5 Ways to Maximize your Vehicle Resale Value

Trying to get the most money back out of your car that you can is important. Many people rely on the resale value of their vehicle to put a down payment on a new one. Nobody wants to feel like they lost money on a purchase, let alone such a large purchase. Think about it, when you go to buy a used car from somebody, what are some things you check? The first thing anybody looks at is the mileage. How much life is left in the car? If it has high mileage, chances are you aren’t going to get as much money for it as you would have a few years ago when it had low mileage. That being said, here are five ways to help get the most money possible for your car.

What Is Vehicle Resale Value?

A vehicle's resale value is determined by a number of factors, including its make, model, and mileage. However, the most important factor in determining a vehicle's resale value is its condition. A vehicle in good condition will always fetch a higher price than one that is in poor condition. In general, a vehicle's resale value will depreciate as it gets older and accumulates more miles. However, well-maintained vehicles can retain their value surprisingly well. So, if you're thinking of selling your car, be sure to give it a good cleaning and tune-up first!

Mileage

The number one thing that affects a car’s resale value is the mileage. Big surprise right? The fewer miles on the car, and by extension the less wear and tear, means the car is worth more money. So how do you keep your mileage low if you have to commute long distances for work or go on road trips often? There are a few things; first, try and take public transportation when possible or see if your workplace offers any sort of shuttle service. This will save both wear and tear on your car and gas money! Second, when taking road trips try and plan them out so that you can make as few stops as possible. Not only does this minimize how often you have to stop and start your engine, which wears it down over time, but it also cuts down on how many times you have to use other parts of your car like the brakes and signal lights. 

Regular Maintenance

This one should be a no-brainer, but making sure you keep up with regular maintenance will go a long way in preserving your car’s value. It shows that you took care of the vehicle while you had it and helps potential buyers feel better about spending their hard-earned cash on your car. Some examples of regular maintenance are; getting an oil change every 5,000 miles (or whatever is recommended in your owner’s manual), rotating your tires every 6,000 miles, checking/changing your brake pads every 12 months or 12,000 miles etc… These might seem like small things but keeping up with them will save you big bucks down the line. 

 

Interior/Exterior Condition

 
Another big factor in how much money potential buyers are willing to spend on your car is its condition; both exterior and interior play into this. For example, if you live in an area with lots of trees chances are your paint job is going to suffer from tree sap fallout or bird droppings. These types of things might not seem like a big deal at first but over time they will damage painting leading to costly repairs later down the line if not taken care of immediately. The same goes for interiors; if you eat in your car frequently there are going to be crumbs and stains that become more difficult over time to remove and make the interior look dingy. Something as simple as placing a seat cover or using air fresheners can help preserve both the exterior and interior condition of cars and thus help preserve resale value. 

 

Keeping Detailed Records

 
Keeping track of everything related to maintenance performed on cars can help get top dollar when reselling them. When meeting with potential buyers, they will usually request proof that everything stated about the condition and upkeep of the care is accurate. Buyers are willing to pay more for cars that they are confident are in good, operating condition. This is where Glovebox by HeyAuto comes in! Glovebox allows users to upload their vehicle and its maintenance/service documents digitally in one organized and accessible place. You'll never have to worry about misplacing a document and when you go to sell your vehicle all of the information requested by the buyer will be a breeze to find. Make an account and upload your documents here, your future self and your car will thank you. 

Even though new cars lose value as soon as they're driven off the lot, there are still things drivers can do to maximize their vehicle's resale value when it comes time to sell or trade in their set of wheels. By following these five tips— monitoring mileage, performing regular maintenance, preserving both exterior and interior condition, and keeping detailed records —drivers can help ensure they get top dollar for their used car.