Business Daily.
.
Businesses.com.au
A+ R A-

6 Easy Tips to Boost Your Car's Resale Value



Boosting the resale value of your car is a subtle art that requires a lot of in-depth understanding of the car market. Selling a used car may vary in cost-efficiency, which depends on the state of the car, its age, its mileage and its model. The thing is that the state in which the vehicle currently is may just be the only one of these three factors over which you have any sway. Still, there’s so much you can do in order to get the most out of your used vehicle. Here are six easy tips to help you manage your car’s resale value to your benefit.

1. Keep it clean

The cheapest way to increase the resale value of your vehicle is to invest in its cleanliness. Here, we’re primarily talking about the hygiene and neatness of both its interior and exterior. A clean-looking vehicle is photo-worthy. Other than this, it plays a psychological trick on the mind of a potential buyer. If they arrive to see that the car that you’re listing to sell is actually dirty, they will (rightfully) assume that you aren’t taking good care of it. This will make them assume that the car is in a sub-optimal state due to years of negligence. Nine out of ten times, they will be right with this assumption.

2. Fix the exterior

Dents and scratches are weighing quite heavily on the cost of your car. This is a persistent problem that might ruin the value of the vehicle as a whole. The problem with this situation lies in the fact that even when fixed, a painted scratch or a fixed bodywork isn’t ideal for the total resale value. Still, a difference in price between a scratched car and a car with a scratch that is painted over is quite astronomical. The cost of repair cannot compare to this, which is why it’s always a good idea.

3. Quality of life upgrades

Upgrading your vehicle’s performance might help you boost the price of the vehicle quite drastically. First of all, installing a performance booster like a high-end exhaust muffler may make a huge difference in terms of the general driving experience. By installing this exhaust muffler and persuading a potential buyer to take it for a test run, you will easily persuade them to pay more for the vehicle. It is an investment into a subjective feeling that is bound to result in a financial return.

4. Keep your paperwork in check

By having a record of all the necessary paperwork and by keeping it all tucked in a folder somewhere, you will have something extra to offer to a potential buyer. Even if it’s a ding or a scratch, keeping a receipt from this fix will only prove that you really have nothing to hide. The biggest fear that a potential buyer has is the idea that the vehicle is in much worse condition than the seller is allowing them to notice. By having the paperwork to prove all of these imperfections, you will put their minds at ease.

5. Some cars just retain value better

Another thing you need to understand is the fact that there are some vehicles that lose value quicker than others. This means that retaining the resale value of the car is something that you need to worry about while purchasing the vehicle. Start by checking out the vehicle you’re planning to buy. Make sure to pay attention to the depreciation that hits the vehicle. Some models lose as much as 70% of starting value over the course of just five years and there’s nothing you can do about it. Make sure to pay attention to these things when buying a new car.

6. Make it more marketable

One last thing worth mentioning is the fact that the speed at which you manage to sell your car also plays a sizable factor. The longer it takes to sell the car, the more you will postpone the financial goals that you have in mind. Making your car marketable will help you sell it a lot faster. Cleaning and waxing your car and then hiring a skilled photographer to take photos of it will make a world of difference on the platform you choose to sell it on. The platform also plays a big role in terms of marketability.

In the end, you need to understand that boosting your car’s resale value only works up to a certain point. There is a certain price range up to which you can make a difference. The simplest way to get disappointed is to set unrealistic expectations. So, make sure to do your research before you start.

 

Business Daily Media