3 Factors That Impact The Value Of Used Cars

Are you looking for a used car? Many people are always in the market for a fresh ride, but you need to be aware of some factors that impact the value of a used car – no matter if you're buying or selling. 

Here are three qualities drivers should keep in mind: 

Geography 
If you're buying a used car in New York or New Jersey, then chances are you'll be purchasing a vehicle that has spent the majority of its life in the NY/NJ area. This is important to know, as the geography and climate a car has lived in impacts its resale value. A car that has spent most of its life dealing with hot summers and frigid winters, for instance, may need specific work done because of the temperature fluctuations, such as battery maintenance. 

For example, you should use a vehicle history report to determine if a car has had any water damage, potentially from major storms like Hurricane Sandy. It is also beneficial to learn whether a car has been used primarily for driving in the suburbs or in congested city traffic. 

Color
There are a lot of fads that come and ago, and the hot colors of the season are no exception. To make sure you aren't purchasing a ride with a color that will hurt its resale value, stick to a few classic tones. Bankrate.com noted that trendy shades may seem fun in the moment, but a few years down the line they may be more detrimental to your car's value. 

Condition
Of course, the condition of the vehicle is also something that must be taken into consideration. The quality of the used car itself greatly affects the price, so it's in your best interest to take care of a vehicle so you can keep its value up. Stick to a maintenance schedule, get regular tuneups and make sure you are taking on any necessary auto repair before it becomes a problem. 

Once you've decided to take the leap and buy a used car, plan a trip to New Jersey State Auto Auction. The lot has hundreds of Carfax-certified cars, trucks and vans from which to choose. You can also take advantage of our in-house finance team, as they are ready to help anyone secure the auto loans they need.