Cars are one of the most depreciating assets. As soon as they move out of their showrooms, there is a decrease of 10% of their price. When driven a lot, there is almost 20% decrease in the price of the cars. To increase the resale value of the cars, you need to make sure it is in good condition.
Let us see how to get best resale values on cars and keep them in best conditions.
Don’t spend too much on extras
When you add some expensive equipment in the car, there is no increase in the value of the car. Purchasing an expensive stereo equipment, sporty equipment for navigation doesn’t make it more expensive. When you install products which are after-market accessories, it is not necessary that the people you are buying your car to will pay for them. At the resale time, the product you like might not be liked by the other person and they may refuse to pay for them. Install practical products like iPod connectors instead. If you have a truck, you can always install bed liner because they protect the truck’s bed from scratches and digs thus preserving it.
Regular Check-Ups and Maintainance
Depending on how much you drive and other factors, it is always important to go for regular check-ups. It is advisable to change the oil after every 3,000 miles. Some of the cars which have better fuel efficiency recommend changing the oil after 5,000 to 10,000 miles. Use better quality oils like 5W-20 and always go for regular maintenance to keep the car in good position. In maintenance, tire pressure is always to be taken care of. The safety and tire performance is compromised by low tire pressure. Make sure that the tires are properly inflated.
Records to be maintained
Keep all the documents of maintenance, repairs in a document so that you can show them to the buyer when you want to sell the car. This will prove that the car was maintained properly and thus the resale value will be increased.
VIN report is to be checked
Vehicle identification number report is very important for the car. Even before looking the car, buyers will look for it. The total history of the car is disclosed by this report. Any servicing, accidents or change in the ownership is recorded in the VIN report. While servicing a vehicle, this report is updated by dealers automatically.
Mileage is to be controlled
The amount of mileage is like the age of the car. While setting premiums of the car, the mileage is taken into account by insurance companies. The average annual mileage should be 13,500 per year. If you have driven more there is depreciation of the value of the car and if less, there is an increase in the resale value of the car.
Appearance of the car
An ill-kept cars are is not preferred by any buyers. Make sure that your car is clean and you use a car wash while doing so. Don’t scrub or wax it too much because that just makes it more dull. Don’t eat a lot inside the car even if you are on road trip. Avoid smoking in the car because any spill, stain or smoke can ruin the appearance.