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Government Auctions - #1 Government & Seized Auto Auctions. Cars 95% Off!
If you are thinking about purchasing a new or used car, it pays to keep in mind the resale value of your purchase.
There are numerous factors impacting your car's resale value, some of which are outside your control. However, there are things you can do to maximize the return on your investment.
The first thing to keep in mind is that the depreciation of your car will have the biggest impact on its resale value. Depreciation is a result of both supply and demand for that particular vehicle, consumers' perception of your car's quality and engineering, and of course, any damage the car may have sustained under your ownership.
Regarding supply and demand, popular makes of cars are generally manufactured and sold by the thousands, therefore the ready supply of these vehicles causes the resale value to go down. On the flip side, these cars are mass-produced because of their popularity, which increase demand and price.
You can balance the supply and demand issues by focusing on well-made cars that have wide appeal and easy access to service. Surprisingly, some of the more obscure foreign brands are difficult to have serviced, due to the lack of dealerships willing to work on them.
Kelley's Blue Book (kbb.com) and Edmunds (edmunds.com) both offer excellent website access to price guides and consumer reviews. Before making your purchase, check out their websites for info. According to these sources, you can increase the resale value of your car by keeping the extreme customizations to a minimum, sticking with normal colors, and having typical options or features, such as CD players, anti-lock brakes, navigation systems, and leather seats.
According to the Bureau of Transportation Statistics, Americans buy over 59 million cars each year, with about 42 million of those being used. The average price of a used car is $8,629, and total sales of used cars exceed $350 billion dollars per year.
This is a huge market for used vehicles, making the resale of your vehicle an important factor in your overall transportation costs. Buy wisely by keeping yourself informed.
Government Auctions - #1 Government & Seized Auto Auctions. Cars 95% Off!
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