Selling your car isn’t, unfortunately, a piece of cake. A lot of work goes into it. The car’s resale value, for instance, is the one thing that takes a major hit. Also, the competition is rough. Also, there are plenty of pre-owned cars in Sharjah that a potential buyer can look at.
So, for your car to have any leg to stand on, you need to come up with the right resale value. Now there are a ton of factors that go into determining this and you might need an expert opinion which will cost you. Or, you could just trust CarSwitch to do all the heavy lifting for you. Determine the resale value, find the right buyer and negotiate on your behalf.
In any case, here are the 9 factors that can negatively impact your car’s resale value:
The Vehicle Brand:
According to data collected in the UAE, Japanese cars have the least depreciation. The UAE market is a little different from others because car owners here drive their cars for 5 years or less whereas, in the US, a car owner would typically hold on their car for at least 7-11 years.
A non-luxury vs luxury model can also make a ton of difference. While resale values differ between brands, a car’s depreciation rate can vary between 30-50% after 3 years.
In some cases, the specific car model may have been recalled by the manufacturer due to a problem. Second-hand buyers are typically wary of such cars because they are less likely to trust you and the automaker as well.
The cost to repair and maintain a car is also a big factor in its resale value. Buyers who are looking at pre-owned cars do not want to buy a car that is going to become a big hassle in the long run. So, even if you have a luxury car to sell, you might not get as much for it if it has a very high maintenance cost.
The Style of the body:
Is the car mid-sized, a hatchback, sedan, hybrid or an SUV? All of this makes a huge difference in the resale value.
Mileage is usually an issue but not so much in UAE. On average, cars cover 20,000 kilometers per year. But, it is the car’s age that has a much bigger role to play. A 2013 Nissan Patrol with 100,000 km and a 2012 Nissan Patrol with 60,000 km have the same value.
Condition of the car:
A car’s condition can make a world of difference. Service history, accidents and present condition of the body is what matters to a buyer. You should definitely invest in a car wash and some cosmetic repairs if you wish to compete in market of pre-owned cars in Abu Dhabi .
The color of the body:
In some cases, the color of the body may also make a difference. You may want to repaint the car in something a little standard like white, black or gray.
Modifications done to a car can potentially void the OEM warranty. That can throw the resale value out of whack. Also, buyers do not want to buy a car that was personalized for someone else.
Built-in features, however, can up the resale value. GPS navigation, power mirror and remote-start are all appealing to buyers.
There you have it. You can do the math by looking up various resources online or guestimating the average by looking at a similar vehicle. Or, get an expert to look at the car and pick it apart.