Selling Your Car? 10 Tips to Get the Most Resale Value Out of Your CarPublished by
As a car owner, there always comes
While you may think your car would get the highest resale value possible even when it is in good condition, this may not be the case. In general, a new car depreciates by nearly 20 per cent after its first year!
So, before you sell your car, here are 10 tips to improve your car’s resale value.
1. Choose a Car with a Strong Resale Value and Safety Features
When buying a car, choose a reputable brand that is popular, reliable, has great features as well as easy access to service centers for a better resale value. Some models that are known to have a good resale value in Malaysia include the Perodua Myvi, Honda Civic, and Toyota Vios.
Safety features can also help with your resale value. For example, if your car is equipped with a reverse camera, parking sensors as well as a blind-spot warning system, it will attract a higher price compared to other cars. Other must-have safety features include Anti-Lock Braking System (ABS), Electronic Brake Distribution (EBD), and Vehicle Stability Control (VSC) as well.
Opt for a Longer Warranty
A warranty may not be a priority when buying or selling your car, but it could be an asset. An extended warranty is worth considering especially if it guarantees to cover major components such as the engine and transmission. This will provide you and the future owner of your vehicle peace of mind when it comes to unexpected breakdowns.
Safety and Maintenance will
When selling your car, driving it safely with no major accidents can increase your chances of a good resale value. Regular maintenance and proper care will not only help you save money from unnecessary repairs, but it can also increase your resale value especially when you have a good maintenance history.
4. Keeping your Mileage Low
Your car’s mileage indicates its wear and tear. Even in mint condition, once your car’s mileage exceeds 100,000 kilometers, the resale value will drop considerably. If you’re thinking about selling your vehicle, it’s best to do it around the 80,000-to-90,000-kilometer mark for a better resale value.
5. Modify and Customise with Care
While you may be tempted to customise your car and add in modifications, it may put off future buyers when you intend to sell it. However, modifications that will add value and are useful in the long run such as a modern infotainment system, proper window tints, or leather seats might help with your resale value.
6. Be Alert towards Warning Signs and Components
Ignoring warning signs or not replacing damaged components in your car before selling it will decrease your resale value significantly. So, if your car’s warning light is on, a visit to the service center can help solve it.
Also, if there are damaged components on your car such as faulty locks or power windows or dim headlights, it’s best to replace them no matter how minor. They could be the reason you end up with a lower resale price.
7. Keep Your Car Clean, Always
It’s important that your car's exterior and interior remains clean, as the level of your car’s cleanliness will affect its selling price. A proper wash once every month will do wonders for your car's exterior in the long run. Furthermore, a well-kept interior will appeal to more buyers because no one wants to buy a dirty car. Habits like smoking and carrying pungent food in the car can lead to hard-to-remove, stubborn odors so we recommend a good clean before you sell your car.
8. Attention to Details
As a rule of thumb, ensure all the dents and scratches, no matter how small, are fixed as it will affect your car's appeal and resale value. It is also best to send your car to an auto body shop to get it detailed before putting it for sale. Buyers will be more attracted to a car that looks clean and showroom shiny.
9. Care for your Tyres and Rims
Don’t forget your car tyres and rims.
Shiny rims and fresh tyres will give the impression of a well-maintained car.
10. Keep your Records and Documentation Right
It might be difficult to sell your car without the proper documentation. Always ensure all your documentation is properly kept and available. An organised file containing the registration papers, vehicle grant, ownership history, service invoices, service logbook will help convince potential buyers that the car is legally owned by you.
The article was inspired by “ Thinking of Selling Your Car? Here Are 17.5 Things to Improve Your Car’s Value” at Carsome.my.