24th August 2023
If you are looking to sell your car, either privately, online or part exchanging – there are many factors that can affect the value of your car. This is often referred to as car depreciation. Car depreciation is the difference between the value of a car from the time of purchase, to the time you come to sell or trade it in. Usually, it is expressed as a percentage to show the owner how much value the vehicle has lost.
In this guide, we have outlined the top factors that can affect the value of your car.
Damage to the car such as general wear and tear, scratches or damages to the interior, exterior or bodywork, will affect its value. We recommend repairing any damages and keeping on top of the vehicles interior care to ensure it maintains its value.
The higher the mileage, the lower the value of the car will most likely be. This is because high-mileage cars tend to require more upkeep and can be expensive to maintain. The more miles a car covers, the more wear and tear occurs to component parts in your vehicle, which can drive the price down. On average, every 10,000 miles will deduct 5% from the value of the car.
Unless the vehicle is a classic car, the older the vehicle is, the lower the value it will be worth. Typically, a car that is one year older with the same mileage will deduct 2% from the value of the car.
Typically, the more prestigious the make, model and manufacturer of the car is, the greater value you can expect for your vehicle. For example, a Mercedes-Benz is likely to retain more value over a Ford due to its reputation.
Generally, if a car has been modified over the years, it will affect the overall value of the vehicle particularly when it comes to selling on. This is because the majority of buyers prefer vehicles that are unmodified as some insurance companies could refuse an insurance request depending on how much the vehicle has been modified.
Typically, certain cars tend to sell better in certain regions. Sports cars will be better listed in inner city areas, compared to off-road cars listed in the countryside as these locations will better suit the driving capability of the vehicle.
Ensuring a full service history is vital when looking to maintain or increase the value of your vehicle. A full service history is desirable to any interested parties looking to purchase your car, as it shows that the vehicle has been looked after and serviced correctly per manufacturer recommendations.
Learn more about why you should service your car or locate your nearest Merityre garage to book in for your next service. Alternatively, contact our helpful team to find out more.