No matter how much you love your vehicle now, one day you’ll want to upgrade. That’s why, whether you buy a new or used car, it’s important to consider resale value. The moment you drive a new car off the lot, it starts depreciating, but a knowledgeable used car dealer can help guide you toward the best investment. Below, the experts at Queens Auto Mall in Richmond Hill, NY, share some factors that will determine your trade-in price.
5 Factors That Determine Your Car's Resale Value
Many used car dealers and individual buyers will look at a car’s mileage before anything else. A car with a lot of wear won’t be a worthwhile investment for any car buyer. If you’ve clothes less than 100,000 miles in your used vehicle, its resale value could be higher than you think.
A fixer-upper will have a harder time selling than a car with a well-tuned engine and a body in excellent condition. Purchase a vehicle that’s in good shape and maintain it well to get a higher return when you sell.
Upgrades are a great idea for your home, but they won't bring you much return on investment in your car. Used car buyers typically don't look for all the latest upgrades, so those luxury add-ons are unlikely to increase your sale price. Stick with practical and reliable cars.
4. Make and Model
Some car manufacturers and models are more reputable, luxurious, or just more popular. These are likely to net a higher percentage of your original purchase price. Stick with models people know, like, and trust.
5. Current Events
News stories surrounding the fuel and auto industries can also determine your car’s resale value. When gas prices are soaring, vehicles with better gas mileage will sell at a higher rate. Recent recalls from certain auto manufacturers can make it harder to sell that model or any vehicle the problem brand produces. Check the news before you try to sell your car and wait out those scandals.
At Queens Auto Mall, you can find some of the best deals and a wide variety of inventory. Not only does this used car dealer sell certified pre-owned vehicles off their showroom floor, but they also have public auto auctions where you can get some fantastic deals. To learn more, call them today at (718) 523-9090, or visit their website.