Are you looking to buy a new car? Take your old car to a modern repair shop that uses auto repair software and get an estimate. Whether it’s time for an upgrade or you need some fast cash, selling a car is daunting. The whole used car buying and selling world is unforgiving because of one word — depreciation. Selling a car may be nerve-wracking, but do not fret! Read on to find out how to increase your car’s resale value before selling it!
What is a Car’s Resale Value?
A car’s resale value is the amount it is worth if you try to sell it after buying it. The average price of a new car in 2021 is above $40,000. As vehicles become more expensive, the used car market is gaining more and more traction. According to Kelly Blue Book, your vehicle loses 11% of its value when you drive it off the lot. An average car loses over 50% of its original value within five years.
Calculating the Resale Value of Your Car
You can use websites like Kelly Blue Book and NADA Guides to calculate the estimated resale value of your car. Some mechanics also help you determine the value after inspecting your vehicle.
If you do not want to visit a mechanic in person during the pandemic, fret not: Many mechanics offer digital inspection services using top auto repair software such as Torque360. The detailed inspection reports generated give you a clear idea of your car’s problems.
Increase your car’s resale value.
You can try many things to increase your car’s resale value. However, you will need to visit an auto repair shop for a few of these methods. You should always try to opt for a reputable repair shop.
An excellent way to differentiate an average auto repair brand from a reputable one is to check how they deal with customers. A suitable workshop will likely have service and repair management software to keep things running smoothly. If you already have a favorite mechanic, read on to find out how to increase the resale value of your car.
Have Proper Documentation
Many people don’t have their car documentation organized. A buyer is more likely to buy your car at a higher price if you have the original invoice, MOT certificates, and maintenance records. Even if the original dealership no longer services your vehicle, save the service records from other repair shops.
Install Upgrades
We’re not talking about tinted windows or racing stripes here. Adding original upgrades to your car, such as Bluetooth system, speakers, alloy rims, etc., adds much to your car’s resale value. Try not to install cheap aftermarket upgrades, which can make your car look cheap and tacky.
Get Proper Maintenance Done
Cars require regular maintenance because your gasoline-powered vehicle has many moving mechanical parts. No matter how carefully you drive, mechanical parts wear out over time or get rust on them. Oil changes, service, and parts replacement are essential if you want to keep your car running smoothly for a long time.
Want to know more about rust in cars? Here is everything you need to learn about car rust and the steps you can take to treat rust. If you take good care of your car, its resale value increases.
Keep Your Car Clean
The first impression of your car matters a lot. Therefore, a clean and spotless car is more likely to be bought at a higher price. However, this does not mean you should only clean your car before selling it. Keeping it clean regularly goes a long way in retaining your car’s value. Take your vehicle to a car wash or wash it at home regularly.
Remove Small Scratches and Dents
A prospecting buyer can and will start to lower the offered amount for your car if it has many scratches and dents. Besides, many minor dents and scratches are unsightly and will give the buyer a negative impression of the car’s health.
Include All Extras
Most cars these days come equipped with a spare wheel, tool kit, and sometimes a spare key. If you have them, remember to put them in your vehicle before meeting a buyer. These things seem insignificant for older cars but add a bit to the resale value!
What lowers Your Car’s Resale Value?
Depreciation
When you take your car on the road, it starts losing value. A car’s depreciation rate depends on various factors such as make and model, fuel efficiency, age of the cat, etc.
Brand Image and Perception
What people think about a car brand correlates with its value. A well-reputed brand’s car retains much of its value over the years.
Condition
Is your car in good condition? How many dents and scratches are visible? If your vehicle is shabby, its resale value will plummet.
Mileage
The number of miles you put on a car also affects its resale value. A vehicle with 200,000 miles on the odometer is more prone to failure than a car that has only been driven for 10,000 miles.
Supply and Demand
If your car’s model is in excess supply in the market, you may find it hard to sell your vehicle for a profit. In this situation, buyers have a lot of vehicles to pick from. Why would someone buy your car if they see the exact vehicle in a similar condition being sold for less money?
Color and Options
Cars come in various trim levels. Higher trim variants have more options, such as heated seats, different transmissions, traction control, etc. These features significantly increase the resale value of your vehicle.
Conclusion
The bottom line is that a well-maintained and clean car sells for more. Sometimes, buyers pay more for a vehicle with complete documentation as it gives them the impression that it was looked after properly. Are you looking to sell your car? Get it cleaned, organize the paperwork, and start looking for prospective buyers!
