Are you stressed because you want to sell your car and it has lost almost 50% of the value since you bought it an year ago.
Did you know that every year selling price of the car depreciates due to several reasons. We at Motor Haat are sharing few factors which decide the market price of your used car
- Launch of the Latest Car Models
Every year, car manufacturers launch the latest edition of your car model. Everyone who is interested in the model will be more or less affected by the release of the latest series of these models.New features, new designs, even new accessories make people tend to be more eyeing on old cars and consider the output of the car last year has been lost completely.
- Usage Time
Like other electronic / machine items, the age of your car also affects its condition. The longer the year your car is made, the condition shall definitely not be as good as it was when it was new.It is true, that many car owners are very painstaking in maintaining the condition of the engine and the appearance of the vehicle, but it cannot be denied that the condition will not be as good as when the car just left the factory / dealer and it also becomes very difficult for buyers to make this understand.
- Reduced interest in the model
Regarding point number 1, every year more and more car buyers are looking for newer models. Resulting in people who were after your car now choosing to buy the latest series which makes the selling price of the car go down.
- Reducing Car Conditions
No matter how good we are at maintaining the condition of the car, things that are affected by time cannot be avoided, such as fading paint colors, worn tires and other parts that require replacement. Your car will be valued higher if the car parts are of original manufacturer. But repairing and replacing spare parts with third-party accessories makes prices drop.
- Price Decline
The biggest factor in deciding the value for your car specially in the initial years is the price decline. Every year a car depreciates in its value or the selling price of a car drops by 10-15% compared to last year. The first year sees the biggest drop in resale value as compared to the base price. In some high end models we may even see a depreciation of almost 50% within the first year no matter the conditions. Low end models face lesser depreciation but still face a minimum of 20~25% in the first year.
(Example: in the first year, the selling price of car X was valued at Rs.10 lakh, the following year the selling price depreciated to Rs. 7.5 Lakh, and in the third year depreciated again reduced the price of the car to Rs. 6 Lakh and so on)
In case you are interested in replacing your old car then grab the chance of selling your car at Motor Haat where you get maximum price guarantee.
If you are late in selling, maybe next year the price you may get for your car will go down even further! Don’t wait, sell it at Motor Haat and get best price for your car.