3 Factors That May Affect Your Car’s Resale Value

Many people purchase a car with the idea that they will resell it at some point in the future. However, this isn’t always as easy as it seems.

There are many different factors that go into the resale value of your vehicle, some such factors are:

Mileage

Perhaps one of the biggest factors that will affect your car’s resale value is mileage. Most people don’t want to buy a car that has a lot of miles on it, and for good reason. The more mileage a car has on it, the more likely it is to fail soon. Because of this, people tend to avoid buying high mileage vehicles. This means that even most dealers are less likely to offer a good price for your vehicle when you go to resell. Vin’s Automotive Group recommends trying to keep the mileage on your vehicle to under 40,000 miles. This is because most cars take a dip in resale value once 30,000 to 40,000 miles have been met. However, a standard is usually 60,000 or less for a decent resale value. Overall, keeping the mileage on your vehicle as low as possible is preferable if you plan to resell the vehicle in the future.

Condition

Though an obvious factor, it’s a big factor. The condition of your vehicle will absolutely decide it’s resale value. Because of this, it’s best to keep your car in good working order. Fix any scratches or dents and keep everything under the hood in working order. The worse the condition of the vehicle, the less the value will be when it’s time to resell. However, cars in good condition both physically and mechanically are much more likely to snag a good price on the resale market. To avoid a large project, try to keep up with maintenance on your vehicle and address any issues when they arise. By doing so, you’ll make it easier to resell the vehicle down the line.

Brand

Though a somewhat strange thing to consider when looking at what will affect the resale value of your vehicle, brand absolutely does matter. Most people will avoid brands like Toyota or Honda, due to their poor history and customer satisfaction, while more people will opt for brands with favorable opinions, such as Chevy. When buying a new vehicle, always consider the brand before buying. Do some research on which brands are on the rise and which are declining in popularity. This will give you a better idea of how well the car will resell when it’s time to do so. Time-tested brands are favorable, while newer and less favorable brands will net less when it comes time to resell the vehicle.

While there are many different aspects to consider when it comes to resale value, mileage, condition, and brand are three of the most considered. If you plan on selling your vehicle at some point, it may be a good idea to consider these things before even purchasing. If it’s too late to consider pre-purchase, keep these factors in mind for your next vehicle purchase. Keeping certain aspects in mind, and taking care of the vehicle, are sure to help you in the future.