As soon as you buy a car, its value starts decreasing. It is true. Depreciation is scary, and the cars experts say that you lose 11% of a car’s value just by driving it off the lot. After that, 15% – 25% depreciation occurs every year during the first five or six years.
To sum it all, a car loses more than half of its worth after these five years. But taking care of a few minor issues can increase your car’s resale value by a lot. And in this article, we tell you tips to increase the value of your car that always work.
How Your Car’s Resale Price is Determined
Before we delve into ways to increase the price of the car, see how a vehicle’s value is determined. That can help you evaluate the rate of likely depreciation and how you may soften the blow. Several factors that determine the value of your car are as follows.
Mileage and age
Mileage affects a car’s value more than its age. The more miles you put on the vehicle, the more it will depreciate in its value. A six-figure mileage on a car makes your vehicle go through a lot of wear and tear.
Lower miles mean the car is in the best condition. Thus a high trade-in or resale value when selling a car.
Make and model
Research your car’s re-selling price before buying to retain the value with time. A few brands will get you a better price because of their dependability and popularity. Conduct thorough research, buy a car that fits your lifestyle and budget and retain its value.
If you want to find out your old car’s value, you can contact Adrians for the exact quote.
Various options like automatic climate control, a sunroof, navigation, seat fabric, all-wheel-drive upgrades, engine type, and transmission type help keep a car’s value. Doing more trim than this will cost you thousands of bucks upfront. So, while selling, car trim plays a big role.
A used car is classified as a poor, fair, good, or excellent condition when getting assessed for value. But, of course, a brand new car gets you more money.
Most cars are in fair or good categories, which mean you maintain your car well. Conversely, a car in bad condition can get you better luck by selling it for parts or an old rust bucket.
Good safety features increase the resale value and help you be safe. Cars with newer safety features, such as blind-spot detection, collision warnings, lane keep assistance, etc., help increase the price.
How To Increase the Value of your Car
Maintaining a car’s initial value is not a cakewalk. It demands effort, time, and money. However, the reward is bigger in the end. Cars serviced and in original condition makes selling your car in the market easy.
Here is how you can keep the depreciation monster at bay:
1. Regular Maintenance
Maintenance costs for different cars vary. For example, a reliable car like Toyota Corolla will cost you less on maintenance. However, unlike Totota, a BMW will cost you a lot to repair.
When you decide the annual budget for your car, consider how much you drive it. You will need more maintenance if you drive it more. Keep the cost of filter and oil change in your budget along with the potential repair costs.
2. Do Some DIY Car Repairs
Some DIY repairs you can perform yourself and increase your car’s value:
- Change car oil – Save hundreds of dollars by keeping the engine purring. In addition, you can learn to change or check the oil in your car.
- Change the car battery – You can check the car battery’s date. The batteries only last five to six years on average. So, change your battery if using your car longer than that.
- Change the oil, fluids, and coolant – Change the power steering, brake fluid, coolant, and transmission oil as your manufacturer recommend.
- Check the spark plugs regularly – You should check your car’s spark plugs every 30,000 miles. Spark plugs wear fast with high revs. So use the proper tools to change the plugs. For that, you need an anti-seize compound, torque wrench, swivel socket, spark plug wire puller, a ratchet set, needle-nose pliers, gap gauge, and spark plugs.
3. Replace Brake Pads
Getting new brakes every 25,000 miles help boost the value of your car. You should invest in ceramic or semimetallic pads as they perform better and last longer. Decide carefully on when to change the old brakes.
Replacing brake pads is easy, which you can also do at home. It will just cost you around $30-$40. If not confident of your handy work, get the brakes replaced by a local mechanic. Keep the pads in tip-top condition to get the best value for your car when selling.
4. Tires Maintenance
You can maintain a nice gas mileage with properly inflated tires. In some cases, you can improve it by 3%. Some tire shops do tire maintenance for free, while others charge a small amount for it.
Rotate, align, and balance the tires frequently. That helps you avoid needless car wear and tear. For example, if a tire looks somewhat bald, you should buy new tires. It will help you get higher value for your car if you decide to sell it later.
5. Fix the Windshield Cracks and Chips
In some states, driving with a chipped windshield is illegal. But, illegal or not, driving with cracked glass can put you and other passengers at risk. Moreover, you will lose your car’s value. So don’t forget to get the windshield fixed before selling the car.
6. Replace Headlamps
Read your car’s manufacturer manual to find the right bulb for your vehicle. An HID bulb costs higher than a halogen bulb, but ultimately, a working headlamp increases your car’s value.
7. Get the Car Detailed
Treating a car like a dump never helps in increasing your car value. Ripped seats, fusty cigarette smell, and coffee stains depreciate your car real quick. A new look helps keep your car valuable for a long time. Be sure to remove stains when you detail your vehicle.
Washing the exterior of your car and finishing it with wax while wiping down and vacuuming the interior should be your goal. Clean car windows, clean the rims, clean the engine, and blacken the tires.
8. Replace the Floormats
Floormats gather dirt over time. So wash them regularly and keep them in nice shape. If they are really out of shape, replace them.
There you have it! Try these 8 simple ways to increase your car’s value. These tips will help you sell the car quickly and be on your way to buying your next dream car.