Factors that Affect a Car's Resale Value

Factors that Affect a Car's Resale Value

Posted on February 17, 2022

The first issue you might have when you try to sell your car would be the factors that can affect a car's resale value and how you have to battle with the fact.

Of course, not to deny that economy does factor in, but there are other things you might not even consider that can also affect the car’s price.

It will help to stay informed to know the maximum value of your car and not be cheated despite what people might think.

Several factors can reduce your car's resale value, while some may be beyond your control others can be properly managed and fixed.

Some of these factors include:

Where you live

Where you live, that is your car’s location can affect a car's resale value.

For example, there are some common electric car models like Kia EV6 that have been sold exclusively in areas that have a good fast charger network.

If you move to an area that does not have the adequate electric charging infrastructure, it becomes difficult to sell the car, or at least get market value for it.

The car’s brand

The brand of your car can also affect its resale value. Certain car brands are known for rapidly depreciating the longer you use them, even though it is in perfect condition.

Some other car brands are known for retaining a higher resale value, examples of these cars include Kia, Ford, Ram, and Lincoln.

Interior condition

Even though this is quite obvious, the vehicle’s condition is worth mentioning.

When a potential buyer approaches to inspect the car for sale, if the inside of the car is perhaps dirty, rough, or the seat chair was torn, it will affect their impression of the car and therefore reduce the car’s value in their eyes.

If the condition is too bad, they may walk away altogether!

It is best that you have the inside of your car thoroughly washed, clean and repaired before you put it up for sale to avoid this.

Exterior Condition

Any damage to the exterior of your car will affect its resale value.

You should make any small repairs, whether it be just a dent on the body, replacement of tires, repainting, or professional washing.

You should also remove old bumper stickers as they are so 20^th century!

Mechanical condition

Your car's mechanical condition will greatly influence its value. You must keep your car in great running shape by getting it serviced regularly.

If you have a record of how often you serviced and maintained your car you can also add it to the sale document, this will help increase your car's value.

The car's colour

You might be surprised to hear that the colour of your car can also influence its value when you come to sell your car.

Although tastes vary depending on the buyer, you might be risking it when your car has an eccentric colour paint on the body that could become discontinued.

If ever in doubt, to stick to classic car colours like black, white, or silver. Most Canadians will buy those colours!

If you’re looking to sell your car, we’d love to buy it for a great price! Simply fill in the form below and we’ll get back to you ASAP! 

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