Factors related to the car and the market scenario affect a car’s resale value. Manufacturing year, make, model, kilometers run, and user reviews about the car are the main car-related aspects that determine a vehicle’s price. Buyers looking for second-hand cars in Kerala have viable options with trusted dealerships offering used cars at reasonable rates.
The overall condition of the second-hand car market, fuel price, the availability of feature-rich cars at low prices, etc. is the conditions that impact the price irrespective of the car. The number of people looking to buy used cars for sale in Kerala has been increasing constantly. Perhaps due to the trust earned by the leading pre-owned car dealers in the state.
Factors Affecting Car’s Resale Value
Some of the key elements that affect a car’s resale value are:
1. Manufacturing Year and Kilometres Run
The age of the car is a prime factor that determines how much value you can expect. It is a fact that the wearing out of internal components happens over constant usage. The prolonged use of cars will eventually lower the engine performance as well. And there are higher possibilities of frequent defects on a car that is a decade or elder. The same is the condition when the car runs too much. The extensive use will definitely impact the condition and performance.
2. Condition of the Car
Every car owner believes his or her car is the best. It is not the case with the car buyer. They will have a third-person perspective and will see the car with an objective view. Overall appearance, condition of the car, and color are assessed by the potential buyer. They may reject or reduce the price significantly if the car doesn’t meet their expectations. Getting a good price for a car that met with an accident in the past also would be difficult. Having a realistic approach would be ideal in this case.
3. Reliability of the Brand
Reliability is a key element in the business world. Some car manufacturers outperform others in this regard. They earned a credible and reliable image by delivering quality products, consistent support, and constant upgrades based on customer feedback. The cars from those brands are valued better than others with similar specifications. That is why a few models have been selling like hotcakes in both new and used car segments. Not only the brand’s but also the car model’s image has a direct effect on the price.
4. Mileage Offered by the Model
The car’s mileage has an important role in car resale value, especially in the present condition of hiked fuel prices. Car manufacturers have been looking to develop engines with good fuel efficiency, viewing the fuel expenses. They have been successful to a great extent in launching models with phenomenal mileage. Those car models fetch a great resale price. Compared to cars with the same specifications but with less mileage.
5. Dents and Scratches
Car owners normally undertake the correction of dents and scratches before placing the car for sale. Otherwise, the price of the car is going to be reduced by the buyer, quoting the appearance itself. Further, the dents and scratches indicate the inexperience of the person, who was using the car. Therefore, the car’s internal condition also is doubtful. The buyer can negotiate to state this.
6. Colour of the Car
The most accepted colors are white, black, and silver normally. Fancy colors suit only a few car models. The seller’s color preferences may not match that of the buyer. Hence, the shades like orange, yellow, green, and brown may have fewer takers leading to a reduced price.
How to Increase a Car’s Resale Price?
Although there are limitations, it is possible to improve the car’s resale value. These help in getting a good resale amount as well as in enhancing the life of the car. A few things to keep the resale value of the car up are:
1. Proper Periodic Servicing
Undertaking servicing in the prescribed periods helps not only in increasing the car’s resale value but also improving life. A well-maintained car will be in a presentable condition. Moreover, the car buyer would get the feel of how healthy the car is while undertaking the test drive. It would have no or minimal rattling sounds and other disturbances even if the car is old.
2. Repair and Maintenance at the Right Time
People many a time delay the repair or maintenance of their cars. The undue delays can eventually affect the other components in the system. It may result in irrevocable defect conditions, wherein only replacement of the major component may be the only solution. The car buyer might identify the defects, during the inspections prior to purchase. Undertaking repairs and reconditioning as and when necessary is ideal for preventing this scenario.
Fades car color will make it appear older than it actually is. Go for repainting of the car if the shade is faded or it appears old. Consult only an approved and reliable firm for car painting. Low-quality paints will fade away quickly over time.
More than the model and age of the car, the condition, performance, and appearance have prominent roles in determining the car’s resale value. Improving the resale value of the car is possible by pursuing the steps discussed here.