Thursday, August 28, 2014
Inquirer Daily News

Your Car's 'Marketability'

It's important for you to know how significantly a vehicle's marketability affects its value. The market in which you live, the desirability of the vehicle you own and buyers' mindsets ultimately determine your car's monetary value.

In order to determine the marketability of your car, you need to do a little homework. A great place to start is with resources like AutoTrader.com, one of the world's largest online used-car marketplaces. Here, you can research prices of similar make, model and year vehicles, in the same (or similar) condition as your car and with comparable mileage. Additionally, you can research the marketability of similar vehicles in your local market area, a good indication of local car-buyer mentality.

What's more, you can research local newspaper classifieds, community bulletin boards and local flyers and circulars that usually run car ads on a regular basis. By combining the NADAguides.com book value for your car with your local market research, you are finally getting closer to a realistic market value for your own used car. Remember to always advertise your car in a fair and honest manner.

Finally, don't forget to assess the specific features about your vehicle that, in essence, make it more desirable to potential buyers hence, potentially increasing its overall value. Is your car a hot-selling item? Does it have a sunroof, an upgraded sound system, shiny aftermarket rims, leather seats, customized upholstery or any other unique characteristics that a potential buyer would find appealing and ultimately be willing to pay more for? NADAguides.com has written several articles regarding add-ons and their potential to increase a vehicle's value, including Do Add-ons add Value?published by various newspapers around the country.

Several factors can alter the value of your vehicle such as weather or rebates. A convertible will normally sell for more in the hot summer months rather than winter. This even holds true in the warmer climates. And also, rebates are designed to lower the price of slower selling new cars and will have an effect on the price of your trade-in.

Remember that while certain aftermarket accessories and vehicle customizations can certainly increase a car's value, they might also deter certain prospective buyers, ultimately decreasing its value in the process. It's up to you to determine what you think someone might be willing to pay for the added features your car possesses and assess a value accordingly.