Complete Guide on how to Increase the Resale Value of your Car
Find out here how to increase the resale value of your car!
There comes a time when you want to upgrade to a new vehicle or want instant cash, you have decided to sell your current car. Moreover, a person updates a new car for several reasons: new cars have better features, offer great fuel efficiency, and the manufacturer stopped the production of the car you owned.
To get better value when you have decided to sell the car you need to follow certain tips to ensure better returns. Also, there are a few tips you can follow to maintain your car in the finest condition.
What is the resale value of a car?
The resale value car refers to the amount of money you will get at the time of selling the car. In addition, the value of a car depends on certain factors. Firstly, if you have a luxury car with low mileage then you can expect great resale value.
Also, if you own a car launched with a limited edition then the resale value will be higher than the regular cars of the same brand.
One must make the right choice when buying their car as many do not consider the resale value. Besides, knowing resale value will help you later on. If you do not consider the resale value then the consequence will be adverse at the time of selling the vehicle.
The other factor determining the resale value of the car is insurance coverage. If your car met with an accident, the insurance company will cover the loss based on the resale value. In addition, if the company covers a great amount then it means your vehicle has a higher worth.
Recommended reading: Tips and Tricks To Save Gas While Driving
Increasing your car’s resale value
The car’s value depreciates every year, from the minute you bought it and started to commute on a daily basis. Certain things are out of your control and managing them is not that easy. However, there are a few things you can do to increase the resale value car.
How to increase it?
Find out here how to increase your car value.
Check out the tips mentioned ahead you can follow for increasing the worth of your vehicle and getting better returns.
- Having complete documentation: If you do not have all the documents at the time of selling the car then it can affect the resale value. Nobody wants to buy a car having incomplete documentation as they won’t feel secure whether the car ownership is yours or belongs to someone else. Therefore, it becomes necessary to have complete documentation from the vehicle’s title, insurance, and all other legal documents proving the ownership.
2. Regular Maintenance: It is the most crucial aspect of increasing the resale value of a car. You must get the car checked regularly and keep its finest condition. Moreover, schedule the services according to the manual book mentioning service details based on the miles completed.
Try to keep the tire pressure in a good state as it will increase fuel efficiency and control excessive impact on the transmission.
3. Installing Updates: In case your car requires some sort of updates that can increment the resale value then go for it. Moreover, equipping a good quality sound system and alloy wheels will increase its selling value.
If you think adding decals, and vinyl will enhance the appearance and offer good value then you are wrong. In addition, doing unnecessary cosmetic changes never looks great in comparison to the original look of the car.
4. Get repairs done: It is not possible to have a car in flawless condition throughout the duration you will drive it. Moreover, accidents happen without any notice. No matter how attentively you drive the vehicle, if the other person is not driving correctly chances of accidents increase.
In addition, if your car has a broken tail light, blur headlamps, or scratches on body paint then get them fixed. Visit the authorized service shops and ask for the bill that will work as proof at the time of selling the car. Many people do not accept until they get proof that their vehicle got a fix from the authorized service outlets.
What can negatively affect?
Apart from getting to know the tips on how to increase the value of a car, a few things can adversely lower the car’s value.
- Paint Change
- Car’s Age
- High Mileage
- Car Totaled
- Fake Bumper Paint Job
- Aftermarket Modification
- Windows Tinting
Selling a car is an easy task as well as a hard one. Why so? If you have complete knowledge about the resale value of a car then you will know whether the price offered is right or not.
Moreover, if you do not maintain the car then getting the best resale value car is not possible. Make sure to follow the tips to make the right decision at the time of selling the car.
Recommended reading: If Your Car is Totaled and You Still Owe on the Title Loan