When selling an automobile, there are several factors that determine its value to potential buyers. Cars depreciate relatively quickly and factors such the model, age, mileage, and repair history all play a role in what the overall resale value will be.
One detail not to overlook is your car’s optional features. Depending on what optional features you have, your car may retain far more of its value versus a similar car with a more basic feature set. Consider the following factors when reviewing your automobile's resale value, and keep additional features in mind that could help retain its value.
Considerations For Vehicle Resale Value
Review your car’s features to determine if they add value, reduce value, or have no real impact. Many considerations are common sense, but others are more based on subjective things such as style. It's important to put yourself in the buyer’s shoes when reviewing your car.
Location
Location is a factor that greatly influences automobile resale value. When considering location, it’s important to keep in mind the weather and what types of cars are popular in a general area. Weather greatly affects what type of automobile a person will buy. For example, a four wheel drive car will be far more valuable in the snowy winters of the Upper Midwest and Northeast then it would be in the Deep South.
Age
Technological features usually don't add much to a <a="" href="http://www.autotrader.com/car-tips/which-features-are-best-for-resale-value-210674" target="_blank">vehicle's resale value due to the rapid pace of change. Audio systems are one such example. A CD-player, while once a sought-after feature, no longer carries the importance it once did.</a="">
Taste
As the old saying goes, there's no accounting for taste. You may think your custom blue flame paint job looks fantastic. While that may be true, not everyone is going to agree. A color choice that is a little too eccentric can hurt sales. Buyers tend to pass up automobiles that are “overly customized.” Having your car painted a more traditional color such as white, silver, or black will increase its chances of being sold.
Features That Maintain Resale Value
Not every feature is one that adds value. However, there are some features that buyers look for in a car no matter what. Sought-after features typically increase convenience, add versatility, or increase safety. The following features have been shown to increase the resale value of your automobile:
Appropriately Sized Alloy Rims
Naturally, wheels are a necessary part of any car. Alloy rims that are properly fitted to your car are an attractive feature to many buyers. Aside from from being visually pleasing, alloy rims also increase acceleration and improve steering due to their lightweight design. Plus, due to being made out of aluminum or magnesium, they pull heat from the brakes which reduces wear and tear.
Navigation Systems
Navigation systems still add value to an automobile resale. What was once a rare and expensive feature has become has become very affordable and necessary. With GPS systems becoming more common, used car buyers now look for integrated navigation systems. Because of the current popularity among buyers, an optional navigation system retains a good amount of its original installation price.
Bluetooth Phone Systems
With several states banning the use of handheld cellphones and texting while driving, Bluetooth phone systems are becoming more and more widespread. This allows you to use your cellular phone safely while still following local laws. With the widespread usage of cellphones, Bluetooth phone systems have become a very popular feature for automobiles.
Intelligent Keys
Intelligent keys are a feature that add a lot of convenience to daily car ownership. With an intelligent key, you can walk up to your car and have your seat, mirrors, and favorite radio stations set in advance before you sit down. Plus, with an intelligent key you can start your car with the push of a button. Convenience and ease of use is a big selling point for many different kinds of goods and services and automobiles are no different.
Racks
Racks are an effective and easy way to add resale value to a car. Despite being a very simplistic addition, racks are highly versatile and sought after. By adding a rack, a car gains storage space for everything from outdoor sporting goods to construction materials. Plus, this additional storage is achieved without massive changes to the overall look of the car.
HID Lights
HID are a highly desirable safety feature. HID (High-intensity discharge) lamps are brighter and light a much larger area than standard lights. This makes driving at night far safer as the driver can see a greater amount of the road in front of them. Much like fog lights, anything that increases visibility is a useful safety feature and valuable to a potential buyer.
High Value Features, High Value Resale
With cars, depreciation is always a concern and it can be difficult getting what you feel is a fair market value for your automobile. This is especially so if the car is well maintained despite its age. By understanding how optional features can drive value, you can not only price your car accordingly, but also use this as a selling point to drive potential buyer interest.
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