When you buy a used car, chances are you will not keep it for good. There are things you can do during the car shopping process and during the ownership of your vehicle to improve the resale value of your used car throughout its useful life. It means getting more money when it comes time to sell it! Here are 6 ways to increase your resale value:
1. Choose your vehicle wisely
The majority of people who shop a car start their search online, reviewing popular ad sites to see what’s available in their area. Another factor to consider that can influence the resale value of cars is the average rate of depreciation of particular models. Do some research online to get a better idea of how certain years / brands / models tend to keep their value and remember what you have learned when deciding which vehicle to buy.
Many people do not know that color can affect the resale value of cars, so keep this in mind when doing research. You may sometimes get a better price on a car that has a less desired color, but remember that at some point you will have to resell it. Here is some additional information on how color can impact the resale value of the car covers in Canada.
2. Location influences the resale value of a car in Canada
Canada is made up of different climates which mean different ways of maintaining the roads, and also different types of wear. For example, Alberta’s icy winter roads are treated with sand to deglaze, while most other parts of Canada use salt instead. There are advantages and disadvantages to both. Salt can corrode metal parts, but sand can cause paint to chip or splinter on the windshield. There are buyers who have fixed ideas about the agents to which the vehicles were exposed. It is also important to consider how industry and climate can influence demand for passenger cars in some regions.
Learn more about location and resale value
3. Mileage influences the resale value of cars
The average Canadian drives an average of 20,000 km per year, and while this average takes into account both city-dwellers who drive only on weekends and commuters who drive 45 minutes daily to work, it is important to keep an eye on your odometer reading so as not to exceed this average. If you go far beyond the average annual mileage, do not panic! Just keep in mind that a higher odometer reading may decrease the resale value of your car.
4. Used car maintenance, a good condition means a better resale value
One of the easiest ways to increase the resale value of your car is to keep it in good condition during the time you own it. There are recommended maintenance schedules that may differ from the years / makes / models of used cars, so be sure to ask them when you finalize the transaction with the seller. If you buy an individual’s vehicle and the person does not know how the vehicle should be serviced, see this as a warning sign. If they do not know, it is possible that the vehicle has not been maintained according to the recommendations of the manufacturer.
Not only should you regularly maintain your vehicle, but you should also keep the receipts for the services performed on the car and make them available to the buyer. People are usually willing to pay a little more for a vehicle if they know that the vehicle has been well maintained. If you are a car person and like to change the oil and brakes on your own, congratulations for you, just note the details of the work done. CARFAX Canada Vehicle History Report now includes details of service records performed on the vehicle during its useful life. Make sure you buy a report, attach it to your online ad, and make it clear to potential buyers that you have proof that you’ve taken good care of your car.
5. Do not just say it’s in good shape, prove it
Be honest with your customer about everything that happened with the vehicle and prove it with CARFAX Canada Vehicle History Report. This will prove that the vehicle has not been damaged and that if there is damage, then they have been properly repaired. CARFAX Canada’s RHV also provides information on service history, number of kilometers on the meter, locations where the vehicle was registered, and (depending on the type of report purchased) if the vehicle has retention rights registered in the vehicle. Canadian provinces or territories where the vehicle has been registered, or where registrations have been renewed in the last year. Wondering what a right of retention is? Discover it here .
6. Make it look its best
The value calculators of used cars do not take into consideration the physical aspect of your car but that does not mean that it is not important. The photos you take of your car are the second thing that potential buyers look at (after the year / make / model / odometer) so make sure it is at its best. The easiest way to do this is to take care of your vehicle while you own it. Do not let small graffiti and scratches get worse or worse. Have they repaired immediately; many can be removed by brushing or polishing. Protect your paint by waxing your car regularly and parking it in places that are less likely to damage your exterior. Think of shady places, not directly under trees (think of falling sap) or under wires that are comfortable places for birds to rest (think of droppings).
Your lighthouses do not work? Here is something simple (and inexpensive) that you can repair before advertising your car, but this can be a major reason for rejection from a potential customer. They will not know if it’s something simple like a burnt light bulb or something potentially more serious like an electronic malfunction. Save yourself from the questions and price negotiations that this could bring you and get them fixed before displaying the car for sale. Clean your headlights, because dirty headlights make any vehicle look a bit older and cheaper. Watch a video on YouTube that teaches you how to clean your headlights properly and make sure the products you use are especially recommended for this job (put your dish detergent aside).
Other things to know about your resale value:
Discover the range of values of your car! If you are unsure of the value to which you should price your car, the tool will look for similar vehicles in your area and find the price range that represents the most sales, as well as the average price. Discover your range of values today! Never smoke in a vehicle, it is very difficult to completely eliminate the smell and it is a non-negotiable condition of refusal to compromise for many buyers. If your furry baby is your usual travel companion, make sure the seats are covered with a plastic sheet or towel.
The coat of animals is difficult to remove and it is not because you love Rex that the next owner will not be seriously allergic to him. Clean all your interior carpets and if they look dirty, replace them. The first impression is really important and you want your car to look (and feel) clean. Highlight the positives in your add. Has the vehicle ever suffered an accident? Has he had a single owner? Bring out the highlights of the car. Make sure there are no lights on the dashboard. Fix all the small problems because when a potential buyer sees a warning light, he can assume that the problem is bigger than it really is.