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Most car buyers plan to keep their cars for at least a few years and it makes good sense to try to keep its resale value as high as possible. Ultimately, it will provide you with more money to put down on your next new car. There are many market forces at play when it comes to resale values of cars, however there are a few measures you can take to maximize the resale value of your car: Buy the Right Car There are certain car brands that are known retain its value. Car maker perceptions, desirability and reliability varies over time, but popular vehicle manufacturers such as Toyota, Mercedes Benz, Range Rover, and Ford amongst others have long been known and respected for its ability to retain its second hand value well. Supply vs. Demand, perceived quality & reliability is the primary driving forces in the used car market and unproven, less popular brands such as GWM, Tata, Chery and other Chinese imports loses its value very rapidly. Use a good used car guide such as the auto industry standard Auto Dealers’ Guide in your area, to research the resale history of models in which you are interested. Optional Extras Most options won't offer any financial benefit when the time comes to sell your used car. However, it does not mean you should buy a vehicle with the fewest number of features possible. Some comfort features such as air conditioning and power windows is expected by most drivers these days and should offer the most return on investment. Be sure to note that most tech and stylistic options won't return much value on the used-car market. Service / Maintenance History Follow the maintenance schedule in the original manufacturer service book. Keep any receipts you might have saved for maintenance or repairs that was done to the vehicle, no matter how minor the work has been. A full service history and saved receipts for any work done will show the vehicle has been cared for. Prospective car buyers will always be more attracted to a car having a fully documented service history, and would be willing to pay more compared with a car that lacks documented history. Drive Carefully Drive with care - Any history of accident damage, or even minor dents and scratch to the car can have a severe negative effect on the resale value of the car. In the unfortunate event that you are involved in an accident, be sure to make use of a reputable repair shop and insist on only using factory (also known as OEM, for Original Equipment Manufacturer) parts. Car buyers with a trained eye, will quickly spot bad repair work and this will have a huge impact on the final sales price. Keep a record and save all receipts of repair work done to the vehicle as this would come in handy when it comes time to sell or trade. Keep It Clean People associate cleanliness with care, so keep your vehicle as clean as possible. The cleaner your car, the more it will be worth when it comes time to sell it. Vacuuming the interior regularly is a must, and protecting carpets with floor mats is essential. Consider using a protective wax/cream for the interior to prolong the life of leather, rubber and plastic finishes. Washing and waxing your car on a regular basis is vital for maintaining a shiny paint job and to protect it against the elements. Do Not Modify/Customize your Car If you are planning to sell the vehicle ultimately, resist the urge to customize / personalize it too much. Don’t do modifications that will damage the appearance or functionality of the vehicle. Remember to save the stock parts so that you can restore the car to its original condition before selling. Keep in mind that aftermarket modifications can actually decrease a car’s value. Sell your Car Privately Selling your car privately could bring you up to 20% more for your vehicle. Used car dealers will only offer an average ‘trade price’ or ‘book value’ that is often significantly below the market value that you should get when selling privately. The ‘trade price’ off a vehicle is essentially the lowest value of a used car, and when buying privately you can expect to pay a little more. For more information & automotive articles, please visit: www.driveit.co.za Sell your car free
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