When you buy a car, the last thing you think about is reselling it – unless you’re in the business of selling cars. You want to enjoy your time with it and go wherever the open road takes you.
However, it’s not uncommon for most car owners to sell their cars later on. Some sell them a short time after purchase but many will sell after several years. The reasons for selling are varied, but most want to upgrade or simply buy another car.
When the time to sell comes, you might be wonder how to boost car resale value so you make the most money out of it. In this article, we’re sharing a handful of tips to help you achieve this goal.
Buckle up and keep reading to increase car resale value!
1. Choose Your Vehicle with Resale in Mind
Believe it or not, the quest to increasing the resale value of your car starts before you even buy it. We said that when most buyers are shopping for a car reselling it is the last thing on their mind, but let’s be realistic.
There is a reason used car sales in the U.S. are more than double the number of new car sales. Car owners love to sell their cars after some period of ownership.
The reason you have to choose your vehicle with resale in mind is because different car makes and models are well-known to hold value differently. You don’t need to do a lot of research to learn that most Toyota cars and a good number of Jeeps hold value quite well. Neither do you need deep research to know that most luxury cars don’t hold value.
This isn’t to say you shouldn’t buy a luxury vehicle, like a BMW Series 7, if you want to and can afford it, but you should be prepared to sell it at a throwaway price when resale time comes. But if it is a resale value that you really want, be wise with your purchase.
2. Buy a Used Car
Used cars tend to hold more value than new cars.
Although there are several variables that need to come together to make this statement hold, new cars are known to depreciate fast – losing as much as 30 percent off their value within three years. This is to say, if you buy a $100,000 car in 2022, by 2025 it will be worth no more than $70K.
Here’s the thing with car depreciation that makes used cars more desirable when the objective is to maintain resale value. Cars typically depreciate more in the first few years, then slow down substantially in the subsequent years.
As such, a used car will serve the interests of your bank account so well: cheaper to buy and great resale value.
3. Use Your Car Responsibly
The first two tips are geared toward people who’re currently shopping for a car. But what if you already own the car? Perhaps you’re thinking of selling it a couple of months or years from now.
Drive your car responsibly.
When you’ll put your car on the market, potential buyers won’t be looking to buy a car that’s on its last wheels – unless they’re a junkyard. They want a car that runs smoothly and will serve them for several years to come.
Whether you end up selling your car as a clunker or a reliable used car with thousands of miles left to drive largely depends on how you treat it right now.
If you slack on routine maintenance and fail to make repairs when needed, you’ll only be accelerating the car’s death. If you drive it like a maniac, taking it off-road even when it’s not an off-road car, don't expect it to keep its shape.
Nothing stops you from driving (or abusing) your car the way you please, but if your intention is to sell it at some point, you’ll only have yourself to blame when offers don’t come your way.
Driving your car responsibly is key when you want it to maintain resale value. Stay on top of maintenance and don’t hesitate to make repairs when needed.
This also extends to when you’re not using the car. For example, if you’re always parking the car in the sun for extended periods of time, it won’t be long before you need a new paint job. If you don’t have a garage at home, get a protective car cover.
4. Make Some Upgrades Before Selling
OK: maybe you’re now on the verge of selling the car. You want to put it on the market imminently, but don’t know what you can do to add some value to it.
If you bought a model that keeps value and have used it responsibly over the years, you’re already in a good position to make good money from the sale. However, if you did neither of these, it isn’t too late to add some value to your car.
Start by taking it in for a thorough clean, followed by some maintenance and repairs. Something like a fresh coat of paint can restore some of the car’s shine.
Let an experienced mechanic take it for a drive and they will recommend some of the parts you can change to improve the car’s driving experience. Buyers will want a test drive and you don’t want them judging the car’s performance harshly.
You can also make some cost-effective upgrades that can excite prospective buyers, such as a remote-start kit. Reverse backup camera, audio system, and dashcam are other installations that can return more bang for your buck.
You Can Maximize Car Resale Value
Maximizing car resale value is the right thing to do when you are looking to put your car on the market. You can use the money to finance the purchase of your next car, especially if you want to upgrade your vehicle. You now know some of the steps you can take to add a couple of thousand dollars to your car’s value.
Keep reading our blog for more helpful tips and insights. We publish a wide variety of helpful articles to increase your car resale value, prevent problems, and avoid accidents.
