#14 Popularity
Do people actually want to buy your car? This isn’t just a question that will ensure your car sells, but if demand exceeds supply then the value of your car won’t dip as much as other models. You can’t plan ahead for this, but if you are fortunate enough to have a popular vehicle then you’ll benefit from better resale value.
#15 Timing
Timing is everything, certain cars sell better at certain times of the year. Similarly, you’re never going to get a good price if you sell just before a new registration plate comes out. If you have a convertible for example, you’re going to get a much better price in the summer than the winter, however hatchbacks do well all year round. Think about how the timing could affect the price of your car before making a decision.
At Cashpoint4Cars we always offer a fair price for your vehicle, so if you’re looking for a quick sale and want cash for your car then enter your registration number now to find out how much we’ll pay.
