17 November 2012

Small Things You Can Do to Increase the Resale Value of Your Car

Some people buy cars as a status symbol, others as an investment. Normally, people buy cars to transport themselves from one place to another. A car’s life span can go indefinitely, depending on the use and treatment you give it.  However, many people sell it after 3 to 5 years to get a new one. According to most car insurance companies, the value of a car goes down 20% on the first year of usage, and can go down to 65% in 5 years of normal driving. So it is important to follow these few tips, which are easy and inexpensive, and will get you more than your car’s blue book value. 

The value of a vehicle depends on several factors, like location, mileage, the condition of both the exterior and interior, replacement parts, the demand for the particular model, and even little details, like the smells inside of it. 

The first thing to bear in mind, if you are planning to sell your car, is to not modify or customize it. Unless these are reversible changes. Try modifications that won’t disturb your car’s appearance or functionality. If you take any stock part off, keep them somewhere safe so you can put them back on before selling it, remember that modifications after sale, will always decrease the vehicle’s value. It is also important to be punctual with the vehicle’s maintenance schedule, as well as with the car insurance payments. This will impress any potential buyers, plus keeping with the maintenance schedule will make sure your car works properly and prevent any faults in it. The maintenance should be specific to the vehicle’s manufacturer, which will provide you with a basic schedule. There are people who use their car as a second wardrobe, however, it is basic to keep the car tidy. This includes vacuuming, and keeping the plastic floor mats. There is so much going around the car, like weather changes, mud, acid rain, salt and sand, that a periodic wash and wax is basic to keep the car’s paint bright. Sun can also damage the interior of the car, especially the leather or plastic parts. You can slow this damage with a dashboard protectant. Also, having a good car insurance, with its payments up to date, will make your car more attractive, as it is always a burden to look for the best insurance policies in the market. 


Accidents are inevitable. However, do your best to try to avoid them. Even if you are covered by the best car insurance, consumers have access to vehicle history reports, where accidents are shown. Even if a car is totally fixed after an accident, it won’t be the same as new. So try driving carefully and respecting the traffic signals. 


After taking good care of your vehicle, and making sure it is in perfect condition, you can start looking for potential buyers. The greatest advice is to sell privately. There are many agencies which will offer you great deals, but you will always get more selling privately. To do this, you can put a sign on your car with your contact details, spread the word among your friends or publish an ad on a newspaper. It is also highly recommended to replace the most important parts; these are the ones that make sure the car functions efficiently and is reliable and safe. If you have taken good care of your car, and kept a punctual maintenance schedule, this might not be necessary. The most important parts to be taken care of before selling are the tires, which should never be older than 2 years. A change of rims will also make your car more attractive. Check the hubcaps, oil, spark plugs and ignition wires. Again, if you had a proper maintenance schedule, you will save lots of money and time. Another important recommendation before presenting the car to potential buyers is to clean it thoroughly, from the motor, to the inside, trunk and exterior. Make it sparkle and smell like it was brand new. 


Remember that it is important to give the customer the impression not that you are just trying to get rid of the vehicle, but that you really care about your car and that you have taken good care of it. 


Dave is a finance consultant, working for an important multinational investment firm. His passion and knowledge of cars keeps driving his friends, colleagues and acquaintances to him to ask him for advice on car buys and sales, service, maintenance, and even car insurance. He is planning on starting a blog of his own, but enjoys sharing his knowledge on cars as a guest writer meanwhile.

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