What To Know About Your Car's Value

What To Know About Your Car’s Value

May 14, 2022
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You’ve probably heard that you’ll never get what you paid for when you’re done with your car. That’s not entirely true.

One of the most critical questions when you’re planning to buy a second-hand car, is, “What affects my car’s value?”—a list of topics and factors that you should consider to assess this value properly when thinking about selling your car.

If you want intend getting the best value for your car, you need to know what affects its value. Many factors determine how much a car is worth. With these tips and advice, you’ll be on your way to getting top dollar next time you sell or trade-in your vehicle.

Mileage

Mileage is the most significant factor in determining your car’s value. The more miles you put on a vehicle, the less it’s worth.  Generally anything under 100,000 miles is OK. However, if a used car has over 100,000 miles, it will have a much harder time selling than one with 80,000 or even 90,000 miles.

One hundred thousand miles is usually when your car will start to give you more problems than can be easily fixed. If you intend buying a used car with over 100,000 on the odometer, make sure that you get a good deal on its price since it will likely need to be repaired sooner rather than later.

You should not that mileage isn’t the only factor in how much your car is worth. It’s undoubtedly one of the major ones, but there are others to consider.

Brand

Certain brands lose their value more slowly than others. This is because different companies make cars with different target audiences. Vehicles made for fleet use (like taxis and police cars) lose value very quickly because they tend to be driven harder and get less maintenance than private passenger vehicles do. Cars made for “image” are generally more expensive and retain their value better than more functional vehicles because they are built differently with higher quality materials and better engineering.

Vehicle History

Another critical aspect of your car’s value is history — accidents and repairs reduce its value, but proper maintenance can add value over time. Suppose you buy a rebuilt title vehicle or a vehicle from a private seller who doesn’t know its entire history (and doesn’t know how to find out). You’ll want to ensure that the vehicle has been regularly serviced, which will help preserve its condition and maintain its value.

Year and Model

Older vehicles typically have lower values than newer ones. Some older models are becoming highly valuable, including vintage cars from the 1960s and ’70s. In addition to age, the model of your vehicle can affect its trade-in or resale value. Certain models are more in demand than others for various reasons, including popularity and rarity.

Market Conditions

Market conditions affect the value of your car in a big way. Many things go into determining market conditions for your vehicle. Supply and demand are significant factors. How many cars similar to yours are available to buy in your area? Is there a high demand for the good or service you are buying? If there is an increased supply of cars similar to yours, it will drive down the price. The same goes for low supply. The more people who want the same type of car you have, the higher price you will get for it.

Seasonal factors are also crucial for determining your car’s value. In general, vehicles sell better in the spring and summer than in winter and fall. If you sell your vehicle at the right time, you can make more money than if you sold it during slow periods of the year.

Now that you understand what affects your car’s value, you can make an informed purchase decision. When thinking about selling your vehicle, the information above will be helpful when deciding on the price the buyer is likely to offer. If used wisely, this information can help you get the most money out of your vehicle when it comes time to trade up.

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As a company we learned a long time ago just how significant it is to have talented, loyal and motivated staff to serve our clients in every aspect; before, during and of course even after such an important vehicle purchase. Even though this will always be an ongoing process, this organization has been fortunate to have attracted and retain such extraordinary individuals at every single level in this company.

We are honored to serve all Signature Auto Group clients past, present and future clients in the major areas of the United States and around the rest of the world. Signature wants their customers to enjoy life to its fullest. We also have high standards that the staff agrees with and are committed to providing you with the service you deserve. The sales staff is extremely knowledgeable about our products and is there to get you the fantastic vehicle that you want and desire.

Come on in and check out our extensive inventory that includes all the latest makes and models of vehicles. It doesn’t matter whether you are wanting to purchase or lease; we have the perfect plan for you. And don’t forget to check out our specials, we are always having great lease specials on a lot of the new vehicles in stock.

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