Whether you just bought a new vehicle, or you’re looking to upgrade in the near future, at some point you’ll need to maximize your vehicle resale value.
Believe it or not, you don’t need to undertake major repairs to make this happen. Small, consistent steps can have outsized effects on the car’s long-term value. Read on for our tips on how to get the best vehicle resale value, starting now.
Why maximize your vehicle resale value?
No vehicle lasts forever. Eventually, you’ll need to buy something new. Whether you’re trading in or selling for cash, you’ll want to get the most out of your vehicle resale so you can apply it to your next ride.
But you may be thinking: That’s several years in the future, so I don’t have to think about it now, do I? And the answer is: you absolutely should! In fact, the farther in the future your resale, the more time you have to take those baby steps to keep it in tip-top shape. The faster you take care of small issues, the less likely they’ll balloon into major (read: expensive) problems.
What common factors impact vehicle resale value?
Before we get into our recommendations, let’s run over the major factors most likely to impact the value of your vehicle.
Make and model
A luxury car will resell at a higher price than a low-end sedan. Certain logos also carry more value over a longer period, due to their reputation for reliability.
Vehicle condition
The condition of the car is probably the most important factor within your control. Vehicles with regular maintenance and service, cleanliness, interior surface quality, and a clean vehicle history are likely to sell far better than one needing immediate repair.
Mileage and age
The longer you own a vehicle and the more you drive it, the lower its resale value. However, there are exceptions to the rule. A high age but low mileage isn’t as impactful, and age can become a selling point if the car is a classic.
Modifications and customizations
Modifying your vehicle can be both a good or bad thing. Technological upgrades—like Bluetooth, infotainment, and advanced safety features—are in high demand and likely will have a positive impact. Other modifications like tinted windows, body kits, decals, bumper stickers, etc. generally lower the vehicle resale value. The more specific a given modification, the narrower the appeal, and the more negatively it can impact its value.
7 tips to maximize your vehicle resale value
Let’s now dive into our top seven recommendations for maximizing vehicle resale value. Most of these involve simple baby steps you can start taking today. In fact, the sooner you get started, the more likely your vehicle will resell at a higher rate.
1. Regular scheduled maintenance and upkeep
The number one way to increase your vehicle resale value is to schedule regular maintenance and upkeep. If you can stay on top of problems when they’re small, you can keep them from becoming bigger and more expensive.
Common maintenance practices include:
- Regular oil changes
- Air filter replacement
- Checking fluid levels
- Tire inspection and rotation
- Wheel alignment and balancing
- Brake inspection
- Battery maintenance
- Spark plug replacement
- Cooling system maintenance
- Inspection lights and signals
- Windshield wiper replacement
- Regular cleaning and waxing
- Checking suspension system
- Other manufacturer-recommended maintenance
Also, if you have any dents or scratches that come up, make sure you take care of them immediately. Otherwise, they can worsen and become difficult to fix when you’re ready to polish up your vehicle.
2. Replace your tires
Regular tire inspection and maintenance can not only improve short-term vehicle performance, but help improve its resale value. During the life of your vehicle, you should stay on top of tire replacement. And when it comes time to sell, do one final replacement.
3. Proper documentation
Any documentation you have should be properly stored and organized outside the vehicle. This includes the vehicle’s title, purchase receipts, finance contract, service records, owner’s manuals, and window sticker.
This is especially important as regular servicing and maintenance can increase vehicle resale value—but only if you can prove it. Plus, it demonstrates to the buyer that you care about the vehicle, making it more likely for the purchase to go through.
For best results, you should do your repairs at a certified dealership that reports to CARFAX or AutoCheck, so these reports are automatically included in those reports and provide an online backup.
4. Safe driving
The safer your driving habits, the less abuse your car will take. If you end up in an accident, it will hinder (if not eliminate) the odds of a high-value sale. What’s more, a damaged chassis can cause more fluid leaks, faster oil burnoff, and premature parts failure. In some cases, we’re talking about a 2-4X increase in price due to careful handling.
5. Maintain a clean interior
Don’t smoke inside your vehicle. It causes unpleasant odors to be embedded in your interior, which are difficult and expensive to remove. Also, keep eating and drinking to a minimum, as spilled food or beverages cause additional stains and odors.
Finally, if pets will regularly travel with you, make sure you have pet-friendly solutions like upholster mats to keep unnecessary and unwanted scratches from happening.
6. Choose modifications and customizations carefully
As mentioned above, modifications and customizations go both ways. Choose carefully, and keep the long-term resale value of your vehicle in mind.
7. Choose the best place to resell
Finally, make sure you do your research before reselling your vehicle. You’ll want to keep track of current market trends to make sure now is the best time to sell. It’s also a good idea to sell your vehicle to your local dealer. That way, if you want to trade in for a newer model, it’s a quick and simple process.
Final thoughts on maximizing your vehicle resale value
Maximizing vehicle resale value isn’t a one-time process. It involves careful treatment over the course of the vehicle’s life. Start now, and you can see outsized results when the time comes to make a change.
Are you ready to sell your vehicle now? Visit our website and we’ll help you figure out how much your vehicle is worth.
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