If you find yourself lying awake at night wondering “Who will buy my car?”, the answer to your worries is in your car’s resale value. As with selling any product, you need to make your car attractive to consumers. But how do you turn your car into a desirable purchase for someone else? Read on for our top suggestions.
Trade in or sell privately
Before we go into detail about how to improve your car’s resale value, it’s important to understand how you want to sell your car.
There are typically two ways to sell your car. The first is to trade in your car. Some car dealerships will offer trade-in services. You may be able to give them your old car in exchange for a discount on a new vehicle from the dealership. Alternatively, they may pay you cash for your car, which you can use however you want.
Opting to trade in your car can be a good option for a number of reasons. For instance, it can reduce the cost of your desired new car if you find the right dealership. It can also be a lot quicker than other options for selling your car, so you can take your money and buy your new car.
However, you may not always get the best possible price trading in your car. You may make more money if you sell your car privately.
Some car owners choose to sell their car privately, advertising it online and in the newspaper. While this can take more time and effort on your part than trading it, you may get a higher return.
However, if you choose to privately sell your car, you need to be prepared to negotiate with the buyer to get the right for your car. You also need to ensure you have completed all necessary paperwork to transfer ownership and that your car is roadworthy. This can incur fees and take a lot of time.
There’s no right way to sell your car. It simply depends on your circumstances and what you’re prepared to do to sell your car.
Ways to Maximize the Resale Value of Your Car
Before you sell your car privately or go to trade it in, there are some things you can do to ensure that you get the best price possible.
- Have the car serviced and keep documentation
Ideally, you should get your car serviced regularly and keep a record of these services. Being able to see the car’s history is important for buyers. A clear history as opposed to unknown one will usually fetch a higher price. This includes any necessary repairs as well.
If you haven’t kept up to date with your car’s services, don’t worry. While you might not get as good a price this way, you can still improve the resale value now. Start by booking a service with a reliable mechanic. Ask them to check the car over and to deal with any issues.
Once the service is complete, keep any records from the service. This can include the itemized receipt listing exactly what was checked and done during the service. Provide this information to potential buyers so they can verify the car is in good condition.
- Keep the inside in good condition
A car may drive perfectly, but if sitting inside it isn’t a pleasant experience, you won’t get the best price for it. Just as you should get your car regularly serviced, you should have it regularly cleaned, inside and out. Whether you do this yourself or use a specialist cleaning service is up to you.
At a minimum, the interior of your car should be free from dust and the seats and fittings in good condition. Avoid smoking in your car as this smell can be difficult to remove. Additionally, if you let pets in your car, make sure they don’t sit directly on the seats to make cleaning up loose hair easier.
If your seat covers are wearing out, replace them.
Before you sell your car, give it a thorough clean. A clean car will always fetch a better price.
- Drive carefully
How you drive can also affect your car’s resale value. If you drive recklessly, you’re more likely to cause damage to your car (and yourself). This is then reflected in the car’s servicing and repair history. Potential buyers may be turned off if the car has been in a number of accidents or has needed frequent repairs.
- Park carefully
As with driving, you also need to park your car carefully. Cosmetic scratches and even more serious problems can be the result of distracted parking. These can ultimately reduce your car’s resale value.
If your car has any scratches, get these fixed before selling it if you want to get the best resale price possible.
- Pay attention to the odometer
Buyers will check how many kilometres your car has driven since its first hit the road. Realistically, the more kilometres it has traveled will reduce the resale value. However, driving carefully and keeping your car in good condition will balance this out.
- Remember additional factors
Luxury cars tend to depreciate quickly and may not have the best resale value, particularly when compared to other standard cars. However, limited release models may have a higher resale price if you can find the right buyer like a collector.
Additionally, the color of your car can affect the resale value. Standard colors like white, silver, navy, red and grey often sell more readily and at a slightly higher resale price than more unusual colors, like pink, orange and purple. This can be to do with a buyer’s preference as well as statistics around which car colors are safer.
Always keep your car in good condition
Even if you aren’t intending to sell your car in the near future, you should do what you can now to keep it in good condition. Doing so will improve its resale value when you do intend to sell.
