8 Tips That Will Help Retain Your Car’s Resale Value
- Depreciation can occur as soon as you drive your car off the dealer’s lot. You can’t do much about depreciation, but you can take steps to minimize its effects.
- Ensuring your car is well-maintained is the best way to preserve its value.
- Regularly cleaning and waxing your automobile will help protect it from the elements and keep it looking its best.
- Avoiding modifications is also a way to retain resale value.
- Knowing the selling market will give you a better idea of what features will help your car sell and how much.
When you first buy a new automobile, it’s natural to be thrilled about it, but that’s also the time to consider what you can do to minimize depreciation and preserve as much of the car’s resale value as possible.
When you come to sell your automobile, depreciation will play the largest role in deciding its resale value. Still, there are a number of things you can do to preserve that value and limit depreciation.
In this blog post, DCH Montclair Acura will discuss some of the best ways to protect your investment and ensure that your car holds its value for years to come!
Tip 01: Maintenance Is the Key!
The best way to retain your car’s resale value is by maintaining it properly. This means keeping up with regular oil changes, tune-ups, and other required maintenance as specified in your owner’s manual.
Buyers of used cars want to purchase a dependable vehicle, so if you haven’t kept detailed records of maintenance and repairs, they will have less faith in you as a seller. You must adhere to your vehicle’s maintenance schedule even if you don’t have any plans to sell.
This will not only guarantee that your vehicle operates as efficiently as possible, but it will also assure you that, should the need arise, it is in good shape.
Tip 02: Keep It Clean, Inside and Out!
A clean car is a happy one that will hold its value better over time. Be sure to wash and wax your car regularly to protect the paint, and vacuum and shampoo the interior to keep it fresh and new-looking.
Tip 03: Avoid Aftermarket Modifications
While you might think those aftermarket modifications, such as non-OEM spoilers and aftermarket audio systems, will increase the appeal of your car to potential buyers, the fact is that most people are looking for a vehicle that is “like new.”
Since not all buyers would want to pay additional money for one of these aftermarket enhancements, it’s excellent for keeping your car as stock as it was when you got it.
There are instances, nevertheless, in which incorporating and installing OEM parts or accessories may increase your car’s resale value. Examining the resale prices for each trim level is the simplest approach to deciding whether switching your vehicle is a prudent financial move.
Tip 04: Keep The Mileage Down
While a car’s mileage is not as critical as it used to be, potential buyers are often turned off by a vehicle with too many miles. The best way to keep your car’s value up is to drive it sparingly and avoid putting too many miles on the odometer.
If you must drive long distances regularly, consider trading your car for a newer model every few years. This way, you can avoid racking up too many miles and preserve your car’s resale value.
Tip 05: Drive Safely
Your driving habits will also impact your car’s resale value. Suppose you regularly drive recklessly or get into accidents. In that case, your car will likely suffer from wear and tear more quickly than a car driven responsibly. Driving is important if you want to preserve your car’s value safely.
Tip 06: Don’t Pick a Funky Color
Standard automobile colors are best-sellers, while the bolder paint selections will be difficult for sales. Popular colors include white, black, gray, and dark blue. A smaller market exists for more unusual colors, such as yellow, bright red, or maroon. Keep this in mind when purchasing or creating your automobile from the ground up.
Tip 07: Pick A Car That Has Historically High Resale Values.
While all vehicles may lose value over time, not all vehicles decline at the same rate. While certain brands and automobiles have consistently high resale prices, others see their value drop virtually overnight. Look into the car models, automakers, and body types whose value holds up the best after three, five, and seven years.
For example, while full-size SUVs used to be all the rage, they’ve recently seen a massive decline in popularity. As a result, their resale values have plummeted.
On the other hand, crossovers and smaller SUVs have been steadily gaining in popularity over the past few years. As a result, their resale values have been rising. To retain your car’s resale value, staying up-to-date on trends like these is important.
Tip 08: Understand the Selling Market
Before listing your automobile for sale, research the market because some seasons of the year are more favorable to sellers. For instance, more individuals purchase pre-owned sedans, crossovers, and coupes between spring and fall; more people purchase trucks and bigger SUVs throughout the winter. (Also, stay away from selling your automobile over the holidays)
Additionally, if your automobile manufacturer discontinues the model, declares bankruptcy, merges with another company, or experiences any other unexpected circumstance, you can lose resale value. Although you can’t completely anticipate or be ready for these events, they can cause a significant decline in the value of your automobile.
By heeding these recommendations, you can ensure your automobile maintains its worth over time. Taking good care of your Acura and driving it responsibly can minimize depreciation and maximize resale value when selling or trade-in your vehicle.
Want To Maintain Your Acura To Retain Its Resale Value?
Don’t worry! DCH Montclair Acura, serving Oakland, NJ, can help! Set up an appointment with our Acura service center, and we’ll be there for you by alerting you to impending maintenance requirements and correctly documenting all services. We place a premium on constantly raising the standard of our client service.
Get your car appraised with us & don’t forget to schedule your service appointment today!