Connect with us

Automotive

12 Factors that Affect a Car’s Resale Value

12 Factors That Affect a Car’s Resale Value

Many car buyers overlook an important factor when purchasing a vehicle: the five-year resale value. A car’s resale value is determined by reputable sources such as Edmunds or Kelley Blue Book, plays a significant role for car owners who plan to sell their vehicles after a few years.

As vehicles age, they naturally depreciate or lose value, but the rate at which this depreciation occurs can vary significantly. Several factors come into play when predicting and determining the car’s resale value. These factors ultimately influence the price dealers are willing to offer for trade-ins and what individual buyers are willing to pay in person-to-person transactions.

Therefore, car buyers must consider a vehicle’s potential depreciation and resale value before making a purchase. By doing so, they can make a more informed decision considering the long-term financial implications of owning a car.

Expert Tips for Negotiating the Best Price on Used Cars for Sale

Factors That Affect a Car’s Resale Value

1. Vehicle Brand and Model

The brand and model of your car play a significant role in determining the car’s resale value. Certain brands and models are known for their reliability, popularity, and overall desirability, which can lead to higher resale values. Luxury brands often hold their value better than non-luxury brands due to their premium features, craftsmanship, and reputation.

2. Vehicle Age and Mileage

One of the most critical factors influencing resale value is the age of your car and the number of miles it has traveled. Generally, newer cars with lower mileage will command higher prices in the used car market. High mileage and older vehicles are typically associated with more wear and tear, which can decrease their value.

3. Vehicle Condition

The overall condition of your car is another crucial factor affecting resale value. A well-maintained vehicle with no major accidents, scratches, or mechanical issues will generally have a higher resale value than one neglected or poorly cared for. Regular maintenance, such as oil changes, tire rotations, and keeping detailed service records, can positively impact your car’s value.

5 Effective Methods to Protect the Car Paint

4. Exterior and Interior Appearance

The aesthetic appeal of your car is essential when it comes to resale value. A car with a well-maintained exterior free of dents, scratches, and faded paint will be more attractive to potential buyers. Similarly, a clean and odor-free interior, free of stains or excessive wear, will also contribute positively to your car’s value.

5. Upgrades and Modifications

While personalizing your car with aftermarket upgrades and modifications may enhance your driving experience, they may not necessarily add value to resale. Extensive modifications can decrease the number of potential buyers and limit the market for your vehicle. Keep modifications minimal if you plan to sell your car.

6. Fuel Efficiency

In today’s environmentally conscious world, fuel efficiency has become a significant consideration for car buyers. Vehicles with good gas mileage and low emissions tend to have better resale value. As fuel prices continue to fluctuate, cars that offer excellent fuel economy are in high demand and can attract more buyers.

7. Safety Features

Advanced safety features can significantly impact a car’s resale value. Buyers are increasingly prioritizing safety when choosing a vehicle, so cars equipped with features such as anti-lock brakes, airbags, stability control, lane departure warning, blind-spot monitoring, and collision mitigation systems tend to retain their value better.

4 Important Tips on Inspecting a Used Car Before Your Buy It

8. Market Demand

The supply and demand dynamics of the used car market play a crucial role in determining resale value. Popular vehicles with high demand will naturally command higher prices, while less popular models may depreciate more quickly. Factors such as changing consumer preferences, market trends, and the availability of similar vehicles can influence demand and impact resale value.

9. Transmission Type

The type of transmission your car has can also affect a car’s resale value. While the majority of buyers generally prefer automatic transmissions, manual transmissions can appeal to driving enthusiasts. However, manual transmissions are becoming less common, and their limited appeal can lower the resale value compared to cars with automatic transmissions.

10. Maintenance and Service History

A comprehensive history can instill confidence in potential buyers. Regularly servicing your car at authorized dealerships or reputable service centers and keeping records of all repairs and maintenance activities can positively influence resale value. It demonstrates that the vehicle has been well taken care of and can help alleviate concerns about potential issues.

