A “Resale Value of Car” is defined as, the amount someone is willing to pay you when buying your car. There are so many factors on which the resale of a car is based on for example Mileage, Condition, Originality, Etc. The resale value of a car has a direct relationship with its popularity in the car market. So it’s better to know what things that affects the resale value of a car. Here are a few things you should always consider:
Whether if you are going to buy a new car or finding out a used car from the market, Firstly, you evaluate the resale value car then take any further steps.
1. Selecting the Accurate Vehicle and Brand:
A vehicle’s resale value is approximately equal to its prominence in the automotive market. A car that has sold in large numbers tends to hold its value equitably well. Even though choosing the right brand generally means a high resale value when buying a used car, it does not assure one when buying a new car. Toyota Corolla, for example, does have one of the best-selling prices in the market; however, in the case of the 9th generation Corolla, the SE Saloon 1.6 to have a low resale value compared to the high class-selling 1.3 liters XLi and GLi (Which is discontinued). A similar thing happened with the Honda City Steermatic and Suzuki Baleno 1.6 GTi, both were still unable to sell well.
Back in 2016, Consumers faces engine knocking issues in the 1.5 liter Honda Civic Turbo and due to this, vehicle was removed from the market soon after launch, and in 2019, It was re-introduced as “CIVIC RS-TURBO” when issues were addressed. This thing makes problems for Civic Turbo to make a real place in the consumer market and still today people hesitate to consider Turbo variant.
2. Refrain from buying chintzy color schemes:
Genuinely, nobody really seems to want a bright pink, purple, orange, or yellow car. Traveling such a car could be enjoyable for some, but that most people prefer to play it safe and avoid buying cars in such vibrant colors. When purchasing an imported vehicle, you may encounter a variety of strange colors, You might be able to get a fair price by choosing out-of-market colors, but selling one is usually a nightmare!
Most consumers prefer more traditional colors like silver or white since they are easier to maintain. As a result, vehicles with a more general paint scheme typically have a better resale value.
Must Read: Pakistan’s Top 8 Cars by Resale Value
3. Overlook Modified Cars have Low Resale Value:
A guy spent a lot of money in modifying his car and now when he wants to sell his car and asking a desired price according to its modifications, then he will face lots of trouble and hurdles in selling it. Cars with over modified look, unfortunately, have a lower resale value. One major reason is that while the modifications may meet your specific tastes, they may not have a broader reach.
Unnecessary accessories and after-market body parts in the car ruin its look and affect its resale value badly. when you begin to look for a potential buyer, it’s a decent idea to remove such modifications and reinstate your vehicle to equity condition. Even effectively, you could indeed sell your car to anyone who understands the modifications as much as you do.
4. Inordinate Mileage:
Buyers generally avoid vehicles with inordinate mileage on the odometer. Some sellers try to be ‘Over-Smart’ while selling cars to get maximum profit or own. Even so, be reasonable to never have your vehicle’s odometer reversed or tempered. Your impression will be ruined on the spot if the buyer finds out that the odometer of the car is reversed or tempered even though, the car is in excellent condition.
5. Rust Prevention:
Rust is an indication that a vehicle has not been maintained. As a result, a car with some rust spots will also have a low resale value. So, if your vehicle has some scuff marks, it’s a smart option to have the panel refinished before rust begins to form.
Waxing a car was the best way to prevent its outer layer, but that most detailing automotive shops recommend ceramic coating as a much more powerful, value substitute. Even when under extreme conditions, the ceramic-based bonds with the varnish and will not decompose. Vehicles have to be waxed at least once a month, but with ceramic coating, you won’t have to do so for up to three years. It may last even longer in milder climates.
6. Out of Market Car:
Cars like Nissan Sunny, KIA Classic, KIA Spectra, Toyota Platz, Toyota Belta, Adam Revo, Mazda Axela, etc have a very low acceptance rate in our local market. People usually avoid buying these types of cars in a fear of spare parts availability, resale values, and maintenance cost. Since these cars provided a better build quality but due to no support of Authorised dealers these cars becoming unfamiliar. You might still see them on the road, but getting your hands on one is never a wise idea.
7. Accident or Major Repaired:
If the car is involved in an accident that needs major repairs or damages the structural integrity of your vehicle may have a serious effect on its resale value. If people identified the major repaired during the inspection they will definitely avoid it even some people also avoiding in buying completely showered cars they just need original vehicles with not more than 2,3 pieces of touchup.
8. Real issues with Documentation:
Cars with awaiting taxation, lacking, incomplete or missing, documents hit really bad the resale market of your vehicle. It is advisable to keep these things fully updated. Cars with CPLC/ACLC or Laboratory issues are also low in demand. We recommend you to never buy such cars if you want to keep them for the long term.
A first impression is the most important. Always keep your car looking nice and maintained, and have it cleaned on a routine basis. Not only for resale but also for your own desires. Your car should be a source of pride for you every time you check at it and step within it, spend a bit of time vacuuming and washing your beloved vehicle. Remember that decent car maintenance is also the key to maximizing your vehicle’s resale value.