Your car is one of the biggest investments that you’ll make your whole life. However, most investors will tell you that it’s not really an investment because they usually don’t appreciate in value. You’ll know this for sure once it’s time for you to sell your car. You’ll soon find out that in addition to it not appreciating in value, it actually depreciated in value. That’s the reality that you have to deal with. Unless of course, you have an antique car that you really took care of. That can appreciate in value. But of course, there’s a good chance that you just have a normal car that will surely depreciate in value.
What to Do
Are you just going to accept the fact that it’s going to depreciate in value? Yes, but that doesn’t mean that you shouldn’t do anything about it. There are things that you can do to improve the resale value of your car. Follow these tips and when the time comes for you to sell, you can get a good deal.
Here are tips that you should follow:
Clean and wax your car regularly
Your car will be judged by its paint job. Cleaning and waxing your car regularly can help you improve the resale value of your car. Sure, you can always get a new paint job just before selling, but that defeats the purpose of getting a higher value for your car. Also, a new paint job can raise red flags since buyers might assume that your car has been in an accident.
Protect your car
Parking along the road under the sun may seem convenient, but that can take a toll on your car. Exposing your car to harmful elements like the sun and rain can damage your car slowly but surely. You have a garage. Use it.
Fix dents and scratches
Dents and scratches can negatively affect your car’s resale value by thousands of dollars. Dents and scratches can show neglect and will give the impression that you didn’t take care of your car. Fix the dents and scratches yourself or take it to a car body shop.
Don’t let the problems pile up
You may be noticing small problems in your car. Don’t neglect them. These problems can grow bigger and may even pile up. Take care of them as they happen.
For example, you may be noticing salt buildup on your car. While that’s not really a huge deal now, it can lead to a bigger problem later on – rust. Rust will kill the resale value of your car.
Use it, don’t abuse it
According to a report published by the Department of Transportation in the US, American drivers drive 13,500 miles a year on average. By keeping your mileage low, you can improve the resale value of your car. If your mileage is insanely high, then you can’t expect a high value for your car.
Keep a record of everything
Having records will show how you take care of your car. You can show your records to a prospective buyer to show him or her that you’ve taken care of the car.
Have your car checked regularly
When was the last time that you changed your car’s oil? That’s just one of the maintenance tasks that you need to do. Have your car checked by a mechanic regularly so problems can be spotted before they happen.
Don’t modify your car too much
Sure, some modifications like a new sound system or rims can increase the value of your car. However, there are some modifications that can actually lower your car’s value. For example, there are modifications that require holes to be drilled. Understandably, that can lower your car’s value.
Besides, what works for you may not work for others. For example, a carbon fiber hood may look amazing to you, but for a potential buyer, that could mean more expenses to replace it with the original hood. This means that he’d expect a lower price.
Take care while driving
Sure, accidents happen, but that doesn’t mean that you can be careless. Take care while driving and avoid accidents. Be a defensive driver and follow road rules and regulations. If you avoid accidents, it will reflect on your car’s resale value positively.
Start following these tips now so you can take care of your car. Following these tips is the best way for you to get the best return on your investment.
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