Let’s study different aspects to check whether or not does color affect resale value and other factors affecting resale value.
In recent years, there has been a rapid growth in the used car market. This has largely been due to the increased awareness of the Indian buyer and the wide range of choices available. There are a large number of people in India who own a second-hand car as their first purchase. They get a better car for the same amount of money and it is also a precautionary step to save on cash. Moreover, there are many factors affecting resale value which people should be aware of before buying or selling a used car.
Color of the Car
While there are many factors that play a role in judging the resale value of your vehicle, its paint shade is an important factor that is often overlooked by the seller. The color of your new car not only affects the cost of ownership but also the resale value of the vehicle. This is due to many reasons, including the ever-changing color preferences of the car buying lot. The depreciation of a motor vehicle is its owner’s biggest ownership expense, but this realization mostly hits only when it’s time to sell of the car.
Moreover, the effect of the color on a car’s resale value varies from one location to another. For example, used cars that have a black or dark blue paint shade fetch a lower price than similar models in other colors in places like Hyderabad and Bengaluru. The reason for this can be attributed to the perception that many may have that a dark colored metal object brings bad omen. This brings us to the most popular color – silver.
Cars in shades of silver are known to be easy to maintain as the minor scratches can be easily concealed. Plus, the paint shade is even known to lose its sheen slower than other models, which is why a used car that has a silver exterior might look newer than a similar model in a dark paint shade, like black.
Other Factors Affecting Resale Value
The appearance of the car is the first thing the buyer will see. It is vital that the condition of the car is maintained from the exterior and interior as well. Make sure to get rid of minor dings and scratches and declutter the interior. It is one of the major factors affecting resale value of your car.
The brand of your car plays an important role in determining the value of your car. If your car belongs from a reputed brand which is reliable and superior in quality, the resale value is bound to be high. The popularity and market share of the brand also affects the resale value of your car.
The mileage of your car is something which the buyer will ask in the very beginning. Kilometers driven affect the resale value, if the mileage of your car is high, the resale value will drop significantly. The condition could be immaculate and well-maintained but if the mileage is high, the value would be low.