6 Easy Ways to Boost Your Car’s Resale Value
No matter how much you may love your car, depreciation is a fact of life. In fact, it is often the reason why an owner decides to part with their beloved vehicle. However, buying a car is like making an investment, which is why owners often look for a hefty return when selling it. You’ve come to the right place if you are looking for tips that will help you boost your car’s resale value.
Your car’s value depends on various factors, including:
- Make and model
- Overall condition
- Parts and replacements if any
- Your location
You can’t control all of these factors, some you can influence some to ensure you get the most out of your car. You may have to go against your instinct on many, but a little bit of investment can get you substantial returns.
1. Stay on Top of Maintenance Requirements
Keeping up with the vehicle’s maintenance requirements is a must. Make sure you follow the recommended service intervals to help you stay on top of your vehicle’s needs. If the window regulators are burning out, or if there are chips in the windscreen that can be repaired without replacement, get them fixed.
If you miss out on one maintenance session, you miss out on another, and soon, your car is giving you problems, and a lot of mechanical repairs have piled up. With a regular visit to the mechanic, you can even keep your car looking brand new. Point out whatever dents and chips you see on the car’s body and have them fixed timely. Doing so improves the curb appeal of the vehicle and significantly improves the car’s resale value
Little things often go wrong with cars, and all buyers understand that. However, they don’t want to buy a car that they’ll have to spend a lot of money on after they buy it. So make sure your car is well maintained so you can use that as an edge over the hagglers that will come knocking on your door.
2. Make Easy Modifications
While it may seem like a bad idea to spend on your car right before selling it, it’ll probably get you more money when you actually do sell it. A few minor upgrades can boost your car’s resale value by improving its curb appeal. They are what enable you to up your asking price, and because the first impression goes a long way, many buyers will be willing to dish out the money you ask for.
- Worn out tires can bring down the entire look of the vehicle. If you haven’t replaced them at all in all your years of use, then you definitely need to before you put your car up for sale. Old tires also give hagglers a strong negotiation point, and often, the cost of replacement is considerably less than the difference in the offer and asking price. New tires add new life to the vehicle and serve to increase its curb appeal ten-fold. Once again, what looks good has a higher value.
- Unattractive rims are like a bad wig on a full face of makeup. If you’re getting new tires but have subpar rims, then you won’t be able to get the most out of your vehicle, which is every seller’s ultimate goal. New rims can class up the look of the car, turning it into a showcase-worthy investment for the buyer.
- Seat upgrades can add a luxurious touch to the car, especially leather seats. This is an investment you make specifically to get a higher offer as these again increase the car’s aesthetic appeal. Buyers associate leather seats with comfort and class, and both these features work well in the seller’s favor.
If you don’t want to go all the way, then just opt for attractive seat covers instead. They won’t add as much to the car’s resale value as leather seats will, but they are an improvement that will get you some added money.
In fact, some customers may even prefer seat covers as leather tends to heat up during summers. You can, however, opt for lighter-colored leather to ensure the seats don’t heat up to an unbearable extent and to avoid giving buyers a bargaining point.
3. Keep Records
A well-maintained record book not only shows you care but can also work out in your favor when you put your drive up for sale. If you keep a record of all the service receipts, you can show that the car has been well taken care of, which allows you to back the price that you’ve put on the car.
Make sure you also keep track of any parts that you have gotten replaced. In their absence, buyers can negotiate the offer, claiming uncertainty about the quality of the parts.
Keeping a note of all minor to major repairs like oil changes plays an important role when determining the worth of the car. It shows the vehicle is in the best possible condition and that the owner did not neglect its upkeep.
4. Keep It Clean
Even if you aren’t in the habit of regularly washing your car, make sure you do so before displaying it to a potential buyer. First impressions go a long way when determining the worth of a car. Here, the inside of the car matters just as much as the outside. You don’t want the buyer to be greeted with a foul smell once they open the car door. This could put them off and ruin the impression, which is a loss for you.
5. Keep the Mileage in Check
For many, this may be a factor they can’t control. However, it is an important one when determining the worth of the car. Avoid taking out your vehicle for long-distance drives as much as possible. The greater the distance the vehicle travels, the faster it depreciates.
6. Do your Research
Timing is essential if you want to get as much out of your vehicle as possible. Make sure you get your car valued by a professional and ask them for their opinion on when and where to sell the car. The value varies from location to location and season to season.
If a new model is coming, then it is better to sell yours before it does. As newer models come out, the value of the previous one declines.
The end of tax season, beginning of the holiday season, and even the start of the academic year all impact the demand for used cars. Get a professional to guide you on not only timing but also the target market for your vehicle. For example, your vehicle might be better suited for a fresh college student. If so, make sure you target them and offer easy financing options.
These are just some tips to boost your car’s resale value. As long as the make and model of your vehicle are in demand and not too outdated, you should be able to get a good deal, especially if your car is well-maintained.
Often, those looking to buy a used car are just looking for ways to save money. They are in search of the best value for money, and if you can offer them that, you should be able to get a good deal. Do take in multiple offers before you make a decision.
Just don’t abuse your car, stay on top of your maintenance, keep a detailed record, and you should be good to go. If you really want some extra cash, make minor adjustments like new tires, new rims, and get good seat covers, and you will have successfully enhanced the car’s resale value.