As we all know, the moment you drive a car off the lot, whether it’s new or used, it decreases in value. The depreciation rate of an older car can greatly decrease the car’s value. If you have an older vehicle and are thinking of selling it outright or trading it in on a new model, you should make sure that you are getting the most money possible from your older car. There are some things that you can do to maximize the resale value of your older car.
Keep Up with Scheduled Maintenance
If you keep up with the recommended maintenance schedule for your older car, you will increase its value. This means from the first day you own the car, make sure to meet all scheduled maintenance requirements and document them. In this way, if there are larger problems looming with your vehicle, your mechanic should be able to spot them early enough to fix before they become too big to handle (or afford).
Keep Mileage Down
One of the biggest things that will decrease the value of an older car is high mileage. If you know that you will plan to sell the car a few years after buying it, try to keep the mileage down. According to the Department of Transportation, the average miles driven on a car per year is 13,500. If you go over this, the car’s value will go down. If you keep your car’s mileage under this number, its value will rise.
Park The Car in a Sheltered Area
Your older car will hold its value longer if you keep it protected from the elements in a sheltered parking area. Sun can fade paint, and cold weather can cause engine problems. Parking your vehicle in a covered, sheltered area like a garage will protect it from weathering and other damage that can occur when it is parked outside (like dings from tree branches and bird droppings, which can damage your car’s paint over time).
Maintain The Car’s Cleanliness
Keeping your older vehicle clean, including its interior and exterior, will improve the market value of your vehicle, especially when you go to sell it. Before taking photos of the car for sale or taking it in to be evaluated by a dealer, make sure that the interior is clean and shiny, and the exterior freshly washed and waxed.
Keep an Eye On Your Tires
An older car’s tires should be inspected routinely and replaced as needed. One of the best ways to increase the value of an older car you’re trying to sell is to put new tires on it. Regardless of if they are new or old, make sure to clean your tires and wheels well before trying to sell your older car.
Drive Your Older Car Safely
Driving your older vehicle safely will prevent dings and dents from sideswipes and accidents. It will also save wear and tear on your engine if you drive at normal speeds. Potential buyers are looking for older cars that have never been in an accident. If you are trying to sell your older car, an easy way to increase its value is to keep it accident-free.
Fix Dings and Dents
If your older car does have some dings, scratches and dents, make sure to fix them before trying to sell it. Minor issues such as these are cheap and easy to fix.
Maintain Your Car’s Documentation
Make sure that you have documented everything that has been done to your older car, including scheduled maintenance, tire replacement, service records, and its warranty. You also should have the car’s original manual to pass onto the next buyer, as this will increase the car’s value.