Are you thinking of buying a new car?
You are probably thinking of selling the old one, or maybe a trade-in at a car dealership. Generally, most assets appreciate with time. Unfortunately cars start dropping value the moment you take them off for a spin. The rate at which they depreciate vary depending on the model. However it is generally accepted that a car typically loses at least 30 per cent of its value on the first three years of ownership, and drops to 50 per cent after the three-year mark. There are many ways in which you can increase the value of your old car by spicing it up before selling it. Here are some simple, clever tips that will help you earn more cash from the sale.
GET PAPERWORK IN ORDER
Every seller is looking to sell at the highest price possible, while every buyer is looking to spend the least amount possible. Often, potential buyers will question maintenance of the car, and use this as a negotiating point. You could expound on how you have made sure the car is well-kept. However, solid proof always gives more impact. If you have put in the effort to make sure your car is well maintained then this is worth showing. Keep a trail of all your detailed service records and receipts of all the work that you have done on the car, like on the clutch or brakes. The documents are the perfect demonstration that your car is indeed well-kept and maintained, and therefore is worth paying for.
DO ESSENTIAL MAINTENANCE
The very best way you can add maximum value to your car is to take care of it everyday. From day one, this should be a priority. Don’t ignore the little things or take forever to have parts repaired. As soon as you notice a little glitch, have it fixed. Do not neglect the little problems, as in time, these little problems accumulate to form bigger problems, which in the end become more complicated, and expensive to fix. Taking your car for regular maintenance ensures you’re able to spot and sort issues early on before it moves out of control. It is also important that you get the best care by ensuring you foster a good and consistent relationship with a reputable service centre so as to avoid any quack damaging your car. Maintenance can often be expensive, and so this would have to be accounted for in your monthly, quarterly, or yearly budget if possible. It will also give you an upper hand when negotiating with a potential buyer who might want to bargain for a lower price.
MIND YOUR MILEAGE
Cars depreciate a lot faster if they have a lot of miles on them. So the more mileage you put in the car, the faster it will depreciate. Car owners are advised to keep their mileage less than 13,500 miles a year so as to keep their resale value on the higher side. Driving more than this risks depreciating the car’s value at a faster rate . If you see yourself selling or trading your car within two or three years, then do keep your mileage in mind. Consider cutting down on long distance trips, and explore other options for your transportation.
SHELTER YOUR CAR
When your car is left exposed in open air, extreme weather conditions can wear off the paint, making it look faded. Just like protecting your skin against sunburn by using sunscreen, your car also needs ultra protection. The colour is likely to fade in hot weather while extreme cold can cause damage to the engine. Whenever parking a car, do so in a garage or carport to keep it protected from these harsh elements. You may well choose to park it outside but this brings a problem that you may not have thought about – bird poop on car. Bird droppings have been proven to be acidic causing damage to car paint. You also risk getting scratches and dents from fallen branches. If possible, stick to carports and garages.
This might sound like a simple tip but is one that is very important. Drive safely and respect your car. Conditions of our roads are not always the best, however, you still can be careful on them. When tempted to rush and speed when your are late to work, think about a potential collision damage which will cost you not only for repairs, but also make it more difficult to negotiate a better resale price. Your driving habits in the long run determine the condition of your car. Speeding and aggressive driving will put a toll on your engine and chassis.