The shortage of microchips among automakers has caused a rise in prices for new cars and pulled down the cost of used ones. In 2022, a three-year-old car can be sold in the secondary market at the purchase price.
Now, the used car value is determined, as a rule, by its condition and equipment. And if they satisfy the buyer, then a mileage on the odometer, if it has not yet exceeded 60 thousand miles, may not be the subject of bargaining, as it was before. However, there are still cars in the US that better hold their value due to many factors. Today, the sale experts from the Indy Auto Man dealership share their insights about the used car values in Indianapolis.
No Special Price for Options and Tuning
Cars with the highest trims can lose a little more value than basic models that are not so richly equipped. At the same time, there is a minimum required set of options for each price category. For example, in an inexpensive car, most buyers in Indiana would like to see climate control, while in a premium class, the onboard computer and rich multimedia are a must-have.
At the same time, the previous owner’s ambitions do not seriously affect the price. Various upgrades and tuning will not increase the car value, as much as the first owners expect.
Premium and Luxury Car Value Rules
In the segment of luxury cars, there are special pricing rules. Luxury vehicles, such as BMW 7-Series, Mercedes-Benz S-Class, and Audi A8, depreciate more than business sedans. Such cars are bought to underline the status, and the choice mainly falls on the latest model year, even if it costs noticeably more. The segment leader, Mercedes-Benz S-Class, retains only about 66-69% of the original price.
Sports cars are a separate group. Here, the mileage is a decisive factor. If such a vehicle has been used heavily and runs more than 10 thousand miles a year, it will lose its price much faster than mass models. Exclusive versions in this segment, on the contrary, are becoming more expensive. For some limited edition models, there is a real hunt.
Turbo Engines Have Few Fans on the Secondary Market
Buyers do not trust the engines equipped with turbines, considering them unreliable.
Such fears have some reasons behind because turbo engines wear out faster if they are not used correctly, and their repair or replacement results in a considerable sum.
When the Color Makes Difference
The body color also affects the car value and average sale time. The more common color will find a buyer much easier. Flashy colors may be intimidating, and the main stop color is yellow. In the mass segment, this color means that the car was used as a taxi, and it will immediately lose 20% or more.
In the category of up to 30 thousand dollars, red increases the price of the car. It is believed that such red cars are exploited more carefully. Also, red is popular among pickup drivers. The buyers looking for the used car over $30,000 is more conservative, choosing mostly white, silver, and black.
The Right Time Means The Best Price
When selling a used car, even the season has an impact on demand and, accordingly, the cost. For example, convertible owners who sell their stylish cars in winter don’t expect much interest. It is better to wait until spring. It is also necessary to monitor the release of updated models – the cost of previous versions significantly reduces.
Fortunately, multi-brand used car dealerships, like Indy Auto Man, Indianapolis, are ready to buy any model at a fair market price. If there is a need to sell a luxury car, a vehicle with an unpopular trim, or a sports convertible, the best idea is to consider to sell your car or trade in to a prominent car dealer. Such programs often suppose additional bonuses for the next car purchase and nullify all the headaches related to the search of buyers and paperwork. But those, who just decided to sell off the car, are also welcome to Indy Auto Man. There are flexible terms for selling, buying, and financing the car for everyone.