If you have owned your vehicle for more than 10 years, you might want to consider selling it and use the extra value to purchase a better ride. Here is the guide to Boost the Value of Your Car.
However, depreciation can reduce the resale price by a significant amount. According to Nerdwallet, a vehicle loses about 20% to 30% of its value at the end of the first year. It also depreciates by 15% to 18% in the succeeding years. Long before you plan on turning over your current vehicle to a motivated buyer, you will need to improve its current condition and sell it at a much higher price.
There are many ways to do this, but if you haven’t done any value-adding maintenance before, you could find yourself spending time and money on unnecessary tweaks. To put yourself on the right track, here are a few things to consider that will increase the value of your car help you sell it at a better price:
- Follow regular maintenance schedules
Let’s start with a simple tip that prevents your car from losing value. As regular wear and tear can cause a dramatic reduction in your vehicle’s initial value, your car should be kept in pristine condition through regular maintenance. As a good rule of thumb, consider getting your car serviced every six months or after every 5,000 miles. Routine maintenance should involve checking fluid levels, tire pressure, and air filters. You should also spend time looking for and fixing issues that could accelerate depreciation and drag the vehicle’s resale value down.
- Add the right upgrades
Another way you can add value to your car is by installing certain upgrades. Leather seats, GPS, and new rims are just some of the things that will increase the resale price of your car. Then again, not all modifications are worth it. Certain upgrades can push your car’s value down. To be sure, ask an experienced mechanic and find out which ones are worth your time and money.
- Do both major and minor fixes
Damages to both the exterior and interior of your car are a significant factor in determining depreciation. An appraiser is bound to notice even the slightest dents and scratches and give you a resale price that’s lower than what you hoped for. Before selling your car, consider getting both minor and major damages fixed.
- Do a bit of auto detailing
Auto detailing can be a tedious and time-consuming process, but it helps increase your car’s resale value by a great deal. This is because the purpose of auto-detailing is to make your car look fresh and presentable. This gives you added leverage to negotiate a better price. Consider taking your car to an expert auto detailer or purchasing the right car detailing supplies if you prefer doing it yourself.
Before you send your car off, make sure to follow these tips so you will end up getting a good amount from the sale. That way, you will have enough cash to upgrade to a faster and more sophisticated ride.