When people buy a car, they rarely think of things that might help raise or harm the resale value of their new purchase. There are things people do under the misconception that they are increasing the resale value of their car, but actually end up harming it. Here are the DOs and DON’Ts to keep in mind that affect the car’s resale value:
A car’s paint is the first thing you need to focus on. The paint is the first thing potential customers will see at first glance. While getting the car repainted can be a costly affair, getting it waxed and polished regularly will make sure it retains its shine and can make your car look newer.
Fixing dents and scratches
Every car that has been driven on a regular basis will eventually get scratched or dented. Minor scratches and dents will go unnoticed but deep, serious ones need to be taken care of immediately. The scratches can be polished away, and the dents can be buffed out at a service station.
Once the exteriors are taken care of, you need to make sure the interiors are as alluring if not more. The seat covers, the mats, and the seats themselves need to be cleaned properly. Replacing car mats is a cheaper affair than getting them cleaned and also takes care of any torn ones.
The first things buyers ask for when purchasing a used car, are all the documents. Keeping all the service and maintenance records are solid proof that you have taken good care of your car. They also make the job of the buyer easy and convenient, giving them a feeling of trust on you.
Reducing the work of the buyer will go a long way in increasing chances of a successful sale. One way to do this is by replacing all the fluids of the car (an important point missed by most used car sellers) i.e. engine fluid, brake fluid, and even windshield wiper fluid. Changing the tires to newer ones with even tread make your car attractive and make sure the buyer has no complaints post-purchase.
Professional servicing and repair
After taking care of all these minor fixes, it’s time to leave it to the professionals when it comes to the more complex aspects. Fixing anything that might affect the performance of the car needs to be done at a proper service station. True, it might cost you a few bucks, but you’ll make much more after the sale of your car if it’s properly fixed by a professional mechanic.
Lack of proper documentation
If you lack the proper maintenance records, the buyer will have to take your word about the claim that you’ve taken proper care of your car thereby reducing his trust and increasing the time it takes for him to inspect the car. If problems arise post-purchase, you lose all your credibility as a seller.
The most basic of all reasons a car’s resale value reduces, is mileage. If it has run more than 10,000 kms in a year, you can expect the car’s value to go down several levels. This happens because mileage is directly related to the tread the tires have undergone as well as the overall wear and tear of the car.
Excessive modification and customization
Perhaps the biggest detriment to a car’s resale value, modifying your car reduces the value simply because while the carbon aftermarket parts and flashy neon lighting might appeal to you, it might not to everyone. A car’s look and aesthetic appeal is very subjective, and it’s best to keep it as close to stock as possible.
If your car looks worn out at first glance, it probably is very old. That’s how the thought process of a buyer will be. People purchasing used cars want it to look as good as new. If a buyer sees your car full of dents and chipped off paint, there’s a very strong chance it won’t materialize into a sale, all based purely on how your car looks.
Performance and mechanical defects
Faulty brakes, damaged suspension, and any other mechanical defects are all you need to guarantee that your car won’t be sold easily. Saving money by hiding these problems will only harm your reputation. It’s not all about looks, performance is equally important if not more.
Being a miser
If you’ve tried to save money on proper mechanics and genuine parts for faulty ones, all that money saved will reflect negatively on the resale value when you’re attempting to sell your car. While authorised mechanics and genuine parts do cost extra, these will greatly help retain the car’s value over a longer period of time.
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