Prior to selling a used vehicle, resale value is one of the most important factors of car selling that should be taken into consideration. However, many car sellers do not have any idea about the potential market value of their vehicle and what factors can affect its resale value. Most often, sellers simply accept offers at face value, without considering some essential aspects to get the best deal. As having some relevant information about the resale value of a vehicle will help car owners to know and expect the potential advantages or losses when selling their vehicle.
In addition to this, there is a wide range of used vehicles available in the used car market of the UAE. Vehicles can be of similar models, age and brands but their resale value is determined after considering several factors. For example, even if a used vehicle is of the same model or car brand but its overall condition will help in calculating its resale value. As some vehicles are maintained well and driven with care so their condition is better than a vehicle that is driven aggressively by their owners.
Various factors are involved when determining the resale value of a used vehicle. It is ideal for motorists to maintain their vehicles in good condition and consider some essential information that could affect the resale value of a car.
Model and Make of a Car
The model and make of a vehicle can have a huge impact on its resale value as well as securing a good offer when selling it. In the UAE, motorists with a tight fuel budget prefer to use vehicles that offer better fuel economy and comfortable commuting. In addition, SUVs is another popular car segment in the used car market that have a good resale value. Therefore, the resale value can depend on the model and make of a car and sellers should consider this important factor when selling their vehicle.
Condition of Your Car
The overall condition of a vehicle can be one of the most important factors affecting its resale value. Potential buyers prefer purchasing a vehicle that have a well maintained exterior and interior and driven with care. A used vehicle that is not taken care of fails to attract potential car buyers and getting good offer.
A vehicle with dents and scratches on its exterior can affect the value of a used car, which is why sellers need to repair and fix it prior to selling their car. In addition, the interior condition of a used car shows how good it is taken care of, thus adding to its resale value. The exterior and interior condition of a vehicle is likely used by potential car buyers when bargaining for a low resale price of a used car. Before selling your car, carry all the minor and major repairs that can add to the overall resale value of your car, without overspending on it.
The mileage of a vehicle highlights how far it is travelled or used, as well as indicating its expected wear and tear. A car’s mileage can have a profound impact on the resale value of a used vehicle. Potential buyers always prefer purchasing used cars with lower mileage, comparably a vehicle with high mileage have a low resale value in the car market. It is important for car sellers to understand that they can secure best deals for a low mileage vehicle as it is more attractive for buyers or car dealers to purchase it.
Service and Maintenance History
Keeping and maintaining a vehicle in good condition can definitely add up to its resale value. Car owners should regularly service their cars and keep the documents that shows the maintenance history. Potential car buyers may be interested in checking a used vehicle’s past service records to assess how frequently a vehicle is serviced. Therefore, it is suggested to always keep the proof of a vehicle’s service records as it will help in increasing the resale value of a car at the time of selling.
Age of Your Vehicle
The age of a car is another major factor that can impact the resale value, which is why the older a car gets the less is its resale value. However, there are some vehicles such as classic and limited-edition cars that maintain their resale value over the years. On the other hand, contemporary vehicles have a limited time span, and their resale value is affected by the age factor. It is best for car owners to consider selling their car after three years of its purchase or covering about 60,000 km as it starts depreciating afterwards.
Also read: What is an Online Car Value Calculator?
When purchasing a brand-new vehicle in the UAE, it often comes with a warranty of 5 years or covering 100,000 km. Therefore, potential buyers of a used car will be more attracted to a vehicle that comes with a after-sale service and warranty. It is essential for car sellers to understand the right time of selling their car and they can get best resale value if it is still under manufacturers warranty. This factor can be vital for those sellers who want to sell their vehicle with a valid warranty.
Another important factor that can affect the resale value of your car is how far a vehicle is modified. Car owners should always make such customizations in their vehicle that increases its value in the long-run such as upgrading the infotainment system, leather seats and safety features. In addition, adding distinct features that generally make a car unattractive or affect its performance will reduce the resale value of a car.
Choosing the Right Platform to Sell a Car at the Best Value
Having some relevant information about various factors that can affect the resale value of a vehicle is one of the most important aspects of car selling. However, it is also equally essential for cars sellers to opt for a reliable and authentic car buying platform to have beneficial experience and get the best deal. Therefore, it is important to assess and compare different car buying platforms in the UAE to make a well-informed decision. By choosing a specialized online marketplace, car sellers can get a comprehensive car valuation service to determine the accurate market value of their used vehicle. Car sellers should consider the afore-mentioned factors affecting the resale price of a used car and choose a credible car buying platform to get the best value.
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