If you plan to sell your car, you may want to increase its value before putting it on the market. That way, you won’t have to lose too much from when you bought it. You can do this by maintaining your vehicle.
Determining A Car’s Value
While it’s true that a car can quickly depreciate, you can lessen it by knowing how a car’s value is determined. When you understand these factors, you can avoid doing things that could harm your vehicle’s condition. With such, here are some determinants you need to know:
- Safety Features
When buying a car, it’s best to choose the one with safety features. Look for cars with pedestrian detection, blind-spot detection, collision warnings, lane keep assistance, and the like. Aside from keeping you safe, these features can help maintain your car’s resale value. Besides, more people are looking into cars that can keep them safe, whether they’re used or new.
At first, the trim level can be costly. But you can find dealers with a collection of vehicles offering affordable trim levels. These can keep your car more appealing to buyers. With such, you must include automatic climate control, navigation, seat fabric, all-wheel-drive upgrades, engine type upgrades, and transmission type upgrades.
Another vital factor that can affect your car’s value is its condition. Of course, the poor condition will decrease your car’s value. That’s why you must maintain your vehicle to avoid impacting its condition negatively. While a vehicle may age as years pass by, you can decrease its aging by properly taking care of it.
Mileages also affect your car’s depreciation. The more the mileage, the more your car will depreciate.
Tips To Increase Car’s Value
By understanding the said factors, you’ll better know how to manage and use your car. This means you’ll become more careful when driving or be wiser when buying a new car. Additionally, here are some tips you can consider if you want to increase your car’s resale value:
- Keep Mileage Down
As mentioned, mileage is one major factor that can affect your car’s value. Even if you own a branded and new model, if you’ve totaled 6-digit miles, you’re more likely to depreciate its value. Thus, it’s best to keep your car from hitting its maximum mileage. Keep your mileage below the limit so you can have higher chances of increasing its value.
- Avoid Excessive Wear And Tear
In connection with the condition, a vehicle can reflect wear and tear if you’ve used it aside from transportation purposes. For instance, if you’ve regularly used it for hauling, towing, and the like, your vehicle will likely appear overused. That’s because such extracurricular activities may damage the car.
It may be best to avoid such activities if you plan to sell your car after some time. You may also have to avoid driving in poor road conditions, carrying excessive weight, and operating at excessive speed. This way, you can prevent your car from ending up looking wrecked.
- Invest In New Tires
If you hadn’t changed the tires from when you bought it, then it may be best to do it before selling your car. Or you may want to check if it’s still holding air or if the tread hasn’t worn out yet. In addition, changing your tires can give the car a better appearance. Compared to worn-out tires, new ones can show that you care for your auto. Buyers are more likely to be attracted to a beautiful exterior because tires are one of the first things they’ll see when checking out your car.
Moreover, you can prevent your prospective buyer from haggling. When they see new tires, they’re more likely to agree with the original price. But when tires are worn out, they’ll likely negotiate for a much lower price.
- Keep Maintenance Records
Maintenance records are also the best evidence to show that you’ve taken care of your vehicle. You can offer such documents to potential buyers so they can verify if the car is properly treated. These include showing them the receipts, work summaries, and dealer invoices that contain inspections, tune-ups, oil changes, and the like. With such proof, you can show that you haven’t missed oil changes or scheduled maintenance. Your potential buyer will then trust you more as the records can support your claims.
And although a buyer will conduct an overall inspection, maintenance records are still helpful to ease their worries. These will help erase their doubts that you may be fabricating details about your vehicle.
In addition, you may also want to show your vehicle’s accident history, if there are any. That way, your prospect will not use keeping secrets as a reason to negotiate the price.
- Install Upgrades
You must be wise when adding upgrades. Some may not give value while others may be too expensive that can’t be compensated enough.
With such, here are some modifications you might want to consider:
- Wi-Fi Technology
If your auto has an outdated radio system, switch to Wi-Fi and Bluetooth-enabled systems. This upgrade is appealing since most people have their smartphones, and they can use it as music devices by connecting them to a car.
This upgrade makes your auto safer to drive, and buyers will want such features since they’re more likely to be safe on the road. Choose the ones that are high-quality such as ceramic brake pads.
- Seat Covers
With these upgrades, you can make it more appealing to buyers who have kids and pets. Since they’re more likely to have food and drinks in the car, these will help them prevent spillage. As a result, they can protect the seats’ original fabric from quickly wearing out.
It may be impossible to sell your car from its original price, but it’s possible to increase its resale value. By considering the factors and tips above, you can avoid selling your car at a much lower price. And if you don’t intend to sell it, doing the tips above can help lengthen its lifespan.