Factors that may influence the resale value of your vehicle

It’s interesting to note how much or how little people think your vehicle is worth when you try to trade it in. Mileage, the economy as well as stock levels are key factors. Currently, the worldwide shortage of microchips has made for a buoyant new and used car market.

Let’s have a look at factors that can influence the trade-in value. Some you can attend to yourself but a dealership will consider key factors and evaluate the cost to correct them. And these will have bearing on the final price offered. 

A simple thing like stickers all over the vehicle may influence that value as they will have to be removed and the vehicle may need special treatment as the dealership will want to display it in pristine condition. They could also affect the paintwork which may fade under the sticker.

When it comes to lighting cracked lenses and burnt-out bulbs can also reduce the value of a vehicle by the retail value of replacing the parts so it’s worth repairing them before attempting to trade the vehicle in.

A cracked or chipped windscreen will also influence the trade-in, once again it’s better to replace it before going to the dealership and you can put in an insurance claim. So it makes sense to do this. Bear in mind that if your vehicle is a newer model the windscreen will be more expensive as it contains sensors or even an antenna.

Then if are a smoker try not to smoke in your car. It is difficult to valet and in some cases, you can never get the smell out and the value will diminish. Cars with cloth seats absorb the smell of smoke more than leather.

Then look at your tyres if they are approaching minimum tread depth or are damaged and possibly mismatched you will pay the price. Otherwise, the dealer will simply deduct the price when offering you a trade-in value.

Then if you are old school and still favour a manual transmission you are a dying breed and dealers mind automatic cars to be more popular. That being said a sports car with a manual or paddle shift is still very popular.

Then rising fuel prices will affect your pocket and I do not see them dropping for the foreseeable future. So if your drive a large SUV it may be time to trade it in for a smaller more economical model. There is nothing you can do about fuel prices but adapt your driving technique and plan your trip to try and avoid stop-start rush hour traffic.

Colour and the condition of the paintwork also influence pricing when trading in as can the effects of any accident damage.

Many dealers have specialist salesmen who will do a thorough assessment before offering you a price.

Then a dealer will factor in the reputation of the vehicle in the trade as certain vehicles have a reputation for high parts prices as well as the scarcity of parts.

If a particular model is discontinued it could be due to low demand and that could translate to parts and servicing problems.

Do your homework and find a reputable dealer also ensure that you take proof of ownership, registration papers the service book and the owner’s manual. A full-service record is very important in establishing a price.

Lastly, check that you have the vehicle’s tools and warning triangle.

And have the vehicle professionally cleaned pay special attention to the engine compartment to remove oil residue and dust

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