When it comes to buying and selling used cars, what factors do you usually feel will affect a vehicles value? Condition, mileage, the badge and gadgets will usually be a big factor in the price, but what about colour? Well, it turns out that the colour of a car could be more important that you think.
A recent survey has found that the colour of your car can dramatically affect the price that you can expect when the time comes to sell – by as much as 10%.
According to data from valuation group CAP, cars of certain colours are proving to be more resistant to depreciation than others, with the white being the colour that loses the least value against the typical market value of a used car.
Other colours that are favourable to buyers include purple, indigo, pink, yellow, black and grey.
However, the news is no so good for owners of maroon cars, with CAP finding that the value of these cars can be as much as 5% lower than the overall market average. Gold, green, turquoise and even common colours such as blue and red also suffered badly.
The stats reveal a turnaround in fortune for the colour white, which was historically one of the least popular colours for car owners. Some analysts have attributed white’s boom in popularity to the “Apple effect”, given the prominence of white on fashionable Apple products such as the iPod and iPhone. Others have suggested that more white models are being sold from new as manufacturers continue to push up the price of metallic and pearlescent paints, such as black, silver and grey – choosing white over black could typically save you around £600 (depending on your model and manufacturer) when buying from new.
The report also found that some niche models and sports cars didn’t quite follow the same trend as mainstream models, with the ‘quirkier’ colours proving popular. If you’re going for a sporty muscle car, red and yellow are the colours to go for.
“Over the last five years black, silver and grey all performed consistently in line with the overall market,” said Chris Crow, chief editor at CAP. “However, colours such as blue, orange and red underperformed while gold, green, maroon and turquoise were complete howlers costing their unfortunate owners anywhere between four and six per cent against benchmark trade values.”
September 19, 2012