The used car market has grown a lot in recent years. More people are choosing pre-owned vehicles because new car prices have gone up, incomes are higher, and financing is easier to get. The Chevrolet Tracker in the Philippines remains a popular choice, being a stylish and practical subcompact SUV. If you own or are thinking of buying one, it’s important to understand how much it will be worth if you decide to sell it later. This article will explain what affects the car’s resale value, current market trends, and tips to help Filipino owners get the best price when selling.
Understanding Resale Value
What Affects Resale Value?
Resale value is influenced by several factors. Age and mileage are key considerations, as older cars and those with higher kilometers typically sell for less, but a well-maintained vehicle with low mileage can retain its value better. Brand reputation also plays a role; while Chevrolet is known for affordable, feature-packed cars, it is less popular than Toyota or Honda, which can affect demand and price. The car’s condition and maintenance history are crucial, as buyers prefer clean, well-kept vehicles with clear service records, which can boost resale value. Market and economic factors such as fuel prices, road conditions, and buyers’ preference for fuel-efficient, compact SUVs also impact the Tracker’s resale value positively.
Trends in the Used Car Market
The used car market is booming, with over 1.2 million used cars sold from 2019 to 2023 and a robust compound annual growth rate (CAGR) exceeding 12% during this period. Experts project the market’s revenue to grow by about 8.1% annually until 2028, driven by several key factors. First, rising new automobile prices have prompted purchasers to seek out less expensive used vehicles. Second, more financing options from banks and lenders have made used cars easier to purchase. Lastly, changing lifestyles, including increased urbanization and a preference for small SUVs have further boosted demand in both tier 1 and tier 2 cities across the country.
Chevrolet Tracker in the Philippine Used Car Market
What Makes It Popular?
The Chevrolet Tracker is a 5-seater subcompact SUV favored by many Filipino buyers for its fuel efficiency, thanks to a 1.0-liter turbocharged engine that delivers good mileage and helps save on fuel. Its compact size makes it ideal for city driving and maneuvering in tight parking spaces. The vehicle is equipped with modern features such as an eight-inch touchscreen infotainment system with smartphone connectivity, including Apple CarPlay and Android Auto, along with advanced safety technologies like lane departure warning and automatic emergency braking. Additionally, it offers a comfortable and practical interior with ample legroom and cargo space. The car is competitively priced, starting at around ₱1.22 million for the base model and reaching about ₱1.29 million for the top Redline variant.
How Does Its Resale Value Look?
Subcompact SUVs usually lose about 2030% of their value in the first year and around 50% after five years. The Tracker’s depreciation is similar to this average. Currently, used examples sell for prices starting at around ₱770,000 in the Philippines, depending on condition and mileage.
Tips for Filipino Owners to Maximize Resale Value
Care and Maintenance
Good maintenance is essential for preserving your car’s value over time, so it’s important to service your vehicle regularly and keep all service receipts as proof of proper care, which buyers highly appreciate. Avoid making major modifications, particularly to critical components like the engine or suspension, because such changes often reduce the car’s resale value by making it less appealing to a broad range of buyers. Maintaining the authenticity of your vehicle is key, so whenever possible, use original manufacturer parts to ensure the car remains true to its original condition. Regular washing and interior cleaning not only keep your car looking fresh and well-cared-for but also create a positive impression that can attract potential buyers. Consistent upkeep signals to buyers that the vehicle has been treated responsibly, increasing their confidence in its reliability.
When and How to Sell
Sell your car before a major facelift or new generation is released to avoid significant drops in value. Choosing the right selling method is crucial: selling privately usually yields the best price but requires more effort, while dealer trade-ins are easier but may offer less money. Prepare your car by fixing small issues, gathering all maintenance records, and cleaning it thoroughly before selling. Timing and preparation together help maximize your car’s resale value.
Key Takeaway
Knowing the resale value of your Chevrolet Tracker in the Philippines is key to making smart decisions as a Filipino car owner. The used car market in the Philippines is growing, and the car’s features and price make it a good choice in the subcompact SUV segment. By taking care of your vehicle, understanding market trends, and choosing the right time and way to sell, you can get the most value from your vehicle.