Top 6 Ways To Improve Your Car’s Resale Value

Many automobile owners will at some point or another think about selling their vehicles, either to raise money for a new model or to meet urgent financial necessities. Whatever the situation, it is likely that you will want to resell your car for as much money as it is worth. If you don’t know how to approach it to acquire fantastic bids from potential purchasers, this may not always be the case.

The fact is that maintaining your car’s value at a high level is necessary to secure a decent price when selling it. Here are some suggestions to help you sell your car for a higher resale value:

What Affects Your Car’s Resale Value 

When you sell your car, it is important to think about the resale value of the vehicle. Many factors can affect resale value, and if you stay informed, you will be able to achieve the maximum naira amount for your car before buying a new one or selling a used one.

Mileage

Fewer miles typically translate to higher resale values. Your used car might be in mint condition, but don’t be surprised if you’re not getting the value you want for your car or if fewer buyers are interested if you have 200,000 or more miles on it.

Brand

The brand of your vehicle could have a significant impact on its resale value, regardless of the quality or condition of the car. Some vehicles are known for rapidly depreciating in value as soon as you drive off the lot; is yours one of them? Honda, Subaru, Hyundai, and Toyota rank at the top in the mass market for retaining higher resale values, while Lexus, Acura, Infiniti, Mercedes, and Audi fare best in terms of luxury brands. Values vary, but all of these brands can retain anywhere from 45-60% of their value in the first three years of ownership, compared to only 35% for other brands in the same amount of time.

Exterior Condition

It’s a no-brainer: any damage to the exterior of a used vehicle, however slight, has a negative impact on the value of the vehicle. If you’re thinking about selling a used car, it’s a good idea to get the car professionally washed, repair any dings and dents, or get a detail or paint correction job in order to increase the value of your used vehicle. Another tip is to remove those old bumper stickers.

Interior Condition

It should be obvious, but it’s worth mentioning. If the interior of your car is clean and well-kept, people will be more likely to buy it. But if your car has an unpleasant odour or looks like you eat, sleep, drink, or live in it, you’re going to have a hard time getting the value you want for it. Use a professional service to detail the interior and invest in a set of new rubber floor mats to sweeten the sale.

How to Improve Your Car’s Resale Value 

1. Maintain records of repairs and upkeep.

Knowing that the car they are about to purchase has been well maintained is one of the few things that can excite a potential buyer. Giving the prospective buyer a record of the car’s maintenance and repair history is a wonderful way to demonstrate this.

Keep track of all the upkeep and repairs. This should contain details about oil changes, warranties, and other matters that will assist the buyer in settling in.

These documents go a long way toward answering the buyer’s inquiries about the ownership history of the vehicle and the details of its maintenance history.

2. Suitable Maintenance

The value of most cars gradually depreciates with time. However, regular maintenance is what separates a vehicle with a meaningful value from one that has significantly deteriorated in value. Maintaining your car from the moment of purchase would be necessary to keep its value high for resale. It entails preventing small issues from growing into major issues that finally cause the car to stall.

Additionally, it entails repairing a burned tail light or headlight before it causes additional problems. It entails routine engine maintenance to prevent mechanical issues that could cause the vehicle to lose value. The accumulation of tiny dings and apparent minor flaws that you have ignored over time reduces a car’s worth.

3.  Keep the vehicle immaculate

Do the interiors of the car still look as inviting or even remotely as endearing as they did when you originally bought it? If the answer is no, there is an issue because the value of the car won’t increase as a result. Giving your automobile a thorough inside and out cleaning is one of the simplest methods to increase its worth.

Cleaning your car completely will give it a cosmetic boost. Clean the stains, dust, and wheels. Fortunately, this is one of the few actions that will only cost you a little money. 

A soiled floor mat is typically quickly noticed by buyers. Either clean them or get new ones. Stains and holes only serve to turn away potential customers.

If necessary, vacuum the carpeting and also clean the leather. Your interiors should smell great and make the buyer feel visually relaxed when he or she comes to check the car.

4. Purchase new tires

Reselling cars is similar to a covert beauty pageant. Because the consumer is most likely to notice a vehicle’s exterior before anything else, the tyres are crucial. As a result, you must carefully inspect the state of your tires.

How often have the tires been replaced since you bought the car? is one question to ask at this time. How is the treadwear holding up? Are the tires inflated properly?

Even better, to improve the appearance of the entire car, think about spending money on new tires. It is no surprise that a worn-out set of tires is one of the first things purchasers notice. Although you may sell these worn-out tires for a good price and save money doing so, purchasers view them as an unnecessary expense that should be avoided at all costs when purchasing a secondhand automobile. Tires that are worn out raise a big red flag. 

5. Polish and Wax the Car

The most important things to do when preparing your car for sale are waxing and polishing. Those dings, dents, and scratches are similar to worn-out tires and raise similar concerns in a potential buyer. At the end of the day, even the most careful drivers have dents and scratches on their vehicles. So while the dents are not your fault, it is entirely your fault for not having them fixed before showing the automobile to a potential buyer.

Numerous car sins can be covered up by waxing and polishing (especially dents and scratches). They greatly increase the market value of your car and maintain the paintwork in good shape. 

6. Less value with more kilometres

You might want to think twice about using public transportation rather than travelling across states in your car if you intend to resell it for a sizable profit. Based on the number of miles you have put on a car, it is thought that cars depreciate more quickly. A car’s worth decreases if it travels more than the average yearly mileage of 21,726 kilometres, according to experts.

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Conclusion 

The most important factor in increasing your car’s resale value is to drive safely. Unquestionably, having good driving habits lowers the likelihood of dents, scrapes, and broken engines. Additionally, it keeps you from getting into an accident, which is the only thing that significantly reduces the value of any car, regardless of the price at which it was purchased.

When you choose to put your car up for sale, Carmart.ng will encourage you to keep it in good condition by encouraging you to practise safe driving habits.