Many other assets like property appreciate in value as years pass but car is the one whose value goes down. In fact the minute a new vehicle moves out of the dealer’s showroom, its value gets depreciated of about 20%.
There are many tech savvy people who like to change their cars every few years. They like to keep upgrading themselves with the advancement of technology. Every time they buy a new car they sell off the old one and the idea is to get the maximum value from the old car. This money can then be invested in a new car.
Obviously, if I want to sell my car now, then I would like to get as much return on the initial investment. There are some ways in which you can improve the car’s resale value.
How to Increase the Resale Value of your Old Car? :
- Wisely add accessories because some people are interested in navigation or expensive stereo equipment but others look for safety equipment. Installing expensive equipment cannot increase resale value.
- After-market accessories installed at the time of resale can disappoint prospective buyer. Therefore invest in more practical ones like iPod connectors etc. If it is a truck, a bed liner will be a wise choice because it protects the bed against scratches and dings. Practical installation of accessories helps to preserve car’s resale value.
- Get regular check-up, maintenance and oil changes done. Use manufacturer suggested oil and never ignore to check the tire pressure. This is important for the health of your engine and in the long run will not only save you money but will also give good resale return.
- Maintain records of all repairs and maintenance done with receipts. It is a proof that you have maintained the car well. It can be shown to prospective buyers to get a good deal.
- The VIN or Vehicle Identification Number report includes the complete history of the car from the time it left the dealers shop to the present owner. All ownership changes, maintenance, repairs etc are stored in this record. Every prospective buyer will attain this document, even before they look at your car. Therefore check your VIN report often and if it is incorrect report this to your insurance company, who will instruct the VIN document in-charge to correct this error.
- Keep the interiors of the car clean and smelling nice. The exterior look is also equally important. If the paint is too faded, give it a coat of wax which adds to the car value.
- A car that has less mileage is more worthy in comparison. So if you are planning to change your cars every few years then it will be a good idea to keep your mileage under control.
- Get small problems like fused headlights, punctured tyres, torn seats fixed up before showing off your car to the prospective buyers.
Even if you are not planning to sell off your car soon just keeping the above points in mind, while using it will maintain its performance for years.