When most people look for a car to buy, they’re thinking about the here and now. They want something that will satisfy their immediate needs, and that makes sense. Interestingly, however, most people don’t think about the long term… and they forget about taking into account “resale value.”
If you’re going to buy a car soon, you should look at ones that have high resale value. That way, when you eventually go to sell it, you’ll get more money than you would from trying to sell a car nobody wants.
What should you care about when looking at cars that should have high resale value? Well, you want cars that will be in demand in a couple years– holding their value. It’s smart to choose a typical color that people like and want, such as silver, white, gray or black. If you choose an “odd” color, you decrease the amount of people who’d be interested in buying it, and therefore you might not get a decent resale value. Also, buy a car with automatic transmission since most people avoid stick shifts– they simply prefer automatic.
What are some other things that help increase resale value? Well, low mileage helps. If a person could buy the exact same car with 30,000 miles on it versus 100,000, they’re going to pick the one with less mileage and pay more for it. People also like cars that have been well-maintained, having had routine oil changes and kept clean and smoke-free inside. If a car still has a warranty, that’s a plus as well.
Ideally, when you go to buy a car, you should think about several years in the future and ask yourself this: “If I go to sell this particular car in 5 years, will it still be in demand? Will it hold its value? Will I ‘get most of my money back’ or ‘lose a lot of money on this?’”