What Factors Affect the Value of My Car?

10 different variables that influence your car’s worth

Your car is one of the biggest investments you will make, and while it might be your pride and joy now, there will inevitably come a time when you’ll consider selling it, either to upgrade to another or to pocket the cash. 

When it comes to determining the value of your car, however, it isn’t as simple as recouping your initial investment. Many factors come into play and understanding what they are will help you to make informed decisions when selling, maintaining, or even buying a used car.

What factors influence the value of my car? 

1. Age 

One of the most significant factors that will affect the value of your car is its age. In today’s fast-paced world, new car models are introduced on a regular basis, with new features and technology which, in most cases, renders your older model outdated. 

Unfortunately, there isn’t much you can do to avoid this impacting the value of your car, so unless you’ve got a rare or well-maintained classic car, the older your car, the more it will depreciate in value. 

2. Mileage 

Along with age, the number of miles your car has clocked is another significant factor in determining its value. Simply put, the more miles it’s driven, the less it will be worth. If your car has very high mileage (over 100,000 miles) you can expect it to be worth far less than the same make and model with anything less. 

3. Condition 

Looking at the overall condition of your car both inside and out will play a major role in determining its worth. A well-maintained car with no major aesthetic issues will command a higher value than those in poor condition. So try to avoid scratching, denting, or staining your car as these are usually very obvious to spot and can knock its value severely. 

4. Service history 

From a mechanical side, keeping a well-documented and comprehensive service history of your vehicle can significantly increase its value. This essentially shows potential buyers that your car has been well maintained and looked after so it will be less likely to have any hidden issues that will need major repair in the future. 

5. Vehicle make or model 

Some brands and models are known for their reliability and popularity, and if you’ve got an especially reliable or popular car that’s in demand, then its value is likely to maintain itself fairly well. On the flip side, vehicles with reliability concerns or those that aren’t quite so popular will be unable to call for a high asking price. 

6. Modifications and upgrades 

Modifications and aftermarket upgrades can either do you a service or a disservice. While some can enhance the value of your car, others may detract from it. Modifications like custom paint, performance upgrades, or non-standard wheels are usually a personal preference, so when the average buyer enquires about your vehicle, they may turn their nose up against it.

7. Time of year 

The time of year can often affect the value of certain cars due to seasonal factors and market demand fluctuations. An obvious example is convertibles; selling them during the summer months when they are typically sought after can get you a better price.

8. Geographical location

Your geographical location can have a significant impact on the value of your car in ways you should consider. For instance, if you live in or near a ULEZ (Ultra Low Emission Zone), a vehicle that doesn't comply with these regulations is likely to be less valuable in your area. 

9. Number of previous owners 

At first glance, the number of previous owners of your car may not seem like an important factor that influences its value. However, if your car has had multiple previous owners, buyers may ask  questions about the reasons for frequent transfers. 

On the other hand, if you’ve been the sole owner of your vehicle, then it’s likely to be more desirable as it implies it has received consistent care and maintenance. 

10. Colour 

Although a less significant factor than others, the colour of your car can influence its resale value. As bleak as it may be, neutral colours tend to have a broader appeal, making them more desirable in the used car market.

Sell or part exchange your car to Avalon

If this article has convinced you that you can receive good money for your vehicle, then take a minute to get in touch with us here at Avalon Motor Company. We are committed to offering you a no-hassle option to simply sell us your car or part-exchange it. Just provide us with the details of your car and we’ll generate a free, no-obligation valuation guide price.