5 Ways to Boost the Resale Value of Your Car
According to experts, Americans are selling their cars much faster compared to previous years. Car sales experts have recently determined that the largest percent of used cars sold will soon be 3 years old or younger by 2022, compared to the between 6 to 8 years old in 2017. This means that the average price of a used car will soon increase dramatically.
The average price of a used vehicle in the United States is already at approximately $22,000. If you want to make sure your car fetches this price or even higher, you need to put in more than a little effort.
Below are a few tips on how you can increase the resale value of your previously owned vehicle to ensure you make your money back and then some.
1. Protect the Interior
Car buyers are getting savvier and savvier every year, and they won’t forget to check the condition of the interior. Unless you have more than one vehicle, you will probably be using your old vehicle up until a few days prior to the actual sale. You must do everything in your power to protect the interior from any permanent or price-reducing damage.
One way you can do so is by using floor mats customized to fit the car. This will ensure that your shoes won’t track in any mud into the upholstery and any spills that might happen until you hand over the keys won’t permanently stain the carpeting. Protecting the interior of your car can ensure you get the best value for it.
2. Adjust Price to Model
You must adjust the asking price of your vehicles to the popularity of the model. This is a simple concept rooted in the dynamics between supply and demand. There are many factors you should consider such as the model of your car and which states is this model the most popular in.
For example, a recent survey discovered that the Ford F-series is the top-selling motor vehicle in 29 states. This means that the demand for these cars can be high and you could sell your Ford F-series for a much higher price in those states than where you are.
The age and rarity of the car’s model is also a huge factor. The 1959 Cadillac is one of the most iconic cars of the 20th century and your car can easily fetch six digits if you find the right buyer.
3. Repaint
If you don’t have the resources to get rid of superficial damages to your car prior to the resale, the least you can do is to repaint it so that the new owners don’t have to worry about minor scratches and dings to the exterior. Ideally, you should repaint the vehicle weeks before you even put it up for sale. This way your initial asking price can reflect the cost of the paint job.
Another tip you should take to heart is the color you plan on repainting your car in. While bold colors like neon green, gold and bright orange may make it unique, it can also dissuade potential customers from purchasing your vehicle. Choose neutral colors such as white and black if you want to appeal to a larger demographic. Avoid bright colors like red because these often have unpleasant associations.
4. Get it Deep-Cleaned
It’s only polite that you get your vehicle deep cleaned prior to putting up in the market. The price of a deep cleaning varies from area to area and with the thoroughness of the service, but it can boost your price range by a few hundred dollars. Just like when you are selling a house, you don’t want potential buyers to see the interior of your car strewn with junk food wrapper or spot sticky stains on the upholstery. A deep cleaning ensures your car is presentable, hygienic and worth the value you put in its listing.
5. Remove Personalization
Finally, you should remove any and all personalized additions you put on your vehicle. This includes bumper stickers, customized attachments and the like. These personalized flourishes are appealing to you, but you don’t know if any potential buyer shares the same sensibilities as you do.
If you put personalized gadgets and devices into your vehicle like a screen attached to the backseat, you can offer to throw this into the deal for a price bump.
Selling your car is so much like selling a house. You need to put in a lot of work if you want to make as much money as you can and walk away from a deal with the best outcome possible.