It might seem depressing for the original car buyer, but according to statistics, every brand new vehicle depreciates about 10% the moment it leaves the lot and another 20% within the first year. And it doesn’t stop there: on average every used car depreciates in value by 15% to 25% each year during the first five years. So basically, after those first five years of ownership, a car may have lost more than half of its value.
If you’re looking to maximize your car’s resale value, better support your price point, or even improve your trade-in to lower risk and increase your bottom line reselling a car in the future, you should first know how a car’s value is actually determined. In fact, a used car’s value is defined by many factors, such as the popularity of the make and model, trim level and appearance, age, mileage, service history, and overall condition. Sometimes, the vehicle’s color and specifications are also taken into account by prospective buyers. For example, some basic colors such as grey, white, or black tend to be better selling over red or purple which in turns affects the pricing.
Therefore, first of all you should drive safely, and always keep your car clear and tidy both for your own convenience and to maintain a good price on it. Keep track of your maintenance records properly. Another important point is the odometer reading. On average, cars are often driven between 10,000 and 15,000 miles a year. Meanwhile, mileage has a greater effect on depreciation than age. That’s definitely something you can rely on when determining the price. Also, pay attention to safety features and associated car recalls. Apart from maintaining a positive effect on a car’s value, taking care of recalls in a timely manner can help you stay safe.
When it comes to selling a pre-owned vehicle or a trade-in appraisal, you need solid, reliable information to prove your point. So, if you are in the process of selling your vehicle and want to impress a potential buyer, show them your vehicle’s history. It’s vital to indicate that the car hasn’t been involved in severe accidents or that an appropriate remedy has been performed in case any collisions took place. A ClearVIN VIN Check Report can also help you to demonstrate that there are no active liens or other issues with a vehicle’s title. Moreover, when a buyer can see a special ClearVin Vehicle Rating based on VIN history and market valuation generated by trusted nationwide data assemblers, it’s bound to bolster your asking price.
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