Factors that Determine the Value of the Used Vehicle

Are you trying to understand how used cars are valued? There are many aspects to consider when determining the value of a second-hand car.

At Sell My Car Australia, we have a strong understanding of which factors influence a used car’s value. Therefore, we have outlined all the necessary information to make accurate assumptions about your used car and how much it may be worth after years of ownership.

Read on to find out what changes the value of your used vehicle over time.

The Car’s Make & Model

The make and model of your car is one of the most essential factors to consider when valuing a vehicle.

The make of your car and its reputation is of great significance to potential second-hand buyers. This is similar for your car’s model as resale value tends to change by brand.

For example, German cars are well-known for their engineering and are preferred by buyers due to their reliability. Hence, when looking for a used car, some buyers may be willing to pay more depending on the make and model of the vehicle as they are more inclined towards that certain brand.

Mileage

Mileage is an effective way of understanding a vehicle’s wear and tear. A car with overly high mileage means that it has been used repeatedly over a long period.

This makes it less likely to sell as people prefer to buy a car that has lower mileage. Usually, this is because a reduced mileage means fewer problems that will need resolving.

It is important to remember that unless your car is vintage, overly high mileage will mean a much lower resale value.

Fuel Efficiency

Many cars are known for their fuel efficiency, as fuel consumption has become a key factor when buying a vehicle. It is only natural for people to want to save money. Therefore, no one wants to dig deep into their pockets to pay for a car that constantly consumes fuel at an extremely high rate.

In addition to financial reasons, fuel-efficient cars are usually kinder to the environment. Hence, with the rise of electric cars in the market, it makes sense for more and more buyers to invest in fuel-efficient vehicles. This is especially true if you’re buying with the intention of selling in the future, as fuel efficiency is key in attaining a higher resale price.  

The Interior and Exterior of the Car

A critical factor in determining the resale value of your car is its look.

While other elements, such as make, model, and fuel efficiency, are things you cannot control, the way your car looks rests solely on you. Hence, keeping your vehicle in the best condition possible will ensure a higher value.

In terms of its exterior, you’ll want to maintain the car’s paint and any attachments the vehicle might have. This means fixing any highly noticeable chips or damage. Alternatively, maintaining the interior means fixing the upholstery, dashboard, panels and more.

It is only normal for the interior and exterior of the car to experience a lot of wear and tear over the years. Although this isn’t something to worry about, doing what you can to make your vehicle look better will help to raise its overall value.

Regular Servicing

While obvious, it is essential to mention that regularly servicing your vehicle is of utmost importance. Not only does this guarantee a higher value for your car, but it ensures your car remains in the best condition possible.

Invest some time and money into rust repair and other minor fixes to up its resale value in the long term.

Are you wondering how your used car is valued? Talk to Sell My Car Australia experts today for a free valuation. We’ll help you get the best price for your used car.