What’s My Car Worth?
The value of a car depends on a significant number of factors which is why it may be difficult to determine a fair price for selling or purchasing a car. While some models and brands of cars hold their value well over time, others may lose value more quickly. To understand what affects a car’s value, read through these primary factors.
Geography:
The body style of a car tends to be geographic. The demand for a certain type of car is going to vary depending on the area. When looking for either a new or used vehicle, think about the most popular ones in that area. For example, there are certain areas of the country where a convertible will be a big seller while other areas which need their vehicles to be more useful won’t want to purchase that style.
Color:
The color of a vehicle is also going to affect the car valuation. When purchasing a car that may be sold at a later date, stick to the standard colors. A unique, trendy color may be popular at the car’s purchase date, but will probably be more of a liability five years down the road.
Upgrades and Options:
Not all upgrades add value to a vehicle. In fact, some may even take value away. An upgraded stereo, for example, may mean a great deal to the original owner, but probably isn’t going to add any value to the vehicle even a few years later. Historically, sunroofs, leather seats, and a navigation system have all added value to a car. However, keep in mind that these upgrades are going to add only minimal value, so while important to factor into the valuation, this may not be the primary area to consider.
Timing:
A car’s value changes over time. Obviously, a newer car is going to be worth more than an older one if it’s the same model. However, this may not hold true for different brands of cars. Also, timing the sale can make a difference in the car’s value. If selling a used car and the market is soft, wait six months until the demand is higher. Also, if fuel prices are currently high, wait a few months until they go down if the vehicle being sold isn’t very fuel efficient.
Quality of Care:
How well a car is taken care of also makes a difference when it comes to car valuation. Once a new vehicle is purchased, stick to the maintenance schedule and be sure to document everything. Following other precautions such as regularly washing and caring for the car’s interior and exterior are also factors.
Compiling Factors:
While all of these factors are important to consider, it may be hard to truly understand car valuation. To get a better idea of a specific car, use an online service such as http://www.whatsmycarworth.co.uk. This site looks at every area of a car to help owners or potential buyers understand car valuation. They provide a valuable service for both buyers and sellers in the market today. Be sure to check out this site when unsure of a car’s actual value.
