How To Maximize Your Automobile Resale Value
Over the first 5 years, most cars can lose anywhere from 35% to 70% of their original value. The resale value of your car depends on its current availability in the market and the maintenance costs you’ve invested in it. However, keeping in mind a few things can raise or maximize your car’s resale value:
- Buying the right car – A car won’t last a lifetime so when you buy you also have to think when you’ll be selling. Some cars may look great when they are new but their value will depreciate rapidly after you drive them out the dealership’s lot. Makes such as Toyota, Honda and Lexus and Volkswagen have good resale values. Investigate before you buy for models that have great great resale value.
- Flash but no cash – Choose conservative paint colors and popular options. Expensive extras like a deafening stereo system, wild colors and personalized items (like your name on the trunk lid) will actually hurt your automobile’s resale value because fewer potential buyers are interested in such features.
- Essential add-ons – Power steering, air conditioning, cruise control, power windows and door locks, and an adjustable steering wheel are essential needs of today’s drivers. Leave them out and your resale value will drop dramatically.
- Maintenance is the key – Taking good care of your car is perhaps the most important tip. Keep maintenance records for all service and repairs performed, make sure your car’s interior is neat and in good condition, take care of the seats and avoid tears and stains, rotate tires periodically, protect the paint, and fix dents before your car suffers deeper damage. If you need a little more help, check out our Top Ten Best Car Resale Value Under 35K.
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