Most people are aware of the fact that cars tend to depreciate in value, unlike real estate, which almost always appreciates in value. However, it is possible for some cars to appreciate in value— although these are usually your classic cars, such as vintage cars. This may seem like bad news for car owners looking to sell, but it is possible to increase car’s value — even if it isn`t a classic.
Continue Getting Regular Maintenance
Routine maintenance and service checks are important whether you`re trying to sell your car or not because they keep a car running smoothly. When it comes to selling your car for a price close to the one you paid for it, routine maintenance keeps it in good condition— which is the reason that cars tend to depreciate as soon as you drive off the lot.
Go in for your schedule oil changes, tire rotations, etc. and try not to skip any while you have your car. Again, this benefits you while you`re driving your car because it`s less likely to break down on you.
Be Smart with Your Upgrades
Just like with a home, certain upgrades to your car can either increase or decrease its value. A general rule of thumb is that you shouldn`t change anything on a classic car. This is because people tend to want them in their original condition, so adding any kind of upgrade— even a new paint job— can decrease its value.
As for upgrades for other cars, upgrades and cosmetic features such as minted windows don`t usually increase a car`s value. On the other hand, these car upgrades usually do:
- Backup camera
- Blindspot indicators
- Bluetooth
- Lane departure alerts
Overall, upgrades that make driving safer and navigation easier can help increase the value of a car. These upgrades aren`t necessarily “necessities”, but they are desired features that the majority of people tend to look for in a vehicle. Just keep in mind that certain cosmetic upgrades should be kept to a minimum.
Cosmetic Improvements
Painting and Waxing
On the other hand, not all cosmetic changes to a car will decrease its value. Cosmetic improvements like restoring the car`s original paint job, buffing it, polishing it, and waxing it can all give more value to the car— as long as each of these tasks are done by a professional.
A professional paint job not only paints a car, but it will also repair scratches, chips, and other imperfections present on the car. This may include polishing (removing the clear coating to eliminate scratches) and/or buffing (removing a thin layer of paint to eliminate small dents). Afterwards, a waxing may be done to smooth out everything and leave a glossy shine.
Washing and Detailing
Professional (and thorough) car detailers may do this too. Actually, it`s a good idea to get your car detailed before selling— and getting it appraised— because this is a thorough cleaning of both the interior and exterior of the vehicle. Keep in mind that detailing can be expensive, but if you`ve been taking good care of your car, visiting a car wash can do the same.
What Not to Do if You Want to Sell Your Car
If your goal is to resell your car, whether in the near or distant future, there are a few things that you shouldn`t do if you don`t want the value to go down. Keep in mind that there are a few things that automatically make a car depreciate in value that can`t necessarily be helped, such as the age of the car (unless it`s a classic) and its mileage being close to or over 100,000. Sometimes the make and model— and even the color— of a car can have an affect on its resale value. Overall, these are the factors that can further decrease your car`s overall value:
- Bumper stickers/monograms/etc.
- Exterior (and interior) damages
- Neglecting maintenance
- Smoking in the car
- Window tinting
Of course not everyone wants to sell their car, but you should keep these tips in mind if you think that you would want to one day. However, certain things like routine maintenance and washing your car on a regular basis are things that you should be doing whether you plan on selling your car or not. As a responsible car owner, you should try to take care of what`s under the hood, the exterior, and the interior of your car.