11. Regional Factors

Regional factors such as climate and local market preferences can also influence resale value. For example, cars with all-wheel or four-wheel drive may have higher resale value in regions with harsh winters. Similarly, certain vehicle types, such as SUVs or pickups, maybe more popular in rural areas compared to urban regions, which can impact their resale value accordingly.

12. Reputation and Reliability

The reputation and reliability of the car’s brand and model can significantly impact its resale value. Vehicles with a history of reliability, durability, and good performance tend to retain their value better over time. When evaluating a used car’s worth, car buyers often consider factors such as brand reputation, vehicle reviews, and reliability ratings.

Conclusion

When selling your car, understanding the factors that influence its resale value is essential. Factors such as the brand and model, age and mileage, condition, appearance, upgrades, fuel efficiency, safety features, market demand, transmission type, maintenance history, regional factors, and reputation play significant roles. By considering these factors and taking proactive measures to maintain and care for your vehicle and transport, you can maximize its resale value and ensure a better return on your investment.

 

Automotive

Russell’s early departure leaves Lando Norris on pole at the Hungarian F1 GP.

Lando Norris

(CTN News) – Lando Norris and his McLaren squad survived a tough qualifying session for the Hungarian Grand Prix, but they know they must perform on Sunday.

Lando Norris needed to win Budapest after Oscar Piastri locked off the top row in the field’s fastest McLaren. Recent races have been costly owing to wasted opportunities and little mistakes.

He matched Max Verstappen’s pole lap at the Hungaroring, who was unhappy to finish third. In a confident and aggressive approach, the 24-year-old finished more than three tenths ahead of the Dutchman, hitting the apexes.

Piastri followed Lando Norris by two hundredths of a second on the second hot run, demonstrating McLaren’s speed.

McLaren is doing well since Lando Norris won the Miami Grand Prix.

His potential triumphs have been cost by team and driver error, for which both parties have taken responsibility. On Sunday, he and McLaren will know they must do well.

Norris was quietly pleased with his historic first pole in Hungary and third overall. Although confident, McLaren will also be proud of their recent race progress. No one has won the pole in Budapest since Lewis Hamilton won the race and flag in 2012.

Norris and his crew recognize they must capitalize on closing gaps with 12 races left to drive Verstappen to the finish. Lando Norris understands. Behind Verstappen by 84 championship points.

“I know we missed out on some races, but we did the best we could in every one of them, and I don’t want to get back into all that stuff,” he said. I expect Oscar and Max to challenge me in the rear, not a clean weekend.

“Every location and point must be maximized; the more we can do to return to Max and Red Bull, the better.”

Hungary is a great opportunity since Lando Norris Verstappen was plainly unhappy with his car and outperformed. This disappointed him twice because the team had swiftly upgraded this race.

Verstappen had stated that the upgrades will define the second half of the season, but he admitted that he did not think they had gone far enough and could not defeat the McLarens.

“The changes are effective, but we still need more as we are not at the top,” said he. “Despite the imbalance, I liked the laps. I was pushing hard, so you had these little moments. Fast lap times are less crucial today. Simple: we need to work more because we’re moving slower. McLaren’s qualifying performance suggests a lot of ground to cover.

Lando Norris completed his best lap despite two crash-related stoppages.

Verstappen looked great in dry Q3 hot laps. He set a record with a lap time of 1 minute, 15.555 seconds and was quickest through each sector.

Lando Norris followed and pushed through the corners with fearlessness, posting a perfect 1:15.227 lap time. Piastri improved to second place on the penultimate laps while Verstappen did not, and Yuki Tsunoda’s crash halted the session.

A tardy coda didn’t matter when practice resumed because the last two minutes on old tires were worthless. McLaren has all the cards, but they must perform at the highest level to prove the legendary brand can win again.

Carlos Sainz of Ferrari was fourth and Lewis Hamilton of Mercedes fifth. George Russell, Sainz’s teammate, was unexpectedly ousted in the first round.

Sergio Pérez of Red Bull struggled again in the first qualifying round. He hit the curb, lost the rear at turn eight, and crashed, interrupting the session.

