What Affects My Car’s Value?

Empire Lakewood Nissan – What Affects My Car’s Value?

If you’re looking for the auto dealer serving Lakewood Denver Aurora Littleton that buys used vehicles and offers the best prices around, you’ve found it in Empire Lakewood Nissan. We accept trade-ins but will also purchase your vehicle even if you’re not buying or leasing a vehicle from us. As a leading buyer of vehicles in this region, one of the most questions we get is what affects my car’s value. With that in mind, let’s consider the factors that determine price and what you can do to maximize a sale.

Mileage Is the Number One Factor

When it comes to what affects my car’s value in Lakewood, nothing affects it more than the number of miles on the odometer. The average driver racks up 12,000 miles a year, which means 36,000 miles at the end of a three-year lease and 60,000 miles at the end of a five-year loan. The relationship between the model year and the mileage matters as well. Consider that 60,000 miles on a three-year-old car is a bit concerning whereas you’d consider it favorable on a car that is six years old. Of course, not all miles are the same. Miles in stop-and-go traffic are much harder on a vehicle than miles on a highway.

Vehicle Condition

Vehicle condition is the lens through which the odometer miles will be evaluated. Based on consumer research, the average seller overestimates the condition of their car. Even a minor scratch can significantly lower resale value, which is why it is often worthwhile to fix minor damage. It is also important to consider the trim level. A base package can make a vehicle more affordable at the time of purchase, but lacking power accessories, for instance, will hurt the value down the line. Free vehicle reports also mean that even minor accidents are going to ding your value significantly.

Fuel Prices and Market Condition

There are also factors you have no control over. Recent supply chain issues caused a dearth of new vehicles. That increased used vehicle prices, and it wasn’t unheard of that a car was sold used for more money than it had been purchased new. As of this writing, fuel prices are at all-time highs. That has increased the value of fuel-efficient sedans, for instance, while it has lowered the value of pickup trucks and SUVs.

Brand and Model Appeal

What affects my car’s value in Lakewood also comes down to brand appeal. That appeal can be based on reliability rankings, lower maintenance costs, reviews from respective automotive outfits or just general consumer interest in a particular style or feature. Some models are very consistent and are good investments due to how they hold their value. With other models, that brand appeal can come and go, and it may be beyond your control.

Maximizing Your Car’s Value

There are many factors that you can’t control, and there is even depreciation that is going to occur the moment you drive off the lot. That said, there are steps that you can take to ensure that you get the biggest return possible when you sell or trade in your vehicle. It is imperative that you have all of the manufacturer-recommended maintenance performed on schedule and that you keep documentation for those services. Clean the interior and exterior of your car on a regular basis in order to avoid that accumulation that can be more difficult to overcome. Drive carefully, and don’t put unnecessary miles on your vehicle.

What Hurts the Value of Your Car?

Neglected maintenance is a big one. Obvious neglect will affect your value substantially, and even a lack of documentation will prevent you from getting the best deal possible. Mechanical issues should be fixed beforehand. All cosmetic issues no matter how small will lower the price, and if you smoke, don’t smoke in the car as it will wreck your resale value.

Get the Most for Your Vehicle

Empire Lakewood Nissan is the local Nissan dealer serving Lakewood Denver Aurora Littleton and the surrounding areas. If you’d like to learn more about what affects my car’s value, we’re happy to provide that information over the phone or via email or text. Also serving Denver, Breckenridge, Winter Park, and Evergreen Colorado.

*This opinion-based content is intended for informational purposes only. Contact the dealership for the latest details.

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