Determining a car’s value can be a complicated process. Style, make, model, mileage, and depreciation are factors to consider. As soon as you drive off the lot, your car loses up to 11% of its value. Despite this, there are options to optimize resale value and get the most from your vehicle.
How Is Your Car’s Value Determined?
What were the things you looked for when you bought your current car? Were you on the market for a particular brand or model? These considerations apply to determine how much a car is worth. The four main factors that affect resale value are:
- Age & Mileage: The ideal used car is a barely-used vehicle with low mileage. The more miles, the more likely the car is to have experienced wear and tear.
- Condition: A few scratches are expected, but significant dents or mechanical issues plummet the car’s value.
- Make & Model: Studies are done to determine the most popular vehicles by state. Desirability can help negate other factors when determining the value of a car.
- Trim: Having luxury leather seats in a vehicle can add hundreds of dollars to its price tag. Any features or trim that add to longevity or drivability also increase value.
Bear in mind the difference in car value between private sales and a dealership. Dealers need to consider their profit margin. Trade-in values may not always reflect the car’s full value if sold privately or to a dealership.
That’s not a problem at Cheddar Auto. We are not a dealership and we don’t deal with lot fees and other costs. That’s why we can pass those savings to you.
Maximizing Your Used Car’s Value
If you’ve pampered your car since day one, you should have no problem asking for your price. Since that’s not usually the case, here are some other ways to improve resale value:
- Routine Maintenance: Keep up on fluid changes, tire rotations, and replace brake pads.
- Fixing Issues: Fixing minor dents, cracks in windshields, and cloudy headlights can make your car appear newer and more valuable.
- Detail the Car: Take your car to a local detailer before selling it, especially if you smoke in your vehicle.
- Keeping Records: Having a clean title is vital to any car sale for the owner and the buyer.
Get More Cheddar for Your Car
Are you ready to sell your car online? Get a quote and cash offer online through Cheddar Auto. Your vehicle could be worth even more than expected due to recent used-car market conditions. Contact us and, after a routine inspection, get cash for your car on the spot.