Poor performance again for the Mexican, whose Red Bull berth is in risk after a succession of poor performances, especially in qualification. His contract, recently extended to 2025, may have a performance clause, and Red Bull is unlikely to tolerate him underperforming for long. He was sixteen.

Russell fell behind because Lando Norris Mercedes didn’t fuel the car until the session ended. The British driver was eliminated in 17th place after staying out when the track dried after the break.

Charles Leclerc of Ferrari placed sixth, Fernando Alonso and Lance Stroll of Aston Martin placed seventh and eighth, Daniel Ricciardo of RB placed nine, and Tsunoda placed tenth.

Nico Hülkenberg and Kevin Magnussen of Haas finished 11 and 15, Valtteri Bottas of Sauber 12 and Alex Albon and Logan Sargeant of Williams 13 and 14. Esteban Ocon and Pierre Gasly placed ninth and twentieth for Alpine, while Guanyu Zhou placed eighth for Sauber.

SOURCE: GN

SEE ALSO:

Based on interest from The Range, Homebase’s owner plans to initiate a sale.

Inflation slowed in July, which will lead to 150 bps policy rate cuts, JS Global says.

Police in Chiang Rai Launch Crackdown on Cyber Criminals in Golden Triangle

Continue Reading

Automotive

M5 Partially Closed as Cullompton-Exeter Crash Hospitalizes Two

M5

(CTN News) – Two people were sent to the hospital for treatment as a result of the M5 tragic vehicle accident that happened in Devon.

The accident between two vehicles was the cause of the disaster. One more consequence of the crash is that it has left the M5 partially blocked to traffic to this day.

Between junction 28 for Cullompton and junction 29 for Exeter, the highway was blocked in both directions; however, one lane on the southbound carriageway has been opened up for previously closed traffic.

In a statement issued by the South Western Ambulance Service NHS Foundation Trust, they stated that they were notified of a traffic accident that had happened in the Exeter district at 2:29 p.m. on Friday, July 12.

M5 happened in Exeter, according to reports.

Furthermore, information was given to them by the South Western Ambulance Service.

To provide medical assistance to those injured, four land ambulances, each with two crews, an air ambulance, a critical care M5 vehicle, a doctor, an operations officer, and a responding officer were dispatched to the scene of the incident.

Furthermore, a critical care vehicle was dispatched. We also dispatched an air ambulance to the scene of the event.

Two patients were transported to their respective hospitals: one was transported by land ambulance to the Royal Devon and Exeter Hospital, while the second patient was flown there by air ambulance.

After being moved, the two patients were sent to hospitals in Devon and Exeter, respectively. Simultaneously, both patients were transferred to their respective sites at the same time.

Here’s what Devon and Somerset M5 Fire and Rescue Service said:

“We responded to the scene of a road traffic collision on the M5 at 2.30 p.m. today, between junctions 28 and 29.” The statement cited above was part of an official declaration.

A car that had been hit by another car coming from the other direction had two persons inside that had been rescued. It had been traveling in the other direction.

We offered support as the people were being taken out of the car. These people are now receiving medical assistance from the ambulance service in order to fulfill their duties.

The event caused significant delays for the M5 and the routes that pass through Exeter during the period when traffic was being redirected. In order to accommodate the traffic, this was being done.

A southbound vehicle experienced wheel failure, causing it to cross the center reserve and merge with the northbound road approaching. The car was going the wrong way, which is why this happened. The vehicle was traveling southward at that precise moment.

National Highways indicated that based on the facts they have provided, it is expected that the police would begin their investigation into the occurrence given the magnitude of the calamity that occurred. The entity that made this information public was National Highways.

The Devon and Cornwall Police Department issued the following statement:

“We know the M5 closure is causing traffic.”

The statement that was released is located beneath you. “We will get people moving safely when we can but please bear with us while we deal with the incident and causalities at the scene.”

In order to accommodate cars and other small vehicles that were traveling on the now-closed northern route towards M5 Taunton and Bristol, the back of the line has been shifted.

This was done to create space for these cars, which were heading towards Taunton and Bristol. The purpose of this activity was to provide space for larger cars. At this point, it seems like more and more vehicles are being stopped from going forward.

