Tips or Ways to Increase/Maximize the Resale Value of Your Car
The Ultimate Guide To Increasing The Resale Value Of Your Car
Reading time: 5 mins
The moment your car leaves the car shop, it depreciates, and the value reduces more over the years until the time you’d have to part ways with your beloved old car. Now you are wondering how you can get the best value selling off your old car.
Are you looking to maximize the resale value of your car? Then this is the right article for you. This guide contains all you need to know about maximizing the resale value of your car.
What Is A Car’s Resale Value And What Factors That Determine The Value Of Your Car?
The resale value of a car is how much the car is worth in its current condition. For us to know the value of your car, we need to consider some factors.
- How popular is the make and model of your car?
- What are the vehicle specifications?
- What is the trim level of the car?*
- What is the working condition of the vehicle?
- The physical appearance of the car.
- The age of the car and the mileage.
- How well have you maintained the car?
- Are there safety features installed in the car?
*The Trim levels of a car are the extra features (upgraded features) installed in the car that make it costlier than other models. Higher trim levels come with high-end specs like leather seats, engine type, transmission types, technology installed in the car, etc.
We now know what determines the resale value of a car. Now, let’s discuss the ways to increase your car's resale value.
Tips to Increase the Resale Value of Your Car
Routinely Maintaining Your Car.
Maintaining the condition of your car will help to reduce the depreciation value of the car. Make sure you send the car for routine maintenance and service the car according to the owner’s manual.
If Anything Breaks; Fix It Immediately.
When something gets damaged in the car—dent, a scratch, broken door handle, burned-out lamps, replace tires, brake pads, fix them or replace them as soon as you can. It is not advisable to delay them as the problem might worsen over time.
Compile A Logbook Of Your Vehicle Maintenance
This point complements the others above. A logbook will be essential to document all the receipts of repairs and maintenance done on the car, no matter how minor the repair might be.
Interested buyers are always looking out for how often the car has gone through routine checks and servicing. Having a logbook available to show buyers might increase the perceived value significantly.
Having a logbook tells the buyer the owner cares about the condition of their car. And this helps the intending buyer to be quite confident in the purchase they are about to make.
Keep The Car’s Mileage Low
Say you are one that changes your car after a few years of usage. Keeping the mileage low will help increase the resale value.
Some buyers might associate cars with high mileage with high usage, and this might reduce the car’s resale value.
Clean The Car
Cleaning and waxing your vehicle is another great tip to increase the resale value of your car. Bring your car for a car wash and spend a few dollars to have it properly cleaned and waxed so it looks well maintained and clean.
Keep Your Car Sheltered
Parking your car in a sheltered carpark or using car covers helps in the long run when you want to keep your car good as new as possible. Frequently exposing your vehicle to rain, sun, even bird poo affects the exterior.
Having a valid comprehensive insurance policy on your vehicle assures the buyer that the car has been well taken care of if there had to be any repairs or replacements.
If you are looking to increase the value of your car, drive your car carefully. Ensure you are observing all traffic rules to avoid accidents. Don’t crank the wheels of your car unnecessarily hard, don’t hit the pedal or brake pads too hard, doing these excessively or driving recklessly might wear off parts of your car.
When you decided to put your car on sale in the market, remember to:
- Have your vehicle paperwork ready.
- Take good care of your car; clean and shine it properly for sale.
- Pick the right avenue to sell, whether you want to list your car on websites like SGcarmart or Motorist.sg, or through a used car dealership or a consignment sale. Do thorough research on different channels you can sell your car that will bring in more money for you.