5 Of The Easiest Ways To Increase Your Car's Resale Value
A recent survey by The Zebra indicated that Americans hold on to their longest-owned car for around eight years. In that span of time, you're more than likely going to see some wear and tear on your vehicle that will affect its resale value when it's time to find a buyer for it. While there are a number of factors that impact a car's resale value — from its make and model to the mileage and its age –many of these things are beyond your control. For instance, while certain cars have a better resale value, you can't go back in time and change your decision to buy a different car.
The good news is that there are quite a few proactive steps you can take to maintain or even improve your vehicle's resale value, right before you want to sell it. We'll take a look at a few of these below. Before you get started, though, take a few minutes to check what your car's valuation is through an online calculator and compare it to the asking price of similar cars in your area. This will tell you the extent of improvements to aim for to improve your car's resale value.
Get your car detailed
The first thing a prospective buyer judges your car on is its appearance. Even if your car is functioning just fine, you're unlikely to see too much attention from buyers if it doesn't look the part. If your car is in pretty good shape, a car wash and some vacuuming and wiping of the interior might be all that's needed.
However, if it's been a while since you cleaned your car, it's likely that it has accumulated stubborn grime, dust, and stains on the interior and exterior. In this case, a professional detailing service might be worth the cost. While prices can vary from as low as $50 for a basic touch-up to as much as $500 or more for a deep cleaning, you can make back what you spent by quoting a higher sale price.
If your car looks great and doesn't have any serious mechanical issues, buyers might just be willing to pay a premium. If you're on a budget and really want to keep your expenses low, there are a few things you can do to make your vehicle look like it was detailed by a pro. Keep in mind that this might take some serious elbow grease on your part, and you'll have to purchase the necessary supplies if you want to do a good job of detailing your car.
Invest in a new set of tires
Before you start snapping photos of your car to put it up online, take a look at its tires. Is the tread still visible, or has it worn off to the point that the tread wear bars are starting to appear? If your car's tires look extremely worn, or you see one of the other warning signs that indicate your tires need replacing, it's best to change them before you try to sell your vehicle. While this will cost you some money, a new set of tires can positively impact your car's resale value. If you don't want to break the bank, opt for inexpensive tires.
But, even if the type of car you have requires more expensive tires, you might be able to save money by shopping around and purchasing during the holidays. Alternatively, look for used tires that have a decent amount of tread and are priced affordably. If you're a regular at a tire shop, this will likely work the best for you. The good news is that since there are a number of reputable tire brands out there, you're likely to find affordable-priced new or used tires from one of these companies.
Replace worn parts and fix minor damages
If your car is showing obvious signs of wear, like torn or cracked leather seats and scratches on the body, you might want to consider fixing these damages before you sell your car. Keep in mind, though, that not all types of fixes will result in a positive financial return. For instance, minor abrasions can be easily fixed with a car scratch pen that you can purchase for less than $10, but it helps your car look well cared for and, thus, improves its resale value. Similarly, replacing your car's headlight bulbs can be relatively inexpensive, and you can even clean the headlights and make them look less hazy while you're at it. Repairing minor cracks on the windshield is often inexpensive too, but it might help fetch a better price while selling the vehicle.
Similarly, addressing any mechanical issues that your car may have, like, say, a faulty air conditioner or steering problems, can increase its resale value. After you've had your car inspected and fixed by a mechanic, be sure to keep all the documents ready and mention to the buyer or dealership that you've completed the necessary repairs, so they know you've been on top of all the maintenance. If you intend to use the car till you're able to sell it, continue taking care of it after you've completed the repairs, so it remains in good shape. This means not smoking or eating in the car, vacuuming the interior from time to time, and keeping your pets out of the vehicle.
Keep documents ready and shop around
If you've been diligent about getting your vehicle serviced routinely, keep a record of all the documentation so you can prove to potential buyers that you've done your part in taking care of the vehicle. Additionally, keep the owner's manual, oil change records, and receipts for any repairs that were performed in a binder with your service history documents. This way, the buyer has all the documentation they might need if they encounter any problems down the line.
Once you have all the required documents in hand and have done the necessary repairs and replacements, you're ready to start shopping around. Check how much your car is likely to sell for online, and then compare it with what local dealerships are willing to offer for the vehicle. If the online platform offers you a better price, you could show that to the dealership and try to negotiate a better sale price. If this doesn't work, try selling it privately through sites like Craigslist or Facebook Marketplace, where you'll have to deal with a buyer directly. The benefit of selling privately is that you get to sell your car to the person who offers the best price. That said, like how car and motorcycle buyers have to deal with scams when purchasing vehicles off Craigslist, sellers should be cautious of potential scams on the platform and other online sites as well.
Take good photos and highlight the best aspects of the car
If you decide to sell the car privately rather than through a dealership, there are a few extra steps you need to take to ensure a better resale value for your car. One of these is to take high-quality photos of your vehicle. Given that prospective customers can't see or feel your car in person, photographs are the best way to get their attention. So, for instance, if your car is currently parked in a cluttered garage, move it to the driveway to get better shots. Likewise, if your garage is dimly lit, take photographs under natural lighting. Also, consider taking multiple photographs of the car from various angles (if there are any obvious damages, be sure to snap a few photos of the flaws as well), so the buyer knows what to expect.
After that's done, write an ad with a description that focuses on the positives of the car. For instance, if your vehicle has a comparatively high odometer reading, but you have been the only owner and have the maintenance records, be sure to mention that. Similarly, if your car has one or more features that are popular with buyers, like a sunroof, leather seats, third-row seating, and safety features that don't come as standard, be sure to highlight these features in your description.