Cars are expensive and it can feel like it’s money down the drain because they lose value so quickly. When you buy a house, for example, it’s likely to appreciate in value, so you can consider it an investment for the future. But your car drops in value shortly after you drive it out of the dealership, so even if you sell it or part-exchange it, later on, you’re still losing out.
Unfortunately, this is just the nature of the auto industry and, in most cases, you will lose a bit of money on your car when you come to sell it. However, there are ways that you can get a better price for your car and limit your losses as much as possible. These are some of the best ways to increase the resale value of your car.
Keep Up With Maintenance
The easiest way to increase the resale value of your car is to make sure that it’s in good condition. A buyer will ask to see the maintenance history and if they can see that some serious repairs have been made, that will put them off. It’s also a bad sign if you don’t have the car serviced very regularly.
If you want to get a good price on your car when you sell, make sure that you take it in for a service on a regular basis and deal with any problems right away. General maintenance will also help you to avoid any serious problems with the car. Make sure that you check the owner’s manual and follow all of the guidance about changing the oil and brake fluids, inflating the tires, and changing air filters, etc. As long as you look after the car well, this will be reflected in the price when you come to sell it.
When you are trying to sell the car, check when the last service was done. If it’s due for a service soon, take it in and get it done before you put it on the market. This shows the buyer that you take good care of the car and it makes life easier for them, so they’re more likely to give you a good price.
Gather All Of The Paperwork And Extra Items
When a buyer looks at your car, they will usually ask to see all of the paperwork. Things like service history are particularly important. A lot of people won’t even consider buying a car unless all of the paperwork is there, so it’s important that you keep it all in a safe place. Even if people do buy the car, you won’t get as much for it if you don’t have a full-service history available. Keep all of your invoices for any work that has been done on the car and all of your service paperwork as well.
Simple things like the owner’s manual are very important too. If you don’t provide everything that came with the car when you originally bought it, the average price that you get for it will be much lower. This includes simple things like the parcel shelf and the spare key. If you have used the spare tire kit, replace it before you put it on the market. Any missing items are just an excuse for the buyer to change their mind or knock the price down.
Make Some Upgrades
If you can make upgrades to the car which increase its performance or make it look nicer, you can charge a higher price for it. There are some simple upgrades like new car rims or leather interiors that increase the aesthetic appeal of the car and make it more unique. Anything that makes the car stand out from the thousands of others on the market will help you sell it for more.
However, the best way to increase the value is to buy performance parts for the car. Swapping body panels for lighter options, for example, will improve fuel efficiency. Changing smaller parts, like spark plugs and fans, for high-quality alternatives will increase overall performance as well. If you are making performance upgrades to the car, think about how much you are spending and whether it will be worth it when you eventually come to sell.
Tidy Up The Bodywork
First impressions are so important and any small dents and scratches can really put people off. They will see it as an extra expense because they need to get it fixed themselves after they buy it. Scratches and dents also give the impression that you don’t take very good care of the car, so people will be far less likely to buy it. It’s worth investing a bit of money to repair the dents and have the car resprayed. Although you have to cover the initial cost, you will recoup that money when you sell it for more money.
Cleaning the car is very important too. This might sound obvious but a surprising amount of people will show a car to a prospective buyer without even cleaning it up first. Again, this shows a general lack of care and makes the car look like it’s in bad condition. But if you spend some time cleaning it up and waxing it so it looks perfect, you stand a much better chance of getting a good price for it.
Start High And Let Them Haggle
When you are selling a car, you have to be prepared for people to haggle. But you can make sure that you still get the price you want if you just start high. Work out what you want for the car and then add a hundred dollars on top. That way, the buyer can haggle you down to the original price. They think that they’ve got a great deal and you get the price that you wanted for the car in the first place, so it’s a win for everybody.
If you follow these tips, you can improve the resale value of your car and reduce your losses when you upgrade.