It is significant to fetch a good resale price for the old one, as it is to bargain for the new vehicle. We bring for our readers 7 Factors that determine the resale value of a car, to help them get the best deal possible.
This year has seen many car launches in India, and we look forward to some more attention-grabbing ones in the forthcoming 6 months.
Most of the automobile giants have booked car launch dates in the second half of 2014 and prospective buyers are also eagerly waiting to take home the coupé of their dreams.
While buying a car, our full concentration is usually on the price and discounts of the new one. Very few of us actually pay attention to the price of the used car that we exchange. Apart from bargaining for the best price for a used car, it is also imperative to increase the resale value of a car.
Before exchanging a car, it is crucial to ascertain the used car trade in value.
We bring for our readers factors that determine the resale value for the vehicle.
1). Car Brand:
The resale value depends on how well the car brand is performing in the market as on the date of sale. If there is no demand for a manufacturer’s new model, there is no demand for the old one too.
2). Condition of the Car:
This is one of the most significant factors. The better the vehicle’s condition, the better the price it would fetch. Hence, we recommend keeping the four-wheeler in a good condition always.
3). Color of the Car:
At the time of buying, the buyer chooses the color as per his/her own taste. Though, while selling, only those cars which are in demand would yield a high price. Usually, red, blue, and silver-colored cars are most popular.
Out of two cars of the same model, but with different transmissions, one may give better returns as compared to the other. For example, a car with an automatic transmission has a higher trade in value than the one with a manual transmission.
It is not necessary that a car with extra equipment would have a higher resale value. Showy equipment, such as, spinners or flame decals, do not add any real value to the vehicle.
6). Car Servicing:
An investment made on regular car servicing always gives better returns at the time of resale.
7). Buying and Selling the Same Brand:
Buying and selling cars from the same manufacturer, at the authorized agent’s showroom, is usually more profitable.
If you contemplate buying a car in exchange of the old one, do keep in mind the above-mentioned factors. A little effort and know-how can get you a good rate for the car.
Always remember, money saved is money earned!