People can have different reasons for selling their cars. Some do it to earn extra cash that they can use towards buying a different model. Others use the money to fund other pursuits, such as putting up a business. Perhaps you are planning to move to a different country altogether and won’t be able to take your car with you, so you seek to sell it.
In many parts of the globe, there are dealerships where you can sell your car. If you have been in a used car dealership before, you may have noticed a plethora of brands and models being offered for sale, in a wide range of prices.
How does one determine the price of a vehicle? Let an expert in selling pre-owned cars shed some light on this topic. These are some of the factors that help in determining the selling value of used vehicles.
Brand And Model:
Nissan and Toyota are examples of brands that are highly sought after by people looking into buying Certified Pre-Owned (CPO) units. Compared to other brands, these two are known to be durable and efficient, and they are also relatively low-maintenance.
In general, the value of newer models tends to depreciate quickly. This is because, at some point in the near future, the production of the vehicle will be stopped. As time goes by, it will be difficult to find spare parts and people knowledgeable in servicing these models.
Aspiring buyers tend to be cautious when it comes to buying a car that is no longer in production. The only exception would be iconic vintage models. For instance, a Ferrari 250 GT California Spider from 1961 is expected to fetch the owner millions of dollars.
Early American muscle cars command a high price as well. These rare stylish classic cars evoke images of speed and rebellion and are a hit among vintage car collectors.
Condition And Ownership:
Appearance matters for potential buyers of pre-owned vehicles. They will scrutinize every inch of the car’s interior and exterior. Units with a few scratches and no evidence of rust, dents, or other kinds of damage can command better prices than vehicles that are in poor condition.
The same can be said of the parts of the interior, such as the electronic equipment and upholstery. These components require regular care and maintenance from the original owner.
Ownership can also play a role in calculating the prices. It is more difficult to determine the level of care and maintenance if the vehicle has been used or has changed hands multiple times. Company-owned cars and CPOs being resold by the second or third owner are valued less than one that is being sold by the original owner.
Any indication that the car has been used extensively can reduce the value of the car. This is why buyers often ask for the car’s mileage before anything else.
The higher the mileage, the greater the impact on the engine. Mileage can also give a good indication of the wear and tear on the vehicle being sold on the market. Whether you are planning to buy or sell a used car, it is vital that you check the car’s mileage.
Any form of customization, whether it is the car’s paint job or the upholstery, can effectively reduce the value of the vehicle. The customizations done on the vehicle are not for everybody.
Also, potential buyers tend to be wary about buying a vehicle with customizations that are of questionable quality. To sell quickly, stick with the parts that came with the car when it was first sold to you.
These are only some of the factors used in calculating the value of a pre-owned vehicle. Take note that although they may be common, these factors are not considered absolute. You will find buyers who have unique ways of looking at the value of cars.
Remember these factors if you are planning to sell your car soon or in the future. This way, you can sell your vehicle for the best price possible.
Mahesh Rohra is the Director of Arabian Automobiles LLC – AW Rostamani Automotive Group, a trailblazer in the automotive fraternity with a legacy of over 50 years. AUTOTRUST by AW Rostamani is the largest automotive multi-brand one-stop-shop in the UAE where you can buy and sell quality pre-owned cars.
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