Factors that affect a car’s trade-in value in South Africa

Are you thinking of trading in your car in South Africa? You’ll want to get the best trade-in value for your car, especially during these challenging economic times caused by the pandemic in South Africa. Read on and discover which factors can affect it.1

Get the car’s current book value1

It’s important first to obtain your car’s current book value as this will indicate the trade-in value. Several factors can influence the final trade-in price.

What does your car offer? 1

It all depends on the car make and model you purchased and its popularity. How appealing is it to the current market? This will affect the trade-in value.

What makes the trade-in attractive? 1

The trade-in appeal is if the car has safety features such as airbags and ABS brakes. In addition, it should have the usual features such as automatic locking, automatic transmission, remote start, cruise control, infotainment systems, leather seating, and smash-and-grab protection. White is the most popular car colour as motorists consider it to provide the greatest visibility on the road.

Maintenance and mileage1

Maintenance is crucial to a car’s overall condition, so a complete service record will be most appealing. Keep receipts of all service activities for the dealership to see. Any remaining time still available on your service plan or warranty will also increase the trade-in value. The lower the mileage, the greater the trade-in value. If your car has exceeded 150 000 km, mechanical problems could be imminent. This, in turn, will lower the trade-in value.

Is the car’s exterior great? 1

It is best to look after the outward appearance of your car as well. A car appraiser will be negatively influenced by minor dents and scratches and could classify the car as ‘Fair’ or even ‘Poor’.

How is the car’s interior? 1

Smoking, pets, and food stains inside the car can affect the interior’s quality and smell. So, it’s essential to have the car’s interior thoroughly cleaned before the trade-in to eliminate any stains and bad odours. A vital tip is always to treat the car well while you own it to avoid disappointment later with the trade-in value.

What to do about accident damage1

Any damage caused by an accident should be professionally repaired before trading the car in. Otherwise, this could negatively impact the car’s value.

What to do when you trade-in your car1

Always include the spare key and any other equipment that originally came with the car. Supplying information on alarm systems and immobilisers and a PIN for the audio systems will be most helpful.

Disclaimer

Because car insurance is complicated, this article can only serve as information. For the same reason, if you want to buy a car insurance product, first consult a certified financial advisor for professional advice.

Sources:

1. 4 factors that will influence your car’s trade-in value
2. Disclaimer