Are you thinking about trading your car in or selling it? If so, you may be surprised to find out how much your car is actually worth. You probably already know that car mileage and the general economy will affect your car’s resale value – but there are lots of other factors that can also come into play.
Here are five factors that affect the value of your car.
Fuel Costs
The cost of diesel and gas can both affect the value of a used car. If you are selling a hybrid and gas prices are up, the value of your car will increase, while low gas prices mean it will be easier to sell an SUV that uses lots of gas. So if you own a vehicle that uses a lot of gas or very little (such as an electric car, a hybrid, or four by four), it could be beneficial to look at current gas prices online before putting it up for sale.
Broken Lights
Burned out bulbs and damaged lenses can both have a big effect on the value of your car. However, new bulbs and lenses are very affordable, so you can easily replace the lights yourself before trying to sell the car.
The Color
Color has a strong influence on a car’s resale value – but you may be surprised to find out which colors are classed as valuable. Yellow and orange-colored cars tend to depreciate less than other colors, while gold cars normally depreciate the fastest, followed by silver cars. This is very interesting as silver and gold cars are both popular options – except when it comes to resale!
So if you want to sell your Ferrari and it is gold or silver, you may want to consider respraying it before selling it.
A Damaged Windshield
A damaged windshield will reduce the value of your car, but much like broken lights, this problem is an easy fix. In fact, in some states, car insurance companies will cover the costs without you having to pay a deductible fee! So if you have a broken windshield, consider contacting your insurance company to find out if they will replace the window for you for free.
However, there is one downside to this; if you own a newer car, it might cost more to replace. This is because modern cars tend to have valuable windshields with extra features (such as an embedded antenna or a rain sensor).
Mismatched Tires
Mismatched tires can reduce the value of your car for a few different reasons. The first is that mismatched tires make the car look old and used, the second is that the new owner will need to pay for new tires, and the third is that modern suspension is designed to work with matching tires. So if you don’t have matching tires, you may be damaging the suspension – which can result in expensive repair costs for the next owner.
