How do car values hold up in North Carolina?
It seems like the minute you drive your newly purchased vehicle off the lot, the value of that vehicle drops dramatically and you’re in the hole. While most of this may just be due to dealership mark-up, it’s still important for vehicle owners to understand the resale value of their vehicle. This information not only helps you know what your car is worth, but it can also help you make informed decisions when choosing things like car insurance. For those of us who call North Carolina home, how do the resale price of our vehicles hold up?
The Type of Vehicle
In most cases, the biggest factor in a vehicle’s resale value is going to be the type of car it is. For instance, pickup trucks tend to hold their value a lot longer than compact cars, which means those who have a pickup truck will likely have a nice resale value on their model once you decide to sell. However, that doesn’t mean that drivers with smaller vehicles are out of luck. At this point, it depends on the model. Toyota and Hyundai models tend to be at the top of the list with high resale value, no matter what type of vehicle you purchase. From the Toyota 4Runner SUV to a smaller Hyundai Sonata, you can rest assured your vehicle will be worth something when you’re done with it.
The Vehicle Features
Aside from the type of vehicle, the vehicle’s features also come into play when determining the value of vehicle. Models with lower gas mileage will typical generate a higher resale value. In addition, those in top-notch condition will also generate more money. Plus, if your vehicle has additional upgrades, such as leather seats, you’ll find yourself being able to see for top dollar. However, if your model is very distressed and has high mileage, you’ll find that you won’t be able to get that much for your vehicle, giving it a low resale value. In addition, if there are huge issues with your vehicle, such as your engine knocking, this will ultimately lower the value of your vehicle. However, if you have a vehicle that could use a little TLC, throwing a little bit of money into making it look nice and improve its drivability will help you get a higher price for it.
Cars in North Carolina
North Carolina residents will find that most vehicles that meet certain criteria will hold up very well in the resale value category. If you live in urban areas, you’ll find that any type of car can do pretty well, as there are those who are die-hard pickup truck fans and those who like the easability of a smaller compact model. However, when you move out to rural North Carolina, you’ll find your trucks and SUVs holding a higher resale value than those with compact cars or sedans, as the larger models can serve a purpose at home and on the job.
Tips for Selling Your Car
If you would like to sell your car by owner, there are certain tips you should follow to ensure you get the best deal possible.
- Price it right. Do some research to find out what you should sell your vehicle for. Using sites like com will help you have a better understanding of your vehicle’s value, and you can even compare it to other similar models being sold
- Share the details: Be sure to list everything that’s important about your model in your listing, including the odometer reading, anything that’s been fixed or upgraded, and any features that will make it stand out against the competition.
- Clean it up: Having a nice clean vehicle will help you get more money out of the sale
- Be honest: Remember that people can pull a CarFax report on your vehicle, so don’t lie to try and hide any damage. If the vehicle has been in a crash, be sure to tell that to the person interested in buying it. They’ll appreciate your honesty.
- Be safe: When you have someone interested in purchasing the vehicle, be sure to stay safe. Never have someone come directly to your home – instead you can meet them somewhere public. You should also always have someone with you and try to do it in a well-lit area. While you want to hope for the best, you have to understand there are some shady people out there.
If you have a vehicle that you want to sell, be sure to use these tips to help you get the best deal possible and stay safe while doing it.