What Affects The Value Of My Car?
If you are looking to sell your car, whether online or offline, there will be a number of factors that affect the value of the vehicle. Some are obvious, like if the car has suffered any damage in the past, while others are more subtle, such as the colour of the paintwork.
In this guide we’ll take a look at the majority of factors that affect a cars value when it becomes time to sell.
Factors That Affect The Cars Value
As years go on, cars tend to depreciate in value. Usually, the older they are, the lower the value (unless it’s a rare or classic car). Technology advances and certain models become outdated, hence the reduction in value.
Making sure your car has a full service history is crucial in increasing or maintaining the value of your car, as it assures any interested parties that the vehicle has been well looked after and checked over regularly by experts and professionals.
Store the receipts from each servicing as evidence that they’ve taken place.
In some cases, the number of previous owners doesn’t matter too much when it comes to valuation of a car, but it depends on the make and model. As an example, convertibles are likely to have had more owners that the average car as people tend to buy them for the summer and then sell them on.
If a standard family hatchback has had a high number of owners, the chances are that the value will be lower than the same model with only a few previous owners.
If there have been any modifications made to your car over the years, they’ll have an impact on the overall value. The unfortunate news is that most modifications will mean a reduction in value, as the majority of buyers prefer vehicles that are unmodified.
There may also be some issues with insuring a car that has been modified, as some insurance companies may decide to refuse an insurance request, depending on the extent of the modifications.
Overall Condition of the Car
It seems pretty obvious to say, but the condition of your car will affect its overall value. Simple things such as wear and tear can reduce the value slightly, but bigger issues can affect things even further. Making sure that you repair any damaged parts of the car is important to help maintain its value.
The amount in which certain issues affect the value of a car will depend on the make and model. For example, with a really expensive or classic car, even a small chip in the paintwork can reduce the value by a lot, but this issue wouldn’t be as big of a deal in a cheaper or more common model of car. Selling a damaged car is a bit of a fine art
Colour of the Car
One of the less obvious factors that affects the value of your vehicle is the colour of the paintwork. Less common colours are often worth more but there’s no particular rule for which colours can raise the prices and value the most.
Time of Year
Dates in the calendar can also affect the value of a car, depending on the type of vehicle in question. For example, SUVs and bigger four-wheel drive cars are often worth more in the winter months, as there is more demand for cars that cope well in snow and ice. Alternatively, convertibles tend to be worth more in the summer when demand is high.
In some cases, certain types of cars can also sell better in certain regions. For example, if you’re selling a sports car you may want to list it in inner city areas like London, as this is where they’ll be more suitable to drive. On the flip side, off road cars are likely to be worth more in countryside areas such as the Lake District or the Highlands.
Manufacturer and Model
Some car brands have more prestige than others, and thus carry a greater value than more common brands. For example, selling your Mercedes is likely to bring in more money and retain more value than brands such as Ford due to the prestige and reputation of the brand.
How Can I Find Out The Value Of My Car?
The easiest way to find out the value of your car is to use the GoodBye Car Free Car Valuation service. It only takes a few seconds, and all you need to do is enter your car’s registration plate number.
You’ll then be given a valuation for your vehicle and can book an appointment at one of our GoodBye Car locations around Scotland.
There are never any hidden fees either, as we make the selling process as simple and easy as possible.