Due to this incident, a second lane has been opened up for use by any and all vehicles traveling southward.

SOURCE: ITV

SEE ALSO:

Honda to Cease Production at One of its Thailand Auto Factories

Car Dealers in Northern Thailand Struggling to Stay Afloat

BYD Car Buyers in Thailand Outraged Over Huge Dealer Discounts

Continue Reading

Automotive

Honda to Cease Production at One of its Thailand Auto Factories

Honda

(CTN News) – The Japanese vehicle firm Honda Motor made the news in a statement that was posted on Tuesday. The statement stated that the company intends to center its production at the site that it operates in the province of Prachinburi.

As a consequence of this, the production of automobiles will be halted at the facility that it operates in the province of Ayutthaya in Thailand by the year 2025.

The more difficult circumstances that the second-largest car manufacturer in Japan is facing in the country of Thailand, which is located in Eastern Southeast Asia, are exemplified by this move. Thailand is located in Southeast Asia.

There are several reasons for this, including the fact that Chinese firms are determined to grow their market share in Thailand, and a growing number of consumers are expressing an interest in electric vehicles (EVs). They both play a role in contributing to the problem.

The combined output of automobiles produced by Honda’s two facilities has fallen throughout the course of the succeeding four years, going from 228,000 vehicles in 2019 to less than 150,000 vehicles annually. This downward trend has occurred during the course of the past four years.

The preceding four years have been the time period during which this decline has taken place. With regard to the sales that the company has made in Thailand throughout the course of the past four years, there has been a consistent range of less than 100,000 to less than 100,000 for the entirety of this time period.

This is according to Honda’s spokeswoman.

When the factory first opened its doors in 1996, the company anticipates that it would continue to manufacture vehicle components at that location. When the firm finishes manufacturing vehicles at the Ayutthaya facility in the next year, the spokesperson stated that the company intends to continue producing automobile components at the plant.

In accordance with the statement that was given by the spokesman, the Prachinburi factory, which was built in 2016, will be utilized for the purpose of integrating the facilities with which automobiles are created. This was said in the statement. There are only two factories in Thailand that are owned and operated by the vehicle manufacturer, and these two factories are the only ones in the country.

According to the statement made by a spokeswoman for Honda in Thailand, the company’s goal is to reduce the disparity between the number of automobiles it produces and the number of sales it has experienced in the nation.

According to the remark that was made by the spokesman for the company, the automobile manufacturer are already exporting their products from Thailand, particularly to other Southeast Asian countries such as Indonesia and the Philippines. According to a statement that was sent by a spokeswoman for the company.

Currently, Honda has no plans to invest in Thailand.

When it comes to mainland China, Honda and Nissan Motor, a Japanese automobile manufacturer that competes with Honda, have been hit particularly hard by competition from rising Chinese manufacturers.

Nissan Motor is a competitor of Honda. As a result of the fact that these businesses provide reasonably priced plug-in hybrids and electric vehicles that are loaded with software, a significant number of customers have been drawn to them.

Now, Japanese automobile manufacturers are at risk of losing clients in countries outside of China, such as those in Southeast Asia, to Chinese companies that are increasingly attempting to increase the quantity of automobiles they export and build up operations outside of China.

As a result, Honda Japanese automobile manufacturers are facing a potential loss of customers. They are exposed to this danger as a result of the fact that Japanese brands compete with Chinese brands in these locations.

BYD, a Chinese manufacturer of electric vehicles, recently launched a plant in Thailand that will be responsible for the production of automobiles that are powered by electronic batteries.

This plant was established last week. The Chinese electric car manufacturers are beginning to establish facilities in the country, and this factory is a component of the wave of investments that they are making in the country. These investments have a total value that is greater than 1.44 billion dollars together.

SOURCE |SCMP

SEE ALSO:

Car Dealers in Northern Thailand Struggling to Stay Afloat

BYD Car Buyers in Thailand Outraged Over Huge Dealer Discounts

The PM Seeks Assurances after BYD’s Steep EV Discounting in Thailand Sparked Backlash

Continue Reading

Trending