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How Do You Calculate The Resale Value Of A Car?

Deciding the value of a used car can be tough and subjective. This article will explain the top factors you need to consider while valuing your used car.
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By Carandbike Team

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1 mins read

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Published on April 8, 2022

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Highlights

  • The first factor to be considered while valuing a used car is mileage.
  • The condition of a used car is a big factor when it comes to its sales.
  • Personalisation is the only thing that harms the price of your car.

Purchasing or selling a second-hand car could be very profitable. As a buyer you need to make sure that the car is in good condition and you have been charged a fair price for it. As a seller, you need to make sure that the car is serviced and working smoothly so you can get a good price for it. You can even go online and check the valuation of your car, but such tools might not present an accurate picture. Hence, to calculate the correct valuation of your car, you need to consider the following factors:

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Mileage

The first factor considered while valuing a used car is mileage. As the mileage increases, so does wear and tear. If your car is well-maintained, you might get a good price even with high mileage. However, a car´s value would be lower if the mileage is high as it denotes considerable usage.

Condition

The condition of a used car is a big factor when it comes to its sales. From its internal condition to its appearance, everything needs to be in top notch. Cars with broken electricals, torn seat covers and dents show that its internal condition would be just as bad. Hence, buyers stray away from such cars. They also might ask you to pay for repairs or get the car serviced to improve its condition before they decide to make the purchase.

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Add-ons

People love add-ons to their main purchase. Throw in a speaker or some car accessories to upvalue your car. It is also easier to get a better price for your car if it comes as a package and not an individual product. It is proven that customers are more attracted to offers. They also give more convenience to the customers who would have bought those add-ons later.

Personalisation

Personalisation is the only thing that harms the price of your car. This is because personalisation like bigger wheels, neon lights, modified sound system or any king of aesthetic modification is specific to the car owner. The buyer may want to get a standard car or might want to modify it according to their preferences. In such a case you might have to restore the car to the standard version before putting it up for sale. You many also consider putting up both versions of the car for sale as you might be able to find a buyer who enjoys the modifications. 

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Special considerations 

Cars that come from a unique background like belonging to a celebrity, would sell for more due to their idiosyncratic association or features. You might be selling a vintage car, which despite its condition would sell for a big amount. Such special features are also considered while valuing a used car.

Value your car to the best of your abilities using these factors. Make sure to compare it with different tools and dealerships to know the exact price!

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