We had previously done a detailed write-up on the factors that will boost your car resale value. Implementing those factors can certainly prove beneficial in getting the best deal for your used car. Adding to that, there are also certain factors that can drastically reduce the resale value of your car. In this article, we will focus only on those factors. So let’s commence with the list of factors that will negatively affect your car resale value that you should definitely be aware of.
The number of owners on the car has had has a very prominent effect on its resale value. The logic behind this factor is that the more the number of owners there, the higher is the possibility of the car being used roughly. Although this is a slightly subjective factor as it isn’t always necessary that all owners would handle the car roughly. But in 80-90% of the cases, this factor definitely applies.
You might have put in a lot of investment to pimp out your ride with body kits and massive sound systems, but in the used car market, aftermarket accessories have no added value. If anything, they can potentially damage your car resale value to a great extent. All these modifications you would have done would be according your taste. This doesn’t necessarily have to suit everyone’s. So for someone who isn’t very keen on driving a flashy car emitting extra loud music, all those additions have a detrimental effect. To mitigate this problem, most people remove all the accessories and replace them with stock parts before selling. The accessories can be later sold separately. So it’s a good idea to keep the stock parts in hand if you intend on selling your modded car in the future.
Again a very subjective factor but a very prevalent one. People are bound to have different preferences when they choose the colour scheme of the car they purchase. While some people like flashy colours like orange, green or yellow, the preference of the majority won’t be the same. Certain exceptions do exist like the metallic orange tone which works really with the Tata Nexon or the lime green hue which looked really good on the Chevrolet Beat. But generally, people prefer simple solid colours like black, white or silver. So if you do intend to sell your car in the future, it would be a better option to refrain from the flashy paintjobs.
This factor is often looked upon but can have a great on your car resale value. Comprehensive and Zero-Depreciation policies provide you with the best benefits. But usually people here prefer opting for the lower tier policies in an attempt to save a few bucks. A buyer can certainly opt for better policy later on but they also factor the extra expenses and effort they will have to put to get that. So in an attempt to save a few bucks through the insurance, you are directly impacting the resale value of your car. Not a viable decision in our opinion.
The presence of the car’s detailed service history is always going to give it a good resale value. The service history makes the buyer more confident that they will be investing in a car that has been attended to regularly. More than that it also gives them all the information on what all parts have been changed in the car over time and what all damage it has incurred. On the flipside the lack of service history documents makes it look as if you are trying to hide something. This, in turn, hampers the car resale value.
In our country, we have a plethora of manufacturers selling their products in this extremely competitive market. However, only a few of them are associated with a hassle-free service network and affordable spare parts. Brands like Skoda and Fiat are no doubt top-notch brands and have amazing products. However, their Indian ventures haven’t exactly been the most successful. Both are known for having horrendous after sales support and really pricey spare parts. More than being pricey, they are also often unavailable which really hampers the ownership experience. And all these factors combined will result in garnering a very reduced price for your car in the market.