People consider selling a vehicle as a choice rather than a necessity. However, The unrelenting demand and global limitation of key components for the production of today’s auto have made the dealers pay more for used vehicles. The average cost for used vehicles has surged by over 21%, which has increased from $20,900 to $25,400 in one year. To overcome these challenges, dealers, investors and disruptors are investing in catering to used-car consumers.
Given that pre-owned vehicles are hovering in the records, the trade-in process can be an easy way to simplify the value of your new purchase, lowering your monthly payments. Now, are you wondering to yourself how to spike the trade-in value of my car? Scroll down to discover more tips that will ensure the best reselling price while never losing its real worth.
The resale value of the vehicle – why is it crucial?
Resale is a great chance to enhance your vehicle value, at an affordable cost. Spending capital on your vehicle might seem unnecessary, but it will be worth the investment. You indeed want the vehicle to be in good condition. However, the moment you buy your dream car, it starts to lose its value of 11%.
Depreciation is a normal occasion of owning a car, however, it doesn’t indicate that you need to resell your vehicle at a minimum price. With some simple fancy footwork, you can hold on to the true value for a long time, making a world of difference. It will make your vehicle resale-ready, once you decide to upgrade to the next one.
5 Ways to increase your vehicle’s value before reselling
As you are preparing to part ways with your vehicle and put it on the market, it makes sense that you are looking for a good deal. Also, the rise of digital players on the dealership horizon features both opportunities and threats in capturing the validated value in the competitive environment.
For those who are concerned, ‘how can I raise the trade-in value of my car?’, here we have curated the best strategies to implement.
1. Mind the mileage
The miles achieved by your vehicle play a significant role in determining its reselling value. Simply put, the more miles the vehicle, the faster will be the value depreciation. The Department of Transportation has revealed that a car’s average annual mileage is 13,500, which varies depending on the age.
Keeping the mileage less will increase the trade-in value of your car at a higher price. On the other hand, if your mileage is above the clock than the average rate, it will be worth less than the average price among buyers, considering the risks of experiencing technical problems in the future.
2. Check the cosmetic clean
Keeping the vehicle clean, both in and out, is one of the perfect ways to improve its value in the reselling market. You may overlook the cosmetic damage, such as dented bumpers, and paint scratches, but they are worth fixing. It is because buyers tend to notice the flawless appearance of the vehicle. Hence it is critical to make the best first impression.
Fortunately, it won’t take a substantial investment to achieve an aesthetically appealing vehicle at every angle. Using simple non-abrasive cleaning products, your vehicle will look like it is just driven off from the showroom.
3. Prepare the paperwork
Customers who are looking to buy a used vehicle need to learn about its history. Hence it is important to be transparent with them regarding the history of your vehicle, with the required documents and paperwork at hand. That paperwork will speak for you, demonstrating your care for your car. Moreover, it will help you as a bargaining tool if the buyer tries to lower the price for some invalid reason.
Find and prepare the vehicle logbook, service book, finance contract, warranty and any invoice receipts related to any relevant services carried out, from oil changes to big services. This will make the customers realize your true potential, showing yourself as an honest and reliable individual.
4. Make sure of maintenance
Ensuring to meet the maintenance requirements of your vehicle is a must if you want to hold on to the best resale value. Be it window regulators or windscreen, get them fixed at once. Even a little thing will make the buyers doubt their decision to buy your vehicle. Hence making easy modifications like new tires and rims will get you more money.
A regular visit to clear out such mechanical repairs will make your vehicle look brand new, significantly improving its appeal and value. It will enable you to put up with your price and make the buyers go with the value you ask for.
5. Research on the right time
Investing in the right time is another primary factor to look out for to boost your vehicle value. As the seller, you should stay mindful of when and where to resell the vehicle since the price varies on location and season. For instance, if a new model is launching, then you should resell your vehicle before that. Doing so will prevent the loss of true value.
It is also reported that the end of tax season, starting off the holiday time and the beginning of academics, also affect the demand for pre-owned cars. Hence, make sure to get professional advice to find the best timing and market for your used vehicle.
The bottom line
The future of the automobile is shifting gears. Why? The shortages of new vehicles and skyrocketing prices are paving more challenges for dealerships now. Furthermore, the ways and needs of customers purchasing vehicles are evolving. Hence, as a result, it is imperative to form a distinctive customer experience by rapidly developing the best approaches. From fixing the cosmetic repairs to changing the headlights, easy improvement will make an exceptional impact on your transaction.
You can’t completely change the look and the old of your vehicle; however, you can make simple steps to enhance its condition. Even with a little effort, you can not only promote its value, but also ensure better gas mileage and a safer ride in the long run. This perfect combination will help you trade in your vehicle promptly with proliferated prices.
Frequently Asked Questions (FAQs)
The cost of any vehicle will depreciate over the years. The overall price is based on numerous factors, including a year of purchase, make, brand, kilometer driven and more.
Getting more money for your trade-in car ultimately leaves you with fewer financial needs. However, some factors can affect the reselling value of your vehicle that includes age, mileage, overall condition, history, maintenance, equipment and current market demand.
Selling your vehicle is a lengthy process, and you need to meet the several needs of customers to get a high value. Keeping up with the periodic maintenance routine, upgrading the accessories and owning the proper documentation will ultimately raise the value of your vehicle when you plan to resell it.