Nowadays, you’ll seldom find cars being passed down through generations. For most people, once they’ve fully enjoyed a vehicle, they move on to explore other alternatives, and since there are so many options to choose from what’s the harm in doing so?
But before you can think about changing cars in quick succession, you must learn the factors that affect a car’s value when selling. After all, you’d want the most out of your old car to get the new one at a cheaper rate.
So, without further ado, here are the things that impact a vehicle’s value when selling:
Mileage
When it comes to selling cars, the one thing that affects the car’s market value is its mileage. So, you should be careful not to add up too many kilometres on the odometer. That’s because, if the rating on the odometer is high, no matter how much you have maintained the car, wear and tear will show. As a result, the buyer of your vehicle will be more reluctant, since the chances of your car breaking down are high.
Possible Fix
Unfortunately, there is no fix for high mileage since the rating on the odometer can’t be reversed. Therefore, if you intend on selling your car, try not to drive it too much and always stay on top of your maintenance schedule to reduce its chances of failure.
Physical Condition
Buyers are in the hunt for cars that are well-maintained and in decent physical condition. So, the way you treat your car can have a huge impact on its resale value. If your car has rust, its maintenance schedule is not properly followed, and there are a few dents here or there, chances are that you aren’t going to be offered a lot of money for your vehicle.
Possible Fix
The best thing to improve a car’s physical condition is by making repairs, which can be expensive in NZ. Therefore, you should try driving your car with care and keep it protected from humidity to protect it from unnecessary wear and tear.
Market Demand
The value you get for your vehicle is directly related to its market demand. So, the more common your vehicle is in the market, the less money you will get for it at the time of selling. But you will find willing buyers quite easily. On the contrary, if you have a rare car, you might get a good price for it, but there won’t be a queue lining up out your front door. So, don’t expect too much with rare vehicles.
Possible Fix
Try buying a low-mileage car that is in high demand, so when you are selling you always have a handful of buyers willing to take your car off of your hands.
Vehicle’s History
Are you the first owner of your vehicle, second or third? These things matter when you are selling a car in the market. People prefer buying first-hand cars since its easier to track down their maintenance and repair records. On the other hand, if a car has changed too many hands, you should expect low-ball offers from potential buyers as they try to mitigate the risk that comes from buying a heavily used vehicle.
Possible Fix
The best thing you can do is keep a detailed record of your car’s repair and maintenance records. This way, even if you are selling a vehicle twice used the new buyer will have enough information to be confident when buying from you.
Personal Modifications
Personal modifications might sound like a good idea for a car, but potential buyers probably won’t appreciate them. You can argue that you can always find buyers that have similar tastes as yours and while that is true, this approach drastically reduces the number of potential buyers. So, it’s best to keep your options open and limit the number of personal modifications on your vehicle.
Possible Fix
The best thing you can do is keep your car as close to stock as possible. If personal modifications are needed, try not to make them permanent. This way, when you are done enjoying your vehicle, you can remove the extra stuff and bring the car back to its original state.
How To Maintain Car’s Value
After learning the factors that affect the value of a car when selling, it is worth knowing how to maintain your car’s value, so you can get the most money for it in the market. Here are two things you can do to make the most of your vehicle:
Repairs
If you want to keep your car in the healthiest shape possible, you should make repairs as soon as they are required. This approach allows you to catch potential issues right in their tracks and treat any problem before it exacerbates. However, there is one small thing to keep in mind. The costs of repairing cars in NZ is too high, and in some cases, they are beyond the budget of an average car owner. To put it into perspective, you could probably buy a new car with the money that would be required to repair your old one.
Therefore, go with repairs as long as they seem feasible. But as soon as they cost too much, consider selling your car immediately.
Regular Maintenance
Another way to keep your vehicle in perfect condition is by following a regular maintenance schedule. Most experts believe that if you are taking care of your vehicle and changing its filters, lubricants, and tyres, you can make it last longer.
What To Do as a Last Resort?
If you aren’t getting the desired amount of money for your vehicle from a private buyer, and repairing the car isn’t an option either, try selling it to car wreckers.
Junkyards in NZ will buy your vehicle at a good enough price ranging from $100 to $10,000!
Yes, the price you get is dependent on a few factors, such as the vehicle’s condition, popularity in the market, and demand. It’s possible that you could end up on the lower end of the spectrum or perhaps on the high end, but something is better than nothing. At least, you are not being lowballed into an offer that you will later regret.
What’s more? Wreckers offer free pickup of your vehicle from your location, they don’t even charge towing fees, and payment is made on the same day. So, if you want a stress-free experience contact your nearest NZ car wrecker today.
