Four factors that influence your car’s trade-in value
It is best to get major damage repaired by a reputable panel beater as signs of a big accident will decrease the value of your vehicle.
Picture: Supplied
Car depreciation is inevitable – the longer you own and drive a car, the more it decreases in value.
If you want the best possible deal when you trade in your vehicle, it’s important to know what factors affect its value.
Before you take your car to be traded in, first find out its current book value so you have an idea of what it’s worth. This will only be an approximate value and the final price offered will be dependent on various criteria.
Imperial Auto offers some tips to ensure you get the most for your trade-in:
1. Vehicle choices
While the make, model and popularity of a car influence its resale, the features you chose on your current car when you initially bought it also have an impact on its trade-in value.
Options like automatic transmission, power windows, power locks, anti-lock brakes, cruise control, remote start, leather interior, entertainment and navigation systems, and anti-smash and grab help increase your car’s resale value.
When choosing a vehicle, keep in mind that white cars have the highest resale value and lowest insurance premiums due to their visibility on the road.
2. Mileage and mechanical upkeep
The lower your mileage, the higher your car’s value will be. Vehicles have a lifespan; if your car has over 150,000km on the odometer, it’s expected that mechanical issues are likely to begin.
Having a full-service history will help increase the value of your car, so make sure you can provide the logbook and keep all receipts for maintenance and repairs.
Any time remaining on your service or maintenance plan, or warranty, will also add to the value of your vehicle.
3. Interior condition
Food spills, smoking, and pets all affect the condition and smell inside of your car. Give your car a deep clean before selling to remove any stains, pet hair, or the smell of smoke – a clean and well looked after car will attract a higher resale value.
4. Exterior condition
Marks on your car can play a role in the grading of your vehicle. Just one or two small dents, dings, paint scratches, or chips can be the difference between “Excellent” and “Good” (or “Fair” and “Poor”).
Consider the severity of any damage before you get repairs done, as sometimes it may be better to take the knock-in value.
Generally, it’s cheaper to let the dealer recondition the car after trading it in because what you lose on the trade-in value will be minimal in comparison to trying to recondition the car yourself before you trade it in.
However, if there is any major accident damage, it’s best to get the damage professionally repaired before you sell your car.
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