The days of long-term car ownership are disappearing. As the rate of innovation in the automotive market has increased, so too has the rate at which people change cars. Part of this can be explained by the growing prevalence of leasing schemes. But it is also becoming much more common for people to resell cars they have purchased, especially since it is now much easier to sell a second-hand car than it used to be.
This raises the question of how best to retain the resale value of your vehicle. A certain level of depreciation is inevitable, and there are certain mileage milestones at which your cars value noticeably drops. However, there are steps you can take to minimize the amount of value your car loses over time.
1. Washing and waxing.
The paintwork on your car can fade and discolour over time. Once this happens it can be almost impossible to reverse (short of repainting), and this can hurt your cars resale value. To keep it looking new it is important to wash and wax it regularly.
You should wash it using the two-buckets method and aim to wax it at least twice a year. Keeping on top of this will keep your car gleaming and net you some extra cash when it comes to selling.
2. Don’t forget about the interior.
Whilst your cars exterior is most vulnerable to damage and the effects of aging, that doesn’t mean you can ignore the interior. Stains, scratches and odours will all knock down the price of your car when it is time to sell.
Smoking inside your car should definitely be avoided. The smell of smoke is notoriously difficult to get out and will instantly put off a lot of potential buyers. You should also regularly vacuum the carpets, wipe down any plastics and upholstery and clean the fabric of the seats. If you have a leather interior make sure you use appropriate cleaning products.
3. Keep on top of small issues.
It can be tempting to ignore minor problems with your car. However, it is advisable to have any mechanical work carried out as soon as it comes up. Putting things off will normally result in more expensive repairs further down the line, and a major dent in your cars resale value.
4. Get your car serviced regularly.
One of the biggest determinants of your cars resale value will be its service history. You should get your car serviced once a year. Keep records of all of your services. A car with a strong service history will be much more appealing to both dealers and private buyers.
It is always preferable to get your car serviced by a main dealer. This is generally slightly more expensive, but your car will hold its value much better as a result.
5. Keep track of all of the documents.
You should make sure you keep any documentation relating to your car: MOT certificates, service receipts and logbooks.
Having these to hand will instantly make the car more appealing to potential buyers. It will also give you more bargaining power when it comes to haggling over price. People will feel much more comfortable purchasing a car which has a history of services, ownership, filter changes etc.
6. Fix cosmetic damage.
You might not be bothered by superficial damage such as dents and scrapes. But many potential buyers will be instantly put off, and anyone who does want to buy will have strong grounds to knock you down on price.
Car buyers like WeBuyAnyCar will also use cosmetic damage to knock down the price of your car at point of sale.