Ready to sell your current car and move into something newer? The first thing to do is to decide what it’s worth. If you’re the car’s first owner, you probably want to get as much of your initial investment back out of it as possible.
Discovering your car’s value is the first step toward selling it. To enable you to arrive at a reasonable starting point, we’ve put together this Perth -focused guide to used car values. Let’s look at seven things that affect the value of your car.
Make and Model
Some models hold their value more than others. And a car doesn’t have to be expensive to retain its value, well after you drive it off the lot. The economical Honda Fit is a retail standout, ranking near the top when it comes to resale value. The pricey Jaguar XJ will lose more than 40% of its value in the first 36-months of ownership. Look up your car with a vehicle valuation tool online to get an idea of its fair market value.
Aside from the model of the car, you’re selling, the next most important pricing concern is its condition, inside and out. To ascertain the mechanical condition, you’ll want to consult with your mechanic. The cars that fetch the highest prices on the used market are those sporting a clean bill of mechanical health. Although the mechanical condition may well be where the rubber literally meets the road when discussing automobiles, the physical condition is highly important too. Carefully look your car over and make notes of any dents, dings, and scratches. Each one will affect the asking price of your car.
The kilometres on the dash are another important factor in placing a value on your car. Used car shoppers will be critical of this point and will try to leverage it as a bargaining point.
The factory options installed in the car will also affect its value. If you opted for the bigger engine capacity, the performance suspension package, or the extended wheelbase, you’ll be able to ask for more at the time of sale. Another thing to keep in mind in reference to options is that, although dealers don’t take stock of some add-ons like premium sound or other creature comforts, private buyers will often take note of such extras.
Aftermarket add-ons, like beefed-up speaker systems, body kits, and racing spoilers can factor into your car’s valuation, especially if such items have clearly been professionally installed. Keep in mind, though, that it’s true what they say about aftermarket vehicle upgrades: you never get back what you put into it.
Some cars are simply rare and that’s the only thing that matters. And your car doesn’t have to be a classic or an exotic to qualify as rare. Some manufacturers ship lower numbers of certain models or have a hard time meeting demand. The Ford Mustang GT350R, BMW Z4, and Volvo V70 are all recent cars that fetch higher prices, in part, because they are comparatively hard to find in Perth.
Supply and Demand
On the opposite end of the spectrum, some cars flood the second-hand market. The Holden Commodore, Mazda 3, and Toyota Corolla, as examples, are all found in high numbers across Perth, which gives the car buyer more to choose from and potentially drives down your final selling price.