How to Increase the Resale Value of Your Car With Simple Habits
Let’s discuss some ways to maximize your vehicle’s value when selling or trading it.
The Effect Of Regular Maintenance On Value
People no longer just "kick" the tires when buying a vehicle. They will also look through your service records, review the condition of your vehicle’s components, and even smell for any unpleasant odors. According to a recent 2023 study completed by Kelley Blue Book, used cars that come with a complete service history can be sold for as much as 10-15% more than similar vehicles without a service history. The other important aspect of regular maintenance is not just avoiding mechanical issues; it gives potential buyers assurance that the vehicle has been well taken care of, therefore they will be willing to pay you more for your vehicle because they have more trust in you as a seller.
- Constant Servicing - Your Best Advantage
Don't ever miss your regular maintenance.
- Oil changes every 5000 to 7500 KM - Keeps the engine clean and reduces wear. Buyers want to see a consistent oil history.
- Checks on brakes and transmission - Addressing small concerns before they become "it needs repairs" will prevent a deal from falling through.
- Keep all repair receipts - Having a filing system (either digital or physical) for your vehicle service history can increase an offer by 25,000-50,000 Rupees very easily.
Tip: Follow your manufacturer's recommended maintenance schedule rather than relying on the "it feels right time." Getting your vehicle stamped by the dealership adds weight to its service history.
- Cleaning Pays Off
The initial appearance of your vehicle is not a trivial matter; first impressions are money.
Outside Maintenance
- Weekly washes and monthly polishing. Regular UV protectant treatment on your car will help to prevent the paint from fading.
- Small chips and scratches should be fixed immediately (costing ₹2000 to ₹5000) as opposed to waiting until all the chips and scratches turn into major damage (costing ₹20000 on average).
- Cleaning your wheels thoroughly - To show that your vehicle does not have a build-up of brake dust due to neglect.
Inside Maintenance
- Vacuum every week and steam-clean every 3 months. If your vehicle has pet hair removed, please get a professional extraction.
- Conditioners should be used on the leather every 3 months to maintain suppleness.
- Remove odours when they occur. Ozone treatment when necessary (approximately ₹3000, well spent).
- The value of a meticulously maintained vehicle is that it can sell 20% faster at a 10% higher price than it would if it were not.
- Well-Maintained Driving Habits Builds The Long-Term Resale Value
When you place your foot on the gas or brake pedal, you affect your resale value more than you may think!
The following driving habits will cause your vehicle to depreciate faster than it would normally:
- The amount of time spent accelerating and/or braking smoothly (Expect to replace your vehicle's suspension, clutch, and brake pads sooner than later if you drive awkwardly).
- The amount of time spent avoiding potholes (Their potential physical appearance on your vehicle's body and/or wheel rims can cost you 10,000 or more).
- The amount of time spent parking your vehicle in garages or underneath a car cover rather than in the open sun.
Tires have a story to tell. You should rotate your tires every 8,000 kilometers and maintain a 32-35(lbs) air pressure. Fresh tire tread on your tires increases your vehicle's resale value by 8,000-15,000.
- Documentation
It is your silent salesman! Buyers want to see proof of your vehicle's history. Include the following as part of your vehicle's resale package:
- Service History File (Chronologically organized, with major work items highlighted).
- Owner's Manual and Extras (Including Second Keys, Floor Mats, Unused Warranties).
- Vehicle History Report (Includes vehicle title history, no accident history, ₹500 RTO/Insurance).
Also, when you upload your vehicle photos to OLX or Cars24 listings, you will receive a larger number of interested buyers in a shorter time frame.
- TIMING AND PRE-SALE PREPARATION
Sell your vehicle during the following holiday seasons: October through December and March through April.
Have your vehicle professionally detailed at least 48 hours prior to taking photos for the sales listing (Spending 4,000 will give you a three-fold increase in sales).
The Payoff.
The value of your car is based on how you take care of it. All the things people do to maintain their vehicles, such as checking the oil, cleaning them regularly, and driving sensibly, build over time to provide thousands of extra dollars when it comes time to sell. If these same practices are skipped, the resale value of your car will decrease rapidly, and you will end up attempting to negotiate repairs and/or maintenance items.
When buyers look at vehicles, they look at how well they have been cared for. A clean interior, a complete service history, and new tires all indicate an 'investment' and not a 'project'. Take baby steps in developing good vehicle habits. If you are due for service now, get that service done. Cover your vehicle from the elements, and keep your maintenance receipts organized. In a few short years, if your life changes and you are ready to upgrade your vehicle, these same habits will pay you back in cash - maybe even enough to help you purchase your next dream vehicle. Drive intelligently and maintain your vehicle consistently, and you will have cash in hand when it comes time to sell your vehicle.