You’ve probably heard that you’ll never get what you paid for when you’re done with your car. That’s not entirely true.
One of the most critical questions when you’re planning to buy a second-hand car, is, “What affects my car’s value?”—a list of topics and factors that you should consider to assess this value properly when thinking about selling your car.
If you want intend getting the best value for your car, you need to know what affects its value. Many factors determine how much a car is worth. With these tips and advice, you’ll be on your way to getting top dollar next time you sell or trade-in your vehicle.
Mileage
Mileage is the most significant factor in determining your car’s value. The more miles you put on a vehicle, the less it’s worth. Generally anything under 100,000 miles is OK. However, if a used car has over 100,000 miles, it will have a much harder time selling than one with 80,000 or even 90,000 miles.
One hundred thousand miles is usually when your car will start to give you more problems than can be easily fixed. If you intend buying a used car with over 100,000 on the odometer, make sure that you get a good deal on its price since it will likely need to be repaired sooner rather than later.
You should not that mileage isn’t the only factor in how much your car is worth. It’s undoubtedly one of the major ones, but there are others to consider.
Brand
Certain brands lose their value more slowly than others. This is because different companies make cars with different target audiences. Vehicles made for fleet use (like taxis and police cars) lose value very quickly because they tend to be driven harder and get less maintenance than private passenger vehicles do. Cars made for “image” are generally more expensive and retain their value better than more functional vehicles because they are built differently with higher quality materials and better engineering.
Vehicle History
Another critical aspect of your car’s value is history — accidents and repairs reduce its value, but proper maintenance can add value over time. Suppose you buy a rebuilt title vehicle or a vehicle from a private seller who doesn’t know its entire history (and doesn’t know how to find out). You’ll want to ensure that the vehicle has been regularly serviced, which will help preserve its condition and maintain its value.
Year and Model
Older vehicles typically have lower values than newer ones. Some older models are becoming highly valuable, including vintage cars from the 1960s and ’70s. In addition to age, the model of your vehicle can affect its trade-in or resale value. Certain models are more in demand than others for various reasons, including popularity and rarity.
Market Conditions
Market conditions affect the value of your car in a big way. Many things go into determining market conditions for your vehicle. Supply and demand are significant factors. How many cars similar to yours are available to buy in your area? Is there a high demand for the good or service you are buying? If there is an increased supply of cars similar to yours, it will drive down the price. The same goes for low supply. The more people who want the same type of car you have, the higher price you will get for it.
Seasonal factors are also crucial for determining your car’s value. In general, vehicles sell better in the spring and summer than in winter and fall. If you sell your vehicle at the right time, you can make more money than if you sold it during slow periods of the year.
Now that you understand what affects your car’s value, you can make an informed purchase decision. When thinking about selling your vehicle, the information above will be helpful when deciding on the price the buyer is likely to offer. If used wisely, this information can help you get the most money out of your vehicle when it comes time to trade up.
Fort Lauderdale’s Most Trusted Car Leasing Company
If you’re looking for car leasing in Fort Lauderdale or the Miami area, Signature Auto Group Florida is the place to be. As a leading leasing broker, we help customers with early lease exits, lease swaps, new leases, and everything in between. With two decades of experience in the New York area collected, our company is confidently expanding its expertise to the South Florida region.
Becoming the go-to company for early lease exits in Miami and Fort Lauderdale is no easy task, but with our commitment to customer service led by a motivated staff, our entry is already favored by most. Standing by you every step of the way, our company strives to guide you in the right direction. Whether buying, leasing, or selling, a dedicated team member is here to attend and impress.
Along with our excellent staff, Signature Auto Group Florida offers a diverse array of services, separating itself from other car dealers in South Florida.
Car Leasing Florida
Serving areas from Aventura to Boca Raton, our reach is vast. As such, our inventory is built to serve all types of clients. With an impressive list of available cars for lease in Miami, we have a special vehicle for everyone.
Leasing a car is beneficial for many consumers. It provides a way to save on costs while evading any long-term commitments. Drivers remain open to the possibility of new vehicles, always able to keep their driveways fresh.
With our extensive industry knowledge and decades-long relationships, we’ve been able to build one of the most desirable inventories around. With most makes and models available, our lot is the only place you need to visit for your next lease.
Contact Signature Auto Group Florida Today!
Signature Auto Group is the best destination for car leasing in the Fort Lauderdale and Miami area. We offer an extensive inventory made up of all makes and models, along with an experienced staff dedicated to making your next visit pleasant and straightforward.
We aim to provide as many avenues of communication as possible, allowing you to interact with our team in a manner that is most comfortable to you. Regardless of the question, feel free to email us directly at info@signatureautofl.com or use the built-in contact form. If you prefer a call instead, you can reach our team at (561) 709-2277.
You can also stop by our location to speak with us in person. We are located at 291 E Commercial Blvd, Fort Lauderdale, FL 33334.
Fort Lauderdale, Florida Car Leasing Return Center
If you have an car lease that is due to reach maturity, we at Signature Auto Group Florida can accept your lease return even if you did not lease it from us, all makes and models! Let us guide you through the process of turning in your current lease as well as provide all the information you need on leasing a new car.
If your lease is maturing soon, we suggest that a pre-inspection of your vehicle is conducted. This inspection will evaluate your vehicle’s condition using the Vehicle Condition Guidelines. After the inspection, we’ll provide you with a Vehicle Inspection Report, documenting your vehicle’s condition at that time. Save Big by returning your car with Signature Auto Group.
Fort Lauderdale, Florida Car Lease Transfer
A lease transfer works by allowing one driver to transfer their lease to another, who must qualify for credit approval with the finance company. A lease transfer is a simple process in which the name on a lease account is changed for the duration of the term. Other than the registered driver and the name on the lease, the remainder of the lease contract is unchanged. This includes mileage restrictions, wear-and-tear restrictions and the total length of the lease in months.
Fort Lauderdale Early Car Lease Buyout
Want to get out of your car lease early and into another car? Signature Auto Group Florida offers an early lease buyout program just for you. When you are leasing a vehicle, you can purchase your vehicle before the end of the lease contract. There are some instances when your car may be worth more on the market than your buyout price, and in this instance, you can actually make a profit!
