For some of us, the resale value of a car we buy is the furthest thing from our mind the minute we drive off the forecourt, yet for others it is a constant consideration at every turn.
So how can we determine what a car’s resale value will be when we come to part with it? There is no hard and fast formula as it combines a number of factors - some of which are in - and some of which are out - of your control.
Allianz Your Cover (www.yourcoverinsurance.co.uk) provides you with 5 things you should look out for when you come to selling your car.
To assess how much something will depreciate in value, we need to look at a brand’s historical performance in holding its price.
Some brands such as Toyota, Volkswagen, Mercedes and Audi, retain their initial sale value better than others, so a car by one of these makers will do better at resale.
The metallic canary yellow Subaru may look fun when you drive it off the forecourt, but bear in mind that choosing a car in an exotic or ‘on trend’ paint colour can reduce the resale value of your vehicle down the line.
When it comes to car colours, the majority of people tend to have conservative tastes and opt for colours such as black or silver, so choosing something in a more traditional colour palette will help your car retain its value at resale.
It goes without saying really that an older vehicle which has not been maintained well will sell for a lot less than the same model which has been kept in good shape.
Regular servicing and tuning, as well as keeping the paintwork protected from the elements and a low mileage will help you to recoup as much as possible.
Choosing your upgrades and extras wisely will help with the value of your second hand car.
Expensive audio equipment and boosting the engine power may be appealing to you but not only can they increase your car insurance premium, they usually don’t add any real value to the car.
However, features such as air conditioning and allow wheels generally boost a car’s value.
Who you sell to
This can make the most significant difference to how much you get for your used car. There are a few options available to you, which you should consider carefully.
You can sell to a used car specialist, trade it in to a dealer or make a private sale.
A study by Auto Express found that on an immaculate 2005 Audi A2, showed that selling privately attained a buying price of £3,000 higher than the used car specialist and dealer trade in.
Tagged in Motoring