Your vehicle represents a big investment; for most of us, it’s one of the biggest purchases we’ll make in our lives, and it’s one you will likely make numerous times as a driver. Since you can spend a great deal of money on a car, truck, or SUV, you probably want to know how to keep its value as high as possible. Whether you’re interested in using your vehicle as a trade-in, want to sell your car for cash, or simply want to know what makes a difference in your car’s worth, we are here to help. Today, we’re going to go over some of the biggest ways you can keep the value of your vehicle as high as possible, as well as what can decrease the value of your car.
Increase Car Value: Follow the Maintenance Schedule
One of the most important ways to keep the value of your vehicle as high as possible is to stick to the manufacturer’s schedule for service and maintenance. This is worthwhile for a number of reasons, including that it makes driving your vehicle more enjoyable and helps you avoid bigger problems that can be very expensive to fix. Proper maintenance also helps avoid depreciation and makes your car more valuable since it tells potential buyers that your vehicle is in great shape. It’s important that you have documentation for this service, such as a service log or journal with dates and even receipts to show that you had work done properly.
Increase Car Value: Drive Safely and Avoid Collisions
This might be a bit of a no-brainer, but we’re still going to say it because it’s one of the simplest things you can do: drive safely. On a day-to-day basis, safe driving is important because it can help you avoid collisions that can be costly to repair and dangerous for you and others on the road. But for what we’re talking about today, a collision is one of the fastest ways to absolutely tank the value of your car. Even if it still runs well, having a crash in the history of your vehicle greatly reduces its value, and you’ll find plenty of buyers who won’t even consider buying a used vehicle that’s been in a collision.
Increase Car Value: Maintain Documentation
We mentioned this already when it comes to proper service, but we wanted to stress this fact and go over it again for anything involving your vehicle. Always maintain records and documents about service and repairs for your vehicle; if you were involved in a little fender-bender, it helps to have documentation showing you had your car thoroughly inspected and repaired by a certified shop rather than saying you banged out a few dents in your driveway. If you have any modifications done, like a new sound system, it also helps to be able to show that the installation was handled by professionals. Document everything involving your vehicle and have those records handy when you go to sell it.
Increase Car Value: Keep the Interior Looking and Smelling Good
We can’t overstate the importance of this point—don’t let its position as the fourth one we’re talking about fool you. The first impression your vehicle makes is how good it looks from the outside, which is why it’s important to avoid even minor scrapes, dents, and damage from impacts. But the most lasting impression comes when someone looks inside and sits in your vehicle before buying it from you. Unsightly stains and bad smells will immediately turn off a potential buyer, including dealerships, so avoid smoking and eating in your vehicle. Also, keep pets out of your ride if you can; if not, be sure to clean up after them thoroughly. And remember: aggressive air fresheners might cover up a smell but also make a buyer wonder what you’re hiding with the scent.
Increase Car Value: Look for a Vehicle with Popular Features
There’s not a lot you can do to avoid depreciation entirely because it’s an inevitable part of your vehicle getting older each year. That said, certain makes and models experience less depreciation than others, particularly if they’re popular rides with features that people want. You can easily do a little research to see which models lose the most value over time, though luxury vehicles tend to get hit the hardest by initial depreciation in the first few years. We suggest avoiding these if long-term value is what’s most important to you. That said, look for a vehicle with features that drivers in the future will still want; this includes things like great Infotainment technology, advanced safety features, and a good sound system.
Increase Car Value: Avoid Customization or Unnecessary Modifications
It can be tempting to make changes to your vehicle while you enjoy it to better meet your needs or create a custom ride you’ve always wanted. This can be great for your enjoyment, but if long-term value is very important to you, then think twice before making any big modifications. Some things like adding a better sound system can be attractive to future buyers and help maintain a high value for your vehicle. Other things like adding a lift kit to your truck, slapping some bumper stickers and decals on your ride, or painting it an outlandish color can be less appealing to a wide range of drivers. If you want your car to be as valuable as possible, then keep in mind what a potential buyer will and won’t want.
Decrease Car Value: Excess Mileage and Use
Although age is a major factor in determining depreciation, the mileage and use of a vehicle are often just as important. You obviously need to drive your vehicle on a regular basis, but just remember that every mile you put on it could be a downside to a potential buyer. The average driver in the US puts more than 10,000 miles on their vehicle each year; if you can keep it under this number, then you’ll be better off than someone going well over it. Again, what you need is important, but if the long-term value is crucial to you, then you should think twice about using your vehicle for that summer road trip.
Decrease Car Value: Improper Maintenance
Just as proper maintenance keeps value high, failing to properly maintain your vehicle can crash its resale value. A lack of proper service or not having documentation to show scheduled maintenance is one of the biggest red flags for potential buyers. If you’ve flat-out ignored things like oil changes and routine inspections, then you should expect to get a lot less money for your car than you’d probably like.
Decrease Car Value: Collisions and Other Damage
Natural depreciation is one thing and happens with time and mileage, but wear and tear is a great way to aggressively lower the value of your car. A crash or collision can tremendously reduce what your car would otherwise be worth or make it essentially unsellable. Other things like rust damage from not keeping your vehicle clean, burns from smoking while driving, and tears to upholstery, as well as cracked windows can all further reduce the value of your ride. This is just as true if you want to sell to us as it is if you’re trying to sell to a private buyer.
Get the Most When You Sell Your Car
Keeping the value of your car high is relatively easy: take good care of it, document service and repairs, and keep it presentable. Also, remember little things on the day that you want to sell, like giving it a good cleaning inside and out to make the best first impression possible, and have all the documents and information for your vehicle with you when you bring us your vehicle to sell. While you might be able to get more money when selling your vehicle to a private buyer, you also open yourself up to potential scams, have to do a lot more work, and you need to make sure everything is done properly to transfer a vehicle over to someone else. If you’re looking to get a great price for your car and not have to deal with any of that hassle and headache, then we’re here to help, and we’ll make you a fair offer on your vehicle today.
