6 Key Aspects That Can Seriously Undermine The Resale Value Of Your Car
Some drivers are obsessed with the resale value from the very first day they drive a car, while some don’t spare a thought until it is time to move on to a new set of wheels. Either way, the drivers face reality; it can be either a cold wake-up call or a pleasant surprise.
The resale value of a car depends upon a number of factors like mileage, age, condition, equipment level, and so on. Besides, other aspects like supply and popularity also play a major role in determining the resale price of the vehicle.
And then, there are some that can boost or knock down the resale value before you are out of the showroom. Here’s a quick look at some of them.
1. Inadequate Maintenance or Absence of Maintenance Records
It shows if you are neglecting your car. Aspects like a regular filter, fluid, and belt changes play a significant role in how smoothly your engine will run. Noisy engines are sure to turn off potential buyers. Moreover, keeping a record proves that you took good care of your car. Written credentials of inspection increase the value of used vehicles.
You need to keep the maintenance records from the time you purchased a vehicle. This is true also if you have purchased a used car. The inability to produce maintenance records indicates inappropriate maintenance of used cars, bringing down the resale value.
2. Aftermarket Modification
Let’s say you are the owner of a Dodge Neon. You have invested a huge amount of money for large wheels and a spoiler, a special suspension, and an exhaust system. If you try to find a market for it now, you will see that there isn’t any significant one – in fact, the market for it is extremely small.
So, you tend to ask yourself a question: though your car is in perfect shape, why can’t you find buyers? It’s a niche vehicle and within that niche, you have narrowed things further. Only people who are eager to purchase a customized vehicle just like you will buy your car.
Most people prefer to buy cars that look right out of the factory. You may love tinted windows or huge spoilers, but most buyers prefer to overlook the modified vehicles. These add-ons are illegal in some areas, thereby bringing down the prospects of sale further. Even if you believe that these add-ons are cool, think again before you install them in your car. Here are a few modifications better to avoid:
· Underbody or lowering spoilers
· Unusual paint jobs
· Special lights
· Aftermarket engine upgrades like nitrous oxide or turbocharging
While buying or selling a car, you know that mileage casts a significant impact on the market value. Most people regard cars with lower mileage to be of better value than vehicles with more mileage. More mileage equals more wear and tears. This necessitates more repairs in the future.
4. Odor and Dirt
If you are thinking the potential buyers will not see the dirt, think again. Imagine yourself off to the supermarket to buy foods in a sealed package. Which one will you choose? The clean box or the one caked with dust? The same is true for cars. While taking pictures or while going to show it, ensure that it’s absolutely spotless.
Make your car as odor-free as possible. It is better not to smoke or let others smoke in your car. Smoke smell is hard to get rid of and will discourage the buyers.
5. Small Scratches and Dents
Even tiny imperfections attract attention. Take time to get the defects repaired and you will see the resale value going up substantially. If you have a crumpled dumper, you can repair it or sell your car for a lesser amount. Though you will be making the same amount of money, either way, you may fail to attract so many would-be buyers.
6. Videos Involving Car
Some car sellers fail to realize a few things. Smart shoppers will simply Google your name as well as the make and model of your car to see the things that pop up. Your friend may have videotaped you racing another friend in a park.
This will show up on the search engines in case your name is included. It will show also if you had been drunk driving your car and got arrested.
Add-Ons That Increase the Value of your Car
So, now you are well aware of all the aspects that may undermine the value of your car. Now let’s have a look at the add-ons that enhance the value of your car:
· Appropriately sized alloy wheels or rims with the low profile tires
· Mobile electronics like premium stereo packages
· Navigation systems
· Factory installed or appropriate aftermarket leather seats and interiors
· Sun or moon roofs
· Appropriate fog lights, taillight as well as legal window tinting
· A premium private number plate (if you are willing to transfer the registration the buyer)
Simply follow the tips. Besides, you can try enticing the shoppers with extras like a pre-purchase inspection. If a qualified inspector checks your vehicle, you can provide the report to the potential buyers. Third-party evaluation goes a long way in securing the sale.