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What Factors Affect My Car's Resale Value?
Brand – The brand of your vehicle plays a significant role in determining the resale value of your vehicle. Some brands and models depreciate or hold their value over time better than others. Honda, Subaru and Toyota are known to hold their market value best in the mass-market while Mercedes, Lexus and Audi tend to hold their value best in the luxury market. These brands tend to retain anywhere from 45%-60% of their value after 3 years while the average for other brans average only 35% of their value in the same amount of time.
Exterior Condition – It is more commonly understood that the exterior condition of any vehicle will have a significant impact on the resale value of your vehicle. Any damage or issues, regardless of how small, will have an impact on the value of your vehicle. We suggest trying to fix any dents or dings prior to selling the vehicle to ensure you get the highest value possible.
Interior Condition – Another obvious factor, but worth noting, that a vehicle with a well-kept and clean interior is more appealing to potential buyers. More importantly, an interior with any odors, stains, tears or what seems to be a lack of up-keep will drive away potential buyers thus decreasing the value of your vehicle. We recommend having your vehicle detailed to ensure you’re offered the best value possible for your vehicle.
Mechanical Condition – Maintaining service records and keeping your car’s maintenance up-to-date can be a huge factor when assessing your vehicle’s resale value. If these records are maintained, chances are you took care of your vehicle and potential buyers will see that as factor that could increase your car’s value.
Title Status – There are 3 main types of car titles:
1. Clean: A clean title signifies everything with your vehicle is good and the car is fit structurally.
2. Salvage: A salvaged title is a vehicle that may have been wrecked or has structural damage. These types of titles are typically difficult to ensure.
3. Rebuilt: A rebuilt title signifies that a salvaged car was fixed and is now deemed as safe to drive.
A salvage or rebuilt title will diminish your car’s resale value, but depending on the quality of the rebuild, the amount varies.