Experts say that purchasing a car is one of the worst investment options. That is because cars experience the highest depreciation rates. The rates vary with the type of model. Generally, every car loses its value by 30% in just three years, and after this, it drops to 50% of its original value, which is a lot!
Depreciation of a car’s value is impossible to avoid, and every car owner must accept it. Don’t lose hope just yet. You can, however, increase your car’s resale value. The depreciation is inevitable, but you can try to slow down the process.
Unable to figure out how you can do that? Incorporate these super-effective tips that will work wonders for you. If you follow them, you can significantly increase your car’s resale value!
Think from a buyer’s perspective
List down all the factors that you will check when buying a used car. The paint, the seat covers, the air conditioning, the engine condition, the tires, or the stereo are some of the essentials that buyer’s check when purchasing a car. If there are any problems with the essential parts of your vehicle, you should hire a professional to repair it. No one wants to purchase a car that needs a lot of repair work. Therefore, before you set your ride for sale, you need to get all the repair done. An old car with impressive modifications will significantly increase the resale value of your vehicle.
Maintaining the tires
Maintaining the tires of your car is something that cannot ignore. Properly inflated tires provide excellent mileage. You can read our complete tire pressure guide to know the ins and out of tire pressures. Rotate, balance, and align your tires for optimum performance of the vehicle. When the tires are in great condition, it will significantly improve the resale value of your car. You can check out Tire-Easy for some good deals.
Maintaining and keeping all documentation
An essential factor that determines the resale value of a vehicle is its documentation. It is vital to keep all the maintenance records, repair receipts, and part purchase receipts safely with you. These documents play a significant role in increasing the value of your car. The original owner’s manual is also one of the most important pieces of documents that many buyers will ask you to provide. As compared to a car of the same model, your vehicle will have more worth in the market just because you have all the documents with you. Keep these documents safely somewhere other than the car to prevent stealth or damage.
Some people are not aware of the Vehicle Identification Number (VIN) Report. It has a record of everything the car has gone through since the time it arrived on the dock. The ownership, accidents, servicing, and all other important details are available in this report. It is the most important documentation you need. If you have this document with you, we can guarantee that you can sell your car at the best rate. You can use free VIN checkers such as NICB Vin Check and Vehicle History.
Maintain the mileage
The next important factor that can significantly increase the worth of your car is its mileage. The majority of the regular car buyers shop for cars based on the mileage. If you want to resale your vehicle at the price of your choice, you need to keep an eye on the miles it’s driven. When your vehicle has traveled a total to 100,000 miles, it is time that you put it up for sale. The life of a car is more than that, but the buyers are skeptical about buying a used car that has driven more than 100,000 miles. A vehicle driven for more than 100,000 miles loses its worth. Therefore, make sure you are keeping an eye on the miles to keep the mileage reasonable.
Your car deserves respect
If you are a car fanatic, you know that your car deserves respect. For those of us who are not that fond of cars, we need to understand that to resale our vehicle at a reasonable price; we need to drive our vehicle carefully. Defensive driving is the perfect way to keep your car in good condition. Try to be respectful of fellow drivers and not be too aggressive. Off-roading is a significant depreciation factor for the value of your vehicle. Drive your car with as much care as you can because the vehicles which receive respect will help you earn more at the time of reselling.
Having essential safety features significantly increases the value of your car. The transmission and engine type, upgrades of all-wheel drives, the seat covers, navigation, automatic climate control system are the components that add into the overall resale value of a car. The technology has brought in such fantastic safety features such as collision warnings, pedestrian detection, blind-spot detection, and many more. If it’s in your budget, you must install these features in your vehicle. These are the features that are available in almost all new models. It will increase the worth of your car in the market, increasing the chances of you selling your vehicle at the desired rate.
Many people do not adopt the habit of regularly maintaining their cars. Such negligence leads to a significant depreciation of the car. When the reselling time arrives, it becomes difficult to get a reasonable price. You need to understand that taking your vehicle to a mechanic regularly is essential. As to maintain your health, you need to visit the doctor; a car needs an inspection by a professional mechanic. Routine maintenance helps in addressing problems at their early stages. When you delay in diagnosing the issues in the car, there is no other way than to replace the parts, which reduces the value of the vehicle. Therefore, make sure you take your vehicle with regular maintenance visits to the mechanic’s workshop.
These are the most effective, proven ways to improve the resale value of your vehicle. If you aim to resale your car at a reasonable price, you need