If you are considering about trying to sell your car, it is useful to be aware of the factors that can affect the asking price. Current trends can make a difference to how much you get for your car, as can the colour of your car and the part of the country you are selling it in.
Since the recession began, car owners have tended to sell off their larger cars such as 4x4s and people carriers in favour of downsizing to a more compact family car or hatchback. Not only can a family raise much-needed cash by downgrading this way, but it also helps them to cut back on their running costs because cars with smaller engines need less petrol.
Bearing this in mind, you will be in a good position if you are selling a smaller model of car because they are so in demand at the moment. On the other hand, if you are contemplating selling a large estate, you may find that you are entering a crowded market.
The value of your vehicle can also be affected by its colour and a recent CAP study revealed that white cars hold 5 per cent more of their value than the average used car.
White cars were once so unpopular that dealers labelled them '60 days white' because it took so long to shift them from the forecourt. However, white is now a very popular colour for many models of car and its resurrection means they can be worth hundreds of pounds more after three years than other cars.
White cars hold their value 6 per cent more than blue cars and 8 per cent more than green models, so if you are trying to sell a white car, you may well find you get more for it because the value has depreciated less.
Geography can also have an effect on the price of a used car, with vehicles in the South East fetching the highest prices after three years, followed by the South West and East Anglia. With cars in Scotland and the North East being valued the lowest after three years, it is interesting to see that car values appear to have the same north-south divide as property prices.
If you are struggling to get a decent asking price for your car, it could be because people in your area just aren't willing to pay that price, don't find the colour appealing or are on the look-out for a much smaller model.
However, you can strengthen your chances by targeting the right market for your car. When selling a large people carrier, highlight the fact that it is a fantastic family car with lots of space for three kids, a dog and a boot full of supermarket shopping. If you are selling a compact hatchback, then point out it's very easy to park and that fuel costs are much lower than other cars.
By selling your car to the right audience and making it seem desirable, you can still get a good price for your car - even if you are trying to sell a green off-roader in Glasgow.
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