It’s no secret that people associate different colors with different meanings. White is pristine, black is sophisticated, red is bold, blue is calming, etc. But, does paint color affect the value of your car? Studies have found that it just might!
There are basically two schools of thought for car colors. You either want to blend in or stand out.
Kelley Blue Book reported that in 2013 50% of all new cars were either black, white or silver. People tend to think cars in these colors are sleek and subtle. You might choose one of these popular colors thinking that it will help your car hold its value.
But, this might not be the case.
When it comes to selling brighter colored vehicles, remember the basics of supply and demand. Cars in shades like yellow, orange, and bright green are estimated to make up less than 2% of the used car market. If there is someone out there looking for a used car in a neon hue, they will have fewer choices. This makes it a sellers-market, and you can list a higher asking price for your fluorescent automobile.
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You’ll also need to consider the combination of the make and model and color of your vehicle. Studies have found that used blue trucks sell for almost $300 less than identical trucks in black. For used SUVs, minivans, or light trucks, the color that fetched the highest asking price was light green. In used luxury vehicles, the best sellers were dark blue or dark red. Unsurprisingly, medium blue and bright red sports cars sell faster than other colors.
So, does paint color affect the value of your car?
A little bit. What ends up being more important in selling a used car is how well it’s been maintained. If you’re looking to sell your car, check out our previous post about the best time to sell your car. Confused by the idea of selling your car? You could always get an offer from us, risk free!
At the end of the day, the most important thing is that you’re happy with your car color choice. If you’ll feel more elegant in a black car or if an orange vehicle is uniquely “you”, buy it! You’ll be the one driving it every day for a little while, and the right color might be worth the confidence boost versus a few hundred dollars down the road. What’s your opinion on car colors? Let us know on Facebook!