What is resale value? Toyota of Orlando explains.
What is resale value?
For a lot of people shopping for a car is treading into unknown waters. All they know is that they want to get a good deal on a reliable car and not have to worry about anything past that. However, when it comes to buying, owning, and selling a vehicle, resale value is an extremely important element in the decision-making process. Toyota of Orlando is here to explain to you exactly what it is and why you should consider it when it comes to vehicle ownership.
Resale value is the value that your car holds over the course of its life – in other words, how much money you can get for it if you sell it. Obviously, it’s at its highest when a car is brand-new. However, as time goes on, cars depreciate and lose value. In fact, your car can lose up to 30% as soon as you drive it off the lot because it’s technically not brand-new anymore and has one owner under its belt. All cars depreciate differently and some vehicles hold their value better than others (like our new Toyotas – they’re renowned worldwide for their incredible value). Plus, there are things you can do to keep resale value at its highest level. Toyota of Orlando is here with tips!
Tip #1: Shop carefully when it comes to color.
Some car colors just aren’t as popular as others (for example, bright orange). Consequently, those cars tend to have a little less resale value when it comes time to hand over the keys. If you’re concerned about value, consider buying a car that’s red, white, silver, or black – those are the most popular paint colors.
Tip #2: Shop for the area you live in when it comes to features.
If you live in a mountainous area that sees a lot of precipitation and winter weather, then having a vehicle with 4×4 or all-wheel drive can really come in handy. However, if you live in the suburbs of Central Florida, a vehicle with off-roading capabilities may not hold as much appeal for the typical buyer. Shop for the features that you need but make sure they’re popular enough to appeal to a pool of buyers should you ever want to sell your car in the future.
Tip #3: Consider technology and other features carefully.
Some features, like technology, may seem like they can boost the resale value of your car but actually won’t make much of a difference. For example, audio systems and navigation – technology changes so quickly that the tech you pick now may be dated in five years. However, features like a sunroof or leather-trimmed interior can boost value no matter how far down the road you sell your car.
Tip #4: Get regular service.
Get your car maintenanced on a regular basis (our Orlando Toyota service center can help you get on a schedule). Regular auto service like oil changes, tire rotations, brake service, and battery replacement will not only help your car run at peak performance but also make it more desirable for future owners. They’ll be able to rest assured that the car was well cared for and won’t have any major mechanical issues in the near future. Also, keep your service records!
Tip #5: Detail your car on a routine basis.
Keeping your car neat and clean will help keep the value high. The interior will stay nice and keep the car looking new, and your paint is less likely to have damage if you wash and wax your car on a regular basis. If you don’t want to do it yourself, visit Toyota of Orlando for affordable car detailing.
Have questions? Want to get shopping or schedule some routine auto service? Call Toyota of Orlando today. We’re open seven days a week at (407) 298-4500 and we’re conveniently located just off I-4 near the Millenia Mall.