They say that the moment a car drives away the dealership, it begins to lose its value. While there are exceptions to this statement, it’s true in most cases. The reality is that it’s unlikely you’ll get what you paid for out of your automobile when the time comes to sell. However, that isn’t to say that it’s impossible to preserve some of its resale value. In this post, we’ll talk about some tips and tricks that should help you stick to a higher asking price when you decide to part ways with your vehicle.
Choose the make and model carefully
The brand and model of a vehicle play a critical role in its resale value more than some realize. After all, brands that are known for their quality, performance, parts and after-market support, and practicality are more likely to attract attention and pique the interest of buyers than those that aren’t. For this reason, it’s crucial to carefully consider the vehicle you plan to purchase, especially if you’re looking to maintain its value.
It’s also worth looking into the segment you’re jumping into. For example, lower-displacement automobiles generally hold their values much better than those with higher displacements. Units powered by diesel engines for SUVs command better prices in the second-hand market than their gasoline-powered counterparts because they’re more economical.
Don’t abuse the vehicle
It may sound obvious but abusing your vehicle can severely impact its resolve value, so make sure that you don’t. Even minor paint chips on the bumper can give potential buyers talking points to drive your asking price down or opt for an alternative instead. Furthermore, you must regularly have your car serviced. Not only will it keep the vehicle performing optimally and impress in its listing, but it’ll also allow you to drive safely without any fear of getting into an accident.
In addition, it’s generally a better idea to let professionals work on your car instead of taking a DIY approach, as you may end up doing more harm than good. For example, if you accidentally lock your keys in the car, secure the services of a professional car key locksmith.
Keep all documentation in order
Any car enthusiast understands that history and documentation are as important as the car itself. Receipts for maintenance, repairs, and servicing are all vital paperwork that you need to keep, as it’ll give buyers an idea of how well the vehicle has been cared for, so don’t lose or throw them. Documentation might sound like a minor detail, but you’ll be surprised at how much of a difference paperwork can make when it comes to selling any automobile.
Automobiles generally depreciate over time—there’s no getting around this fact. So unless you own a classic car, you need to expect it to drop in value. But that doesn’t mean that it’s impossible to maintain its resale value. With these tips, you’ll keep the vehicle from depreciating too much over your ownership period.