Knowing how much your vehicle costs after owning it for few years is vital for every vehicle owners wanting to sell it. The price of each used vehicle varies, depending on their make and model. Other than that, what are the other factors affecting the residual values? Let’s look at these few main points that drive your vehicle’s value down:
1) Manufacturing Year
Of course, we all prefer to buy the latest car. Consider two cars with the same make and model, but different manufacturing year. Most of the time a vehicle produced a year later will have more worth than a vehicle produced few years earlier. Thus, do not expect your 2012 Honda Civic to worth the same as the 2015 Honda Civic.
2) General Condition
Most used car buyers prefer buying a used car with a good condition, generally. This includes both exterior and interior condition of a car. Expect good quotes if your car looks new and is well-kept over the years. Any damage on the body works will definitely affect its residual values, as well as having unpleasant odor and stains on the seats, for instance.
3) Maintenance History
Another factor that could affect your car’s residual value is how well you maintain it throughout the years. If you are always indiscipline to send your car for regular service, not only it will affect the mechanical performance of the car but will also cause other issues, highly lowering your car’s residual values. What used car buyers look for is properly maintained cars with full service history as a proof that it is, and still, in an excellent running condition.
4) Miles Traveled
While this might not be an important factor when buying cars, some used car buyers might still take it into account. Inevitably, the higher the mileage of a car, the lower the residual value is. It is almost common for every used car buyers to check and compare mileage between cars, and they often go for the ones with lower mileage (considering cars with the same make, model and year). Nevertheless, if it was produced in the earlier year, low mileage might not mean it is better.
Therefore, few tips to maintain your car’s value over time:
- Buy the latest car and sell it at most after five years
- Take care of your car – send it for wash regularly. If there are dents and dints, get it fixed. Also, you might want to consider eating and smoking outside of your car.
- Keep a portfolio of any repair receipts and service and maintenance records to prove that your car has been properly maintained.
- Keep the mileage down. If you’re a road trip junkie, consider taking a rental car instead.
Check your car’s current residual value here: Vehicle Market Value