If you’re in the market for a new car, likely, you’ve already heard about resale value. Resale value is the amount of money a vehicle will get when sold. It’s essential to determine whether or not you should buy a car and how much you should pay for it. The resale automobile market is a large one. According to Statista, the US used car market in 2021 was $138.1 billion.
Like most people, you want to sell your used car at the best price possible. However, many used cars’ values degrade over time, especially if you don’t care for the right things. This article will cover tips and tricks to help maximize your car’s resale value so that when it comes time to trade up, you’ll get more than just pocket change.
Keep Your Car Clean
Keeping your car clean is one of the most important things you can do to protect its resale value. Your car will look more valuable, and you’ll be able to sell it for even more money if it looks as good as new. The cleaner your car is, the more likely someone else will want to buy it when you’re ready to sell.
It’s not just about keeping the outside of your vehicle looking shiny and new. It also impacts what buyers think about their investment in buying a used car from you. If they notice dings or scratches on the exterior paint job, they may also assume that something similar happened with the interior.
Just like having visible dirt in your home can make potential buyers feel less interested in making an offer on the house, dirty cars give off an impression of neglect and disinterest that makes people wonder why anyone would buy them.
Do Not Neglect Regular Maintenance and Repairs
It’s important to understand that regular maintenance is not just a way to keep your car running smoothly and avoid costly repairs. It also helps maximize resale value. Frequent oil changes, fluid flushes, tire rotations, and other routine procedures can prolong the life of significant engine components by eliminating contaminants that cause premature wear.
Delaying regular maintenance will reduce your car’s resale value and lead to higher maintenance costs. According to Bankrate, the average price to run and maintain a vehicle in 2021 was around $9,666.
A good mechanic is essential for this process. Take the time to find one you trust with your car. When selling your car, a good relationship with your mechanic can go a long way. They may even be willing to give you an honest assessment of whether or not they think the vehicle will hold up through its next owner’s tenure or if they feel there will be some severe repairs necessary before then.
Leverage Car Wraps
Another great way to maximize your car’s resale value is by leveraging a custom wrap. You will be amazed to know that the car wrap market in the US 2021 was worth $4.76 billion in 2021 and still growing.
Wrapping your vehicle in a custom design allows you to brand yourself and create a unique look that stands out while advertising your business or service. This is especially useful if you’re looking for ways to increase brand awareness at car shows, where many people will hang around and check out different cars.
Wrapping a car ideally requires a lot of experience and practice. Hence, this is something you should not try to DIY. Instead, it is advised to connect with a specialist for this. You can look for car wrap specialists who offer multiple services and can give you customized wrapping options. This will ensure that you can add a touch of your personality to your vehicle.
Get Minor Cosmetic Damage Repaired Before Selling
Minor dings, scratches, and other cosmetic damage impact your car’s resale value. While it may seem like a good idea to wait until you sell your car before getting any minor cosmetic repairs done, there’s no need to delay.
Reacting to those imperfections will make your vehicle more appealing to prospective buyers and could add thousands of dollars to its value. The easiest way to get these repairs done is at an auto body shop specializing in this sort of thing. Just tell them where the damage is on the car and bring along any photos or documents related to previous damage fixes, if any are available.
You can also do some repairs using standard household tools if you’re handy around cars or have experience. Make sure that whatever method you use won’t harm other parts of the vehicle when fixing one area at a time.
Cosmetic damage is usually a result of an accident. These accidents can also diminish your car’s resale value. For instance, an accident will go into the car’s history report, which prospective buyers can check.
You can claim the diminished value, too. The other driver’s insurer would pay you for the diminished value if the accident was not your fault. However, this may differ from state to state. Hence, you must check your state-specific laws before applying for diminished value claims.
Be a Safe Driver
The first thing to remember when trying to maximize your car’s resale value is to be a safe driver. You’ll want to follow the road rules, use your turn signals, and pay attention to speed limit signs. Other drivers will appreciate this, and it can also help keep your insurance rates down.
Also, being courteous can go a long way in making other people happy. If someone lets you merge into traffic, thank them by giving them plenty of space when merging back over so they don’t have trouble getting into their lane.
Inspect and Replace Tires When Required
Inspecting your tires is one of the best ways to maximize their resale value. If you’re looking for a quick way to tell if your tires are in good shape, look for the following:
- Damage: Tires should be inspected regularly for signs of damage, such as bulges, cuts, or wear.
- Air Leaks: A tire that is losing air may be underinflated, which can cause damage to the tire itself as well as affect performance and safety.
- Wrong Size: Sometimes tires aren’t just worn out. They might be too small or too big for your car. You must ensure that all four tires match so they work together correctly and don’t go out of balance when driving around town on new surfaces like concrete or blacktop roads.
We hope you have enjoyed reading this article and learned something new about car resale. We want to remind you that a car is an investment and should be treated as such. You need to take care of it when driving, maintain its appearance, and keep it clean at all times so that it will fetch a high price when resold.