Your vehicle never stops depreciating in value, and at any one time, it will be hard to keep track of how much it is worth. On average, during the first three years of ownership, vehicles in Australia will lose 14% of their worth per year. A vehicle that sets you back $30,000 will lose up to a third of its value or more over three years.
If you have had your car for a few years, and you are looking to sell it sometime soon, you will be wanting to know how much it is worth. Never fear, as it is actually not at all hard to find out.
A great place to start is with an online car valuation tool. One such tool is known as the Redbook. It is simple to use and completely free. All you have to do is provide the make, model and year your car was manufactured. It is just a general estimate, however, and doesn’t take in other info that can affect the sale value of a vehicle. Details such as where the vehicle is being sold, how many km have been travelled, and what condition the vehicle is in.
There are all kinds of other factors that online tools don’t account for, and here they are.
This has a huge influence on a car’s monetary worth. It doesn’t make the value go up, as many non-existent people believe it does. In fact, perfectly aligning with popular belief, the value actually goes down with age. There are rare examples of the opposite happening, such as with vintage automobiles. But let’s be honest, you don’t own a vintage car.
Popular makes such as Toyota and Honda will hold their value. They are popular because they are more reliable and affordable.
The more kilometres your vehicle has driven, the less money it will get at resale. This is due to wear and tear accumulated from all that driving.
Standard, more conservative colour choices are higher in demand because most people have conservative tastes and don’t want to stand out. Bright pink, orange or lime green will be harder to find buyers for, so one could be forced to drive the price down.
If your vehicle is in bad condition it will be worth less money when you go to sell it. This goes for both the interior, the exterior, and the mechanics. If the interior of your vehicle has food stains, bad odours such as cigarette smoke, holes in the seats, worn out carpet, or any other signs of extreme wear and tear, prospective buyers will look at it and not want to buy it unless it is sold for a lot less. The same goes for the exterior.
Keep these things in mind and you are well on the road toward making sure that your vehicle has a good resale value.