When it comes to the resale value of a car, truck, minivan or sport utility vehicle (SUV), people tend to focus on only two factors—the age of the vehicle and its mileage. However, in reality, there are many, many things that can impact the value of a used car. The overall condition of the vehicle, for sure, will impact the price. But there are plenty of things that people likely aren’t aware of that can also impact a car’s resale value. Many of these things are subtle, but they can raise or lower the price on a particular car. Being aware of all the elements that affect a car’s value will help to ensure that people get top dollar for a vehicle that they plan to sell. Here are 10 things that impact a car’s resale value.
10. Accessories and Upgrades
A car is not like a house. Adding accessories and shelling out money for upgrades is not going to increase the value of a car the same way it raises the value of a house. You can spend $2,000 on an advanced stereo system if you want. However, you should not expect to recover that money when you sell the vehicle. While a new deck and a swimming pool in the backyard may raise the value of a house, most of the upgrades in cars and other vehicles have no real bearing on the resale value. This goes for things like sunroofs, leather seats and satellite radio. If you paid for these upgrades thinking they would help your vehicle appreciate in value, you are likely in for a rude awakening. Get upgrades and accessories because you want them and will enjoy them. Not because you consider them a financial investment that will pay you a return at resale time.