When selling your car, you must consider various factors affecting its value. Some of these factors include its condition, its miles on the road, and available options such as leather seats and premium technology. However, other factors, such as the brand reputation and the current market conditions, can also affect the value of a vehicle in a car appraisal.
Over the years, GivemetheVIN has been in the used car industry, and we have completed thousands of transactions. We are knowledgeable about the dynamics of the industry and how it works, which is why we decided to use our skills to improve the entire car-selling process instead of trying to get more money from the sellers. Below are some factors that determine a vehicle’s value in a car appraisal.
Mileage
One of the most important factors that can affect the value of a vehicle in a car appraisal is its miles on the road. The number of miles that a vehicle has traveled over the years can also affect its resale value. The average number of miles a three-year-old car could have traveled is approximately 45,000.
The wear and tear on vehicles increase as their mileage goes up, which means that a car with more miles on it would not be able to sell as easily as one with fewer miles. Mileage can negatively affect your vehicle’s asking price.
If your vehicle’s odometer reading is higher than its age, it could negatively affect its value in a car appraisal. On the other hand, if it has been sitting in a garage for a long time, you might get more value for it. Regarding the value of a used car, certain stipulations must get followed. For instance, if a vehicle is driven mostly at high speeds, its condition might be better than that of a car driven in stop-and-go traffic.
Accident History And Maintenance
Besides mileage, other factors such as past accident history and maintenance are also important in a car appraisal. Even minor scratches and dents can negatively affect a vehicle’s resale value. In addition, sellers should refrain from selling their cars with stained or torn seat fabric or broken tech. Minor damages should first get repaired to get the most out of your car.
If a vehicle needs certain basic features, such as air conditioning and power windows, it will sell for less than cars with all the modern conveniences. On the contrary, it might be worth more if it has high-end technology and interior materials. However, its value might be lower if it has aftermarket options, such as a modified exhaust or a painted window.
A free vehicle history report can inform potential buyers about a car’s past. If it has been involved in a major accident or frequently involved in fender-benders, it might not appeal to buyers. Even minor accidents can affect a vehicle’s value.
Fuel Prices And Market Conditions
Besides the vehicle’s specific characteristics, the market conditions that affect its value can also be influenced by factors such as demand and supply. For instance, during the 2021 inventory shortage, used cars were more in demand than new vehicles. It led to a 30 percent spike in the prices of these vehicles in just one year, which means that car owners looking to trade in their old cars would have gotten a better deal at the time.
Another factor that can affect a used vehicle’s value in a car appraisal is fuel prices. When gas prices are low, the demand for larger vehicles, such as pickup trucks and SUVs, increases, which leads to a higher value. On the other hand, when gas prices are high, more fuel-efficient cars become more desirable.
Brand Appeal And Reliability
The popularity of the model, its reliability ranking, and the brand image of the company can also affect the value of a used vehicle. For instance, if a used car has a solid reputation for reliability, it tends to be more valuable than cars with low-reliability ratings.
Many factors can affect the value of a used car, and it is up to you to determine how much you can get for it. However, some simple steps can help increase its resale value. One of these is regularly maintaining the vehicle and keeping records of repairs. You can also clean your vehicle’s paint by regularly washing and waxing it. The fewer accidents and miles your vehicle has, the higher its resale value.
