What Factors Affect Vehicle Appraisal?
There are many factors that affect vehicle appraisal value. To determine precisely how each of the factors directly impacts an appraisal value, you should know what these factors are. It’s the first step to ensure you get a fair deal when selling a used car.
What are the Factors that Affect a Vehicle’s Appraisal Value?
A general rule of thumb is that as mileage increases, the wear and tear on the vehicle also increases—it stands to reason a vehicle with more miles on it will not sell as easily as a vehicle with fewer miles. High mileage will negatively impact the sale price, and it’s often the largest determining factor.
Next up is the vehicle’s condition. While one may think the condition and mileage go hand in hand, this isn’t necessarily the case. One could have a vehicle with very low mileage that did not receive the proper care. You’ll want to keep the exterior and interior as clean and intact as possible. This includes minor dents and dings, as well as the state of the upholstery.
Maintenance and Accident History
Prospective buyers may check a vehicle’s services records to ensure the previous owner properly maintained the vehicle. Involvement in a serious accident, or a history of serious mechanical failures, really hurts future resale value.
Ensuring You Get a Good Deal
Your main takeaway from this is that you should not take one valuation source as gospel. After performing a fair assessment of your vehicle’s actual cosmetic and mechanical condition, you should check various appraisal sources for a range of values that will help you to come up with a number that’s realistic. It’s important to know that you probably aren’t going to get a top-dollar sales price for your vehicle unless it’s in top-dollar condition and you find the right retail buyer for it.
Putting this into practice will give you a leg up on the competition whether you want to buy a new or used vehicle or when you decide to sell your vehicle. At the very least, it should help you manage your expectations in regards to how much you should really be able to get for your vehicle. Even so, you need to be mindful of the other factors that affect vehicle appraisal, such as what the buyer will do with the vehicle.