Whether you’re selling an old car for a new one or extra cash, getting a fair price should be the priority. However, it’s common for potential buyers to say that your vehicle now holds a resale value that’s lower than what you’re expecting. Remember what most financial experts say about car ownership? That the moment you drive it out of the dealership, it starts to lose its value? It still holds today. A brand-new vehicle’s valuation decreases by 20% after owning it for a year!
Car depreciation is inevitable. And if you owned your vehicle for more than a year now, imagine depreciation’s impact on it. But there’s hope! Whether you plan to sell to dealerships, private buyers, or cash for cars NZ or ones near your location, you can do something to maximize your car’s value before selling.
Read on to discover the steps you must take to prepare your vehicle for sale.
Avail of professional full car detailing
Many car owners mistakenly think that standard washes are enough when selling their vehicles. However, if you want to get more money from the sale, it couldn’t be further from the truth. Full car detailing is still the best way to maximize your car’s value. It keeps not only the exterior clean but also the interior in pristine condition.
In-depth car detailing, which covers paint restoration, interior cleanup (upholstery stain removal and faded leather restoration), and rim polishing, can cost up to USD$225. Is it worth it? Definitely! It’ll make your vehicle look like it just came out of the showroom, getting you into a good position to negotiate for a higher price.
Think about it: if you’re the buyer, would you be more willing to pay more for a car that’s looking old and dirty or for one that seems brand new inside and out?
Make the necessary repairs to address minor issues
An operable car will acquire a higher price tag than a broken one. So, it’s a no-brainer to make the necessary repairs to address issues that are keeping your vehicle from being in a drivable shape. Fixing these small problems can add value back to your car, allowing you to charge more when selling.
Since the prospective buyers won’t need to spend a dime for any repair, they’d be more willing to pay more for your vehicle. In fact, according to experts, spending USD$550 to address minor issues could potentially add up to USD$3,000 to the final value of a car before sale.
Start with a visual inspection of your car. Consider putting on new tires if you notice the old ones are already showing signs of wear and tear. How about the lights? Are they working properly? If not, have them checked and repaired by a technician. The same goes for the power windows. It’s also a good idea to take your vehicle out for a quick test drive to check if there’s anything that doesn’t seem right, like if the brakes aren’t providing enough braking power.
Basically, you should try to address any problem that would make potential buyers question the value of your vehicle. Unless, of course, the needed fix will require you to spend more money than what you’ll get from the sale.
Double-check your car’s essential fluids (and change or refill if necessary)
Another way to show prospective buyers that you’ve taken good care of your vehicle while it’s in your hands is to ensure that the car’s essential fluids are well-maintained. Keeping them fresh and at a proper level will help a vehicle drive better and last longer.
The essential fluids to check include:
- Engine oil: It helps keep the engine’s components moving smoothly despite having to spin thousands of times per minute when you’re driving your car.
- Coolant: An engine heats up due to combustion and friction. Coolant is important for keeping everything cool. It absorbs the heat and dissipates it through the radiator.
- Power steering fluid: One of the most important features in modern cars is power steering. It makes maneuvering a breeze. In many vehicles, turning the wheels becomes effortless with power steering due to pressurized fluid.
- Transmission fluid: This essential fluid lubricates and cools your transmission’s components, allowing the gears, clutches, and valves to move smoothly for seamless shifts.
- Windshield washer fluid: Although the windshield washer fluid doesn’t affect your car’s performance, it’s vital to safe driving. After all, visibility is crucial when traversing the road.
Regular fluid maintenance will keep your vehicle in great working order. Potential buyers can also easily check the above-mentioned essential fluids themselves. The last thing you want is for them to figure out that maintenance has not been up to speed, affecting their perception of your car’s value.
Keep all servicing and repair documentation
While you can just tell prospective buyers about the repair and maintenance done to the vehicle, and they’ll know it during the pre-purchase inspection anyway, documentation speaks volumes, reinforcing your claims. Of course, cars that have been maintained retain more value, so keep thorough records of everything to reassure a potential buyer about the vehicle’s condition.
Conclusion
While it’s true that factors such as mileage and brand appeal affect car resale value immediately, there are things that you can do to get the most money out of your vehicle when selling it. The idea is to focus on the condition of your car—make it as presentable and as drivable as possible.
