Whether you are planning to sell your car because you need the cash urgently or you simply want to upgrade to a more current ride, the amount of cash you can get out of your car sale is determined by your car’s current state. Sadly, depreciation is every car owner’s nightmare as the value of your car can drop over 65% percent of its original cost price with time. Regardless, there are a few things you can still do to increase the resale value of your car for a relatively low cost. But before we dive in, let me make you understand what resale value truly means and why you should take it seriously if you would sell your car in the future.
What is the resale value of a car
The resale value of a car is the total monetary worth placed on a car when sold in its actual current condition.The morbid reality of purchasing a car can be expressed in one word — “depreciation.” Depreciation is a terrifying word used to describe the reduction in the total value of an asset (car) overtime, due to wear and tear.
Incereasing your car’s resale value
An old adage says, “a brand new car starts losing its value the very moment it is driven off the lot.” Even though there isn’t much “wear and tear” happening from the time you got the keys to driving off the lot, the value of your car is nowhere closer to its cost price again. After that, your car will depreciate in value each year for the first five years. So basically, after those first five years your car has lost more than half of its value.
Depreciation will not directly affect you if you plan on driving your car to the end. You will only be directly affected if you plan on reselling or trading your car in the future. Pampering and giving your car proper maintenance allows you to keep driving it for years, well past its expiration date and in the long run enables you to save by avoiding a new car payment. Luckily, whether you decide to part ways with your car or keep driving for your personal use, there are many things you can do to keep your car’s value up over time.
Park your car indoors
Parking your car indoors will not increase its resale value per se, but it will certainly prevent it from depreciating further.
Outdoor parking can not only damage the exterior of your car but also the interior if it stays in the sun for too long. Now, if parking indoors is not an option for you, you can try contacting a car self-storage company.
These companies offer indoor parking spaces both for long- and short-terms. If you’re not going to be using your car prior to selling it, this might be a good option.
Make those repairs
Taking care of outstanding repairs is a way that you can increase your car’s resale value. If you’ve been driving around with a broken taillight, or your automatic windows stopped working, consider making those repairs prior to selling. Small issues can quickly add up and cause your car’s resale value to drop. Things that might not be a big deal to you could be a dealbreaker to a potential buyer. Taking your car to a local mechanic and having it repaired before you find a potential buyer is a simple way to increase its value.
Uphold a consistent car maintenance routine
It’s easy to skip routine service checks and oil changes. But if you want to increase the resale value of your car, keeping up with regular maintenance will make a big difference. The better condition your car is in, the more money you can sell it for. It’s typically worth replacing the tires, changing the brake pads, and getting the transmission serviced before you sell it or trade it in. That way, it’s one less thing that the new owner will have to spend money on.
Show documentation of your car’s good condition
Every time you change your oil, check fluids, change brakes or replace tires, you should keep your receipts. Having proof of a properly maintained car will give you plenty of bargaining power to receive the price you deserve for it.
Pick safety features that add value
Automatic emergency braking, forward collision warning systems, and your car’s headlight can help prevent head-on collisions and accidents involving pedestrians. Keeping yourself and those around you alive is the most valuable upgrade anyone can have. Other safety features that add value include automatic high beams, rear cross traffic warnings and Bluetooth speakers for hands-free calling. These extras may be expensive at the time of your purchase, but they could pay off when you start to think about selling your car. You can’t completely stop a car from depreciating in value, but you can add value by restoring your headlights using restoration kits to enable it to appear smart and shining.
Start parking your car indoors
Parking your car indoors will not increase its resale value per se, but it will certainly prevent it from depreciating further.
Outdoor parking can not only damage the exterior of your car but also the interior if it stays in the sun for too long. Now, if parking indoors is not an option for you, you can try contacting a car self-storage company.
These companies offer indoor parking spaces both for long- and short-terms. If you’re not going to be using your car prior to selling it, this might be a good option.
Sell the complete car
When you bought your car, the car wasn’t the only thing that you took home. A lot of cars come with extra items like the spare wheel, tool kit, and the parcel shelf. And sometimes, buyers and dealers want you to include them in the car’s price.
If you’ve lost them, chances are that the buyer will try to negotiate the price on this point, so it’s best to search thoroughly for any items that came along with your car before selling it.
Clean your car properly!
You’d be surprised at how many people set out to sell their cars without paying any attention to how it looks, from both inside and outside.
You should keep in mind that for your buyer, your car is something new and thrilling — and so the buyer expects it to look like something new and thrilling. And a car that’s not been cleaned properly doesn’t really meet that criteria.
So it’s important to clean your car properly. Proper cleaning means using a good-quality cleaning product as well as brushes that will reach most parts of your car. If you can afford to, it might be a good idea to get your car cleaned by a professional. For DIY, here is how to clean your car like a professional.
Limit the miles you put on the car
Your car’s mileage will have a major impact on its resale value. The higher the mileage, the quicker your car depreciates in value.
And while you can’t reduce your car’s mileage, you can certainly stop it from increasing further. If you’ve planned out your car sale ahead of time, one good idea is to limit its use as much as possible.
This is another place where car self-storage might come in handy — you can park your car inside a vehicle storage unit to prevent Nature from getting to it and making it difficult for yourself to increase its mileage.
Get a new stereo
A new stereo is an easy (and relatively cheap) way to modernize your car’s interior. The more inviting your car’s interior looks, the higher its resale value is going to be.
Other small improvements that can make dramatic improvements in your car’s interior include getting new seat covers and floor mats. People often overlook these small changes but they can make a drastic change in how buyers perceive your car, which can have a considerable effect on the price you’re going to get for it!
Conclusion
As you have seen, a lot of these ideas are simple and don’t require a lot of expertise or money, all you need is time and dedication to make sure you are satisfied at the end of the sale.
