As it happens, the process of buying a car is significantly easier than that of selling one. Buying cars is a topic that is very well documented on the internet, but it can often be difficult to find a simple and effective process to sell a car. What’s more, the average car owner, who is more of a buyer than a seller, often finds it difficult to find a secure option that provides optimum resale value for their used vehicle. The process is made even more complex by certain conventions in the industry that make things confusing and lead to long delays.
Conventionally, selling your car typically involves multiple middlemen, a process that negatively impacts the both the seller and buyer of any used car. However, in recent years, more options have emerged that essentially remove the middleman from the transaction to bring value on both sides of the used car transaction. Spinny’s full-stack model is a very relevant example of one such model that is streamlining the process to help sell your car quickly, conveniently, and for the best resale value. This article will outline a few simple steps that you can take to ensure that you are able to sell your car for the best value without facing long negotiations and delays when you sell your car online.
Invest in your car’s value
As customers, people are inclined to think of themselves as consumers of the vehicles that they drive, but this is not usually the most logical perspective – your car is more than a possession, it is an investment. While it is true that cars are a depreciating asset, your car’s resale value is directly tied to your maintenance of the car and careful usage throughout its life. Investing the time and money to routinely maintain all the major components of the car as well as the body will go a long way to ensuring the highest resale value for your car.
Know when to sell your car
For every kilometer you drive your car, its energy and cost efficiency continue to diminish. What this means from an economic standpoint is that the operating cost of your car rises gradually. The value you get when you sell your car online, on the other hand, depends on a host of factors including, but not limited to, the brand, the model, the technology, the state of the present market, and even tertiary factors such as economic growth and reserve bank interest rates. What is important to realize is that while the cost of driving your car will always increase gradually, the resale value of your car can drop overnight, often without you having a say in it.
With this in mind, it is in your interest to be well-versed with the state of the market as well as your car’s current asking price in the market. The appropriate time to sell your car will depend on how you plan to use your car, but the general trend in the market is to sell your car after three to four years of purchase to get maximum utility for yourself while also securing the car’s resale value.
Getting a fair resale valuation
Unlike new cars, prices of used cars vary widely across brands, models, features, age, and distance travelled. Much of the conventional methods of used car valuations depends on calculated guesswork, gut-feelings, and immediate appearances. When attempting to valuate your own car, the first step is to conduct a market survey for the going rate for similar cars in similar condition on online classifieds. Another option is to use one of the many online car valuation tools available online to get a more accurate price estimation.
Once you have a fair idea of your car’s value, you can employ the service of a highly qualified mechanic to inspect the car and give you a more accurate valuation of your car. With this information, you will be more confident when negotiating with buyers and prevent any loss of value when negotiating.
The inspection of your car by a qualified mechanic is an essential step in arriving at the right resale value for your car. In most cases, prospective buyers will conduct their inspection of your car to see whether the price you quote is fair. Getting the inspection done yourself ensures you have the same information to avoid unnecessary negotiations. With full-stack platforms like Spinny, the seller and the buyer receive the same inspection report conducted by the same qualified inspector. This removes the need for negotiations and makes the process of selling extremely transparent.
Another reason for getting your car inspected is to thoroughly check all the components on your car like the battery, headlamps, and stereo system, among others. This will help identify any underlying issues that may start to appear with age. Apart from the core components, repairing or replacing the small components should be an inexpensive way to ensure your car is at its best at the time of sale.
Small Improvements Before Sale
There is always room for improvement and there are some small additions that take care of the finer details to ensure you sell your car in as little time as possible. This could include deep cleaning your car’s interiors to give it a fresh appearance as well as replacing old floor mats. Taking your car for a full service to replace the oils, fluids, oil filters, air filters, and other essentials will bring it to its best condition. These small improvements will help entice the buyer and further justify your asking price for your car.
Documentation for Secure Sale
While the exterior and interior condition of your car plays a major role in determining the resale value of your car, having all the relevant paperwork and documentation ready with you can also help you secure a higher resale value for your car. Records of regular maintenance, part replacements, and pollution checks highlight the care you have provided to your car, giving the buyer more peace of mind when considering your car.
Additionally, you should proactively cooperate with the buyer to fill the necessary paperwork to transfer the RC and car insurance to the buyer at the earliest. Being involved in this process will ensure that these essential ownership documents are transferred to the buyer, giving you security after the car is sold.
FAQ about Car Resale Value
What affects a car's resale value?
A number of factors directly impact the resale value of a car. This includes the reliability of the brand, the make and model of the car, the maintenance of the car, and the fuel type of the car, among a number of other factors.
Should you consider resale value when buying a car?
Considering the future resale value of your car is an important factor in your decision to buy a new car. In many cases, you can get a significant percentage of your car's purchase value when you decide to sell your car. With proper maintenance and careful driving, you will be able to increase the resale value further.
How do I keep the resale value of my car?
Proper maintenance and careful driving are good practices to follow to ensure your car's resale value is maintained.
When should I sell my car to get best resale value?
There are a number of factors determining when you should sell your car to get the best resale value. Selling your car after 3-4 years or with less than 50,000 km of mileage will get you a higher resale value.
Does mileage affect car resale value?
The kilometers your car covers in its lifetime are directly related to your car's resale value. The higher the mileage on your car, the more likely that your car will receive a lower resale value.