Key Takeaways –
· The following tips for retaining car value can help you fetch a decent car resale value.
· Despite depreciation and diminution of value, you can preserve your car’s worth by following a tight car maintenance schedule.
· Avoiding a few car ownership mistakes also helps conserve your car's value.
· Increasing the car’s value can be tricky and is not always possible.
· Adding the right accessories and mods that attract eyeballs are some ways you can improve your car’s resale value.
· Depreciation eats into your car's resale value and is one of the significant reasons influencing the price your car fetches.
You love your car. It sticks with you through all thick and thin, long and short drives, sets the perfect mood for road trips, and gets you to and from work every day. But the time has come to sell it. You're moving on to a new chapter in your life, which means saying goodbye to your old faithful friend.
Before you do, though, you can take a few steps to increase your car's resale value. By taking extra time and effort to retain your car's value, you can ensure you maximize returns when selling. This blog lists tips to increase a car’s resale value and factors that can hurt its value.
How to Retain Your Car’s Value
Here are a few maintenance tips to help you retain your car’s value.
1. Keep up with routine maintenance. This one is a no-brainer. Ensuring regular service will extend its lifespan and increase its resale value. A well-maintained car is more attractive to potential buyers and commands a higher price.
2. Get rid of any dents or scratches. Dents and scratches may not seem significant, but they can decrease the car's value. If you're planning on selling your car, take the time to fix any cosmetic damage to make it look its best.
3. Clean it inside and out. A clean car is a happy car—and a happy car is worth more money. Be sure to detail your car before putting it on the market; a little elbow grease goes a long way in increasing resale value.
4. Invest in some TLC for the engine bay. A clean engine bay shows that you take pride in your car and care about its upkeep. Take some time to clean under the hood; potential buyers will appreciate it.
5. Don't neglect the tires. Your tires are an essential car component, so ensure they're in good condition before selling them. Inspect tread depth and tire pressure regularly, and consider getting new tires if yours look worn down. Regulating tire pressure and tread depth levels improves your car's appearance, but it will also increase safety for the new owner.
Also, Read – An Overview of the 2022 Chevrolet Malibu
How to Improve Car’s Value?
It's no secret that cars depreciate over time. Given how cars lose value the moment you drive them off the lot, the goal of improving their value at the time of resale may sound far-fetched. However, if you make the right decisions and consult the right people, you can get a good bang for your buck.
1. Get a new paint job. A fresh paint coat will add a lease of life to your ride, making it look new again, and potential buyers will be willing to pay top dollar for a pristine vehicle. Plus, you can choose preferable colors so you can stand out from the crowd!
2. Add some chrome accessories. A little bling never hurts anybody, and it can add some pizzazz to your ride. Your attention to detail will impress buyers, and they'll be willing to pay extra for a car that looks this good.
3. Get a new set of tires. Old, balding tires are a turnoff for potential buyers, so get a new set before you put your car on the market. Not only will this improve the look of your car, but it will also give buyers peace of mind knowing they won't have to replace the tires anytime soon.
4. Upgrades, upgrades, upgrades! If you've made aftermarket upgrades to your car, let potential buyers know about them. They'll be willing to pay more for a car that already has the features they're looking for.
5. Get car insurance and gather all repair and maintenance receipts. When selling your car, you need to remind prospective buyers of the steps you followed to ensure the ride is in good condition.
6. Maintain a record of all visits to the dealership, and anything car-related, including insurance papers. A list of all oil-change, maintenance schedules and car repairs will provide a detailed insight into how you took care of the ride. This allows you to upsell your vehicle, as you have documentary evidence of all car maintenance steps.
How Depreciation Reduces Resale Value?
A major hindrance to getting the desired car resale value is depreciation. Here’s how it works:
Depreciation is the loss in value of an asset over time. Regarding cars, depreciation is caused by various factors, including wear and tear, age, mileage, and even changes in fashion. All of these factors work together to reduce your car's resale value.
Every year, your car's value will depreciate by a certain percentage. For example, if your car is worth $10,000 today and it depreciates by 10% per year, its value will be $9,000 next year. After five years, your car will be worth less than half of what it was when you first bought it! Given this steep depreciation rate, it's no wonder many people choose to lease their cars instead of buying them outright.
If you're looking to get top dollar for your car, follow these simple tips. By driving responsibly, maintaining maintenance, and being mindful of modifications, you can ensure your car holds value or even appreciates in worth. And when it comes time to sell, bring your business to the experts at Bill Holt Chevrolet, serving McCaysville, GA. Our superior car maintenance services will ensure your ride gets the necessary touch-ups that preserve its value.
Schedule a service today, and enjoy quality vehicle maintenance.