Ways to Keep Your Car’s Resale Value High
When you drive a new vehicle off the dealership’s lot, it can lose up to 20% of its value immediately. After you’ve had it for 3-4 years, you can lose up to 60% of the overall cost because of depreciation and use.
If you pay attention to these five factors, you’ll have ways to keep the resale value high. Since microchip shortages impact new vehicle construction, now might be the perfect time to put your vehicle on the market.
|Mileage:||Vehicles with lower mileage typically have a higher resale value. If the odometer seems unnaturally low, it might communicate a problem that makes the car hard to drive.|
|Location:||Some vehicles are more popular than others in some communities. You’d get more value for a pickup truck in a rural area than an electric vehicle with a 50-mile range.|
|Age:||The overall age of a vehicle has a direct impact on its overall value. When your car gets older, it is worth less. The only exception to this rule is if there are investment-grade qualities to consider, such as model rarity.|
|Condition:||If your car has visible body damage, interior stains, signs of wear, or issues with its mechanical operations, it won’t have as much value to a potential buyer. Even cosmetic matters can have significant negative influences on the final selling price.|
|Market Condition:||You’ll find a bigger market for hybrids and electric vehicles in some areas. If someone needs to do lots of traveling, a high fuel efficiency rating will give the car more value.|
If you want to keep your resale value high, the best step you can take is to follow the vehicle’s maintenance schedule. That includes tire rotations, oil changes, and other upkeep items.
It also helps to save your service records. This step proves that you took good care of the car.
The final step should be to keep the exterior and interior clean. Look at your vehicle from the prospective buyer’s point of view. No one wants to buy a scratched-up car with sticky seats for the full Blue Book value.