There are drivers who are fixated on the resale value of their vehicle from the day they drive their new car off the lot. Others don’t give it a thought until it comes time to move on to a newer model.
Either way, both drivers face the reality of resale value, and it can be either a pleasing surprise or a chilling wake-up call. Resale value is a mixed bag of a car’s age, its mileage, general condition, and equipment levels with less straightforward factors like status or supply.
How do you stay in control of your cars resale value? Knowing how these factors affect it is a good start.
Name Dropping:
First, you need to understand that the name of a vehicle, such as Lexus, Audi, Honda and Mercedes, will have a tremendous effect on its resale value, regardless of the condition or quality of the vehicle in question. To research before you buy consider a good used car pricing site, such as Kelley Blue Book or NADA, to research the resale history of the models that interest you.
Options:
Some options, such as air conditioning, a sunroof and a built in navigation system can improve your car’s resale value. Other options like chrome wheels or a high-end stereo system that cost you an arm and a leg will probably not have any value at the resale point.
Exterior:
The better your car appears to be kept up, the more it will be worth, and most people associate cleanliness with care. Washing your car regularly can keep your car in excellent shape, so can a paint correction and detailing job before you sell. Correcting any dents and dings with a dent-doctor-type service cost little compared to the added value they can bring as sale time.
Interior:
Simple things as protecting your seats from pets or cleaning up spills can make a difference to the market value of your car. Keeping the vehicle interior clean and fresh, keeping the fuel tank full, having two sets of keys for the car and even having a full set of mats will all add value to a vehicle. You wouldn’t try to sell your home with dirt and clutter everywhere; it goes for your car. Talk about a safe driver discount. A car that has never been in an accident will gain you more then just good insurance rates.
Service Really Matters:
Service records can be so valuable if you’re selling your car to a private buyer. A pile of receipts emphasizes the fact that your car has been well taken care of. Perceptive used car buyers will be willing to pay extra for a car with a fully documented service history, paving the way to a quick sale at a good, fair price. Recommending the auto mechanic you’ve trusted the car to will instill trust to the new buyer.
Mileage:
Think of the mileage on your vehicle akin to the age of the roof on your house. The more years on the roof, the more discount a buyer will take off the homes value. The same reasoning goes for your car. Fewer miles directly translate into a higher resale value.
That long road trip you were planning for family vacation may be better traveled in a rental car.
Preference in Paint:
Yes, it’s true; there is a little vanity in all of us. According to vehicle valuation specialists paint color is one of the most common options people will pay extra for. The value for paint color can vary from hundreds to thousands of dollars depending on the vehicle and the color in question. The most popular paint colors all around are silver, white and black. Metallic or not can make a huge difference too. Go for the hot new sunset orange or purple passion and you could be looking at not selling the vehicle at all.
Although resale value is an important consideration for most of when buying a new car, that’s not always the case. If you’re the type to keep a car until the wheels fall off, resale value will have little influence for you so buy what makes you happy!
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