You might be surprised by how much (or how little) everyone else thinks your automobile is worth if you're attempting to sell it or trade it in. Of course, factors like as the car's mileage, the time of year, and the economy will always play a role, but the truth is that there are additional factors you may not be aware of that might affect the car's price.
Some of these things you may be able to change on your own, while others are just beyond your control. Let's just say you'll survive and learn from your mistakes and apply what you've learned to your future vehicle. Let's have a look at what we've got.
Bumper Stickers are the first thing that comes to mind while thinking of bumper stickers.
Experts argue on whether bumper stickers depreciate the value of your automobile, so why take the risk? If you leave the stickers on the car, they will remind potential buyers that it has been driven before, and they will make it difficult for them to picture the automobile as a blank slate. So try gently removing any stickers. However, even if they come off in one piece with no scrapes or nicks, the paint beneath them may have faded.
2. Lights that have been damaged
It's worth the work and price to replace your car's lights if they have cracked lenses or burned-out bulbs. New bulbs and lenses are cheap and simple to obtain, and they can usually be swapped out with with a few screws. (If your automobile has high-end LED or HID lighting, this may not be the case, but you should still replace any that are faulty.)
Headlights and brake lights that don't work might make driving a car risky. It's the kind of issue that can jeopardise your safety or result in a traffic stop. Nobody likes to buy an old car and then have to take it to the mechanic for repairs.
3. Your Residence
There are a lot of factors that go into deciding where to live, and your car is probably not one of them. However, where you reside might have a big impact on its resale value. When the snow starts to fall in New England, a rear-wheel-drive convertible that can be comfortably driven all year on the West Coast becomes a strain. Some electric car types of normally ubiquitous cars (such as the Mini Cooper and Volkswagen Golf) have been sold only in California for several years. Potential purchasers may be turned off if you relocate across the country to a region with inadequate electric charging infrastructure. In certain circumstances, all you have to do is wait for the proper buyer.
4. A Windshield Crack
These days, a windshield can be changed for a reasonable price, and in some places, your insurance will cover it without requiring you to pay a deductible. Some buyers may believe that fixing a cracked windshield is out of their price range, so if yours has to be replaced, do so before putting your car on the market.
A word of caution: if your car is a newer model, replacing the windshield may be more expensive. Because many new automobile windshields have high-tech features such as rain-sensing wipers and embedded antennae, the price will rise.
5. Secondhand Cigarette Smoke
Nobody wants to buy a vehicle that smells like a cigarette. So, if you've been smoking in your vehicle, be prepared to pay the price. While there is no specific method for calculating how much less your automobile is worth when compared to a comparable vehicle that hasn't been smoked in, there is no denying that a smoker's car is worth less. According to some research, smoked-in cars are so filthy that driving and riding in them exposes you to third-hand residual tobacco smoke.
6. Tires that don't match
If your tyres are in good condition and, more significantly, if they all match, you'll have an advantage whether you're selling or trading in your automobile. Even if you replaced a tyre swiftly after a blowout, a jumble of tyre brands or tyres of varying ages may give the impression to prospective purchasers that you cared for the automobile recklessly. Consider buying four new tyres when they're on sale if you're serious about earning top price for your car. If you're trading in your automobile instead of selling it outright, the dealer may simply deduct the cost of four new tyres from your projected trade-in value.
A manual transmission is number seven.
Congratulations, you're one of the last of a dying breed if you insist on driving a car with a manual transmission. You'll quickly realise how alone you are if you're trying to sell a popular automobile with a manual transmission. (However, a sports car with a manual transmission has a much higher chance of holding its value.)
According to Car and Driver, an optional item adds value if 50% or more of purchasers choose to add it when the vehicle is brand new. Choosing uncommon features, such as a manual transmission, instead of these popular options adds little value and may even detract from it. The moral of the storey: If you're buying a new car, go ahead and purchase exactly what you want. Just don't be surprised if following your heart results in a lower used car market value.
8. Fuel Costs
This may come as a shock, but petrol and diesel prices are another unpredictably variable that can alter the value of a used automobile. You're in luck if gas costs are high and you're selling a hybrid. And, if gas is cheap, it may be time to sell your gas-guzzling SUV before costs rise again. If the price of gasoline has a significant impact on the worth of your vehicle, but you're eager to sell, you'll have to accept whatever the market will bear. If you have some discretion in terms of timing, pay attention to news stories, keep an eye on oil prices for spikes or decreases, and aim to sell when the market is most beneficial to you. You can't control gas costs, but if your schedule is flexible, you might be able to take advantage of certain market conditions.
9. Use of colour
You're probably not surprised to learn that the colour of your car has an impact on its resale value. According to various research by iSeeCars, orange and yellow vehicles depreciate the least, which may surprise you. Even though these hues are almost prevalent in many dealership displays, which shows that customers enjoy these colours on new automobiles, gold vehicles depreciate the most, followed by silver and beige. Other brilliant colours have different consequences. Black, white, and grey are always safe bets when it comes to choosing the colour of a new vehicle in the hopes of attracting the most buyers in a few years.
The Car's Reputation (number 10)
Although you have no control over what a carmaker does, their decisions may have an impact on the future value of your vehicle. Take, for example, the Volkswagen Dieselgate controversy, which tarnished VW's image and lowered the value of all diesel automobiles. Consider the Ford Pinto from the 1970s if you want to go even further back in the car timeline. If you tried to sell a Pinto today, you'd undoubtedly have a hard time doing so because of the cars' proclivity for spontaneous combustion. In short, whether your car's worth suffers as a result of unethical behaviour by the automaker or as a result of a major fault with the vehicle itself, your car's value may decline.