Depreciation is among the sad realities car owners face. By just driving your car off the lot, you can see its market value drop significantly. Various factors, including age, location, model, mileage, overall interior, and exterior condition, impact your car’s value. Although these factors might be beyond your control, it’s essential you maintain your vehicle’s value if you plan to resell or trade it in later on. The following tactics can help you enhance your car’s value.
1. Have the right documentation
Ensure you have all your car documents. Preserve maintenance records, including repairs and upgrades receipts. Preserve any paperwork right from the moment you purchased your vehicle, as it will help verify the initial buying price and the car’s history if you bought a second-hand vehicle. Collect all the records from your insurance provider, including those associated with insurance claims.
2. Keep the mileage down
Mileage is a primary factor that impacts a vehicle’s value. While your car might appear new, the number of mileages it has traveled will probably determine its resale price. Higher mileage implies lower resale value. So, if you plan to resell your vehicle in the coming years, ensure you don’t go with it on all your road trips.
3. Regular maintenance
One of the easiest ways to improve your car’s value is to keep it well-maintained throughout the period you own it. You might get tempted to skip regular oil changes and maintenance checks, but if you want to increase your car’s value, regular maintenance is essential. The prospective buyers will need to know if you have been taking good care of your vehicle, so ensure it’s always in perfect mechanical condition. Whenever you detect a problem, do repairs right away.
4. Maintain the exterior
The exterior is one of the key features that affect a car’s resale value. The shinier and prettier the exterior appears, the better the revaluation your vehicle will get. Although you may drive safely to reduce your car’s vulnerability to dents and scratches, applying a paint protection film is the perfect way to preserve your car’s showroom shine. This film protects your vehicle from corrosion, UV damage, abrasion, and oxidation while improving its gloss finish.
5. Keep it in a sheltered place
Physical protection is another simple way to improve the value of your car. Weather elements like rain and sunshine can damage your vehicle and accelerate aging. Parking your vehicle in a shady spot protects it against these elements. Avoid parking your car under or near a tree- falling branches, sap, and bird droppings can significantly damage the exterior.
6. Do minor repairs
Fixing any damage on time is another excellent way of improving your car’s value. Don’t ignore minor issues like scratches and dings-have them fixed immediately. If the vehicle has a worn-out taillight or headlight, replace it. Ensure no warning lights are showing on the dashboard. While these issues might not be a big deal to you, they can break the deal. The prospective buyer will notice any minor damage and start figuring out how much they will spend on repairs. Consequently, they will begin lowering the buying price.
7. Install upgrades
Some upgrades can increase your car’s value. However, ensure you do your due diligence before you invest in one. For example, Bluetooth-enabled infotainment systems that someone can connect to a mobile device like a smartphone, laptop, or tablet, and safety features like a backup camera can enhance your car’s value. On the contrary, features such as flashy rims and GPS devices usually decrease the car’s value.
8. Keep it clean
First impression matters. Most buyers will allow the first impression to influence their judgment, and if they spot any dirt, they will conclude that you have not taken good care of your vehicle. Keeping your car clean helps you convince the buyer that purchasing it is a worthwhile investment.
9. Have pleasant looking interior
Irrespective of how the exterior looks, buyers will still check the inside, and that’s why you should keep it clean all the time. You don’t have to stop enjoying your meals inside the car, but whenever you make a mess, ensure you clean it before the stain becomes permanent. Never smoke inside your vehicle. The smell does not go easily, and it might get absorbed in the seat covers, making it hard for you to eliminate it no matter how hard you try.
While car depreciation is inevitable, the tactics mentioned above can help you increase its value. Having the proper documentation, going easy on mileage, regular maintenance, parking it in shady areas, doing repairs, installing upgrades, and keeping it clean can help improve a car’s value when resale time comes.