Having Trouble Selling Your Car? You Should’ve Picked a Better Color
One of the very first qualities of a vehicle people notice is its color. As many of the cars, trucks, and SUVs on today’s market all look the same, body color is often how owners like to show their personality through their vehicle. Some people prefer a fierce, aggressive red while others prefer an affluent, sophisticated black. A lot of research has been done studying what your car color says about you.
While people pick their car color based on preference (or availability), not many people consider how that color will impact the vehicle’s resale value when it comes time to put that car back on the market in a couple years. And, the color of your car significantly impacts its value and appeal–but not in the way you’d expect.
Why Wild Colors Have Better Lives than Boring Colors
The age-old assumption (backed by studies from a couple years ago) is that neutral colors like white, black, and grey will have the most appeal when re-selling because the fewest number of buyers will be turned off by such passive, refined hues. However, new research conducted by ISeeCars.com argues otherwise.
Unusual, wild shades like orange and yellow actually hold their value the best–both in luxury cars and common family vehicles. Following close behind are green, brown, and red. On the opposite end of the spectrum, gold and beige cars lose their value quicker than the average car.
Why is this so? According to Phong Ly, CEO of iSeeCars.com, “One of the main contributing factors is supply and demand. The more unusual colors, such as orange, yellow, and green, are not as readily available (making up only 1.5% of all vehicles), yet they are popular with enough car buyers to create a demand that directly affects their resale value.” The research was conducted by looking at the depreciation rates of vehicles with certain colors over three years.
Unusual car colors also stay on the market for about as long as the average car and typically have less miles on them. These differences pertain especially to sellers who are looking to trade in their vehicles to a dealership or selling it privately.
So if you’ve been considering buying your next car in bright green, give in and get it!
Tim Shults likes to play golf and spend time with his four daughters.