Some objects increase in value over time. Not so with gadgets or cars in general. The depreciation rate for these types of assets is exceptionally fast.
Typically, a new car loses its value by ten percent the moment the vehicle is taken off the dealership. By the tenth year, this value would have dwindled to just ten percent of the original price of the car. The value should not be considered absolute, though, as it can still vary depending on the brand and model.
People who intend to buy a used car or sell a pre-owned one face an uphill battle. But this is not to say that it is impossible to improve the value of a vehicle.
Why a person may want to sell his car does not matter. Some people avail of an auto trade-in for emergency purposes, to put up a business, or pay off some debts. There are also individuals who are looking into selling their car to get a newer model or an upgrade.
Whatever the reason may be, increasing the value of the automobile maximizes the amount the owner can get for their vehicle. The following are a few tips owners can use to enhance their used car estimates.
Go for regular maintenance
To keep the vehicle in good condition, it is recommended that the owner know how to maintain the car from day one. Maintenance trips are similar to medical check-ups for people. Vehicles need to undergo regular maintenance to ensure that they run smoothly and that problems are detected and repaired early on.
Repair costs vary depending on the severity of the damage. Fixing minor issues is one way to keep costs down. Furthermore, maintenance procedures reduce the chances of the vehicle breaking down unexpectedly, especially during long trips.
There are several options to consider when it comes to maintenance. For newer vehicles, availing of the vehicle warranty is the best option. When it comes to older or out-of-warranty cars, it is still possible to have the vehicle inspected and repaired by a reputable mechanic.
Protect the exterior
Much like clothes, exposure to the elements can inflict irreparable damage to a car. Parking outdoors can affect the paint job, causing it to look worn out or faded. On the other hand, cold weather can damage the engine.
Furthermore, it leaves the surface vulnerable to bird droppings and branches falling. Avian excretions are acidic by nature and can leave minute holes on the surface. On the other hand, parking near a tree can cause branches to fall, scratching the vehicle in the process.
To ensure that the car looks and runs smoothly, it is vital to take steps in protecting the investment every step of the way. Parking in a covered garage may sometimes cost more, but it keeps the car protected from the elements and other potential issues that nature can cause.
Use official car care products
It is tempting to use household products to clean parts of the car. However, pinching a few pennies can reduce the overall value of the vehicle over time. Household cleaners are not designed for use on the vehicle and can effectively damage the surface.
For instance, some people use dishwashing soap when washing the car. Experts advise against doing so as the chemicals in dish soap can damage vehicle finish. Over time, owners will end up paying more to bring back the car’s original shine.
Window cleaners are another example. The chemicals in them may not be strong enough to give the car windows or headlights a good clean and may even damage them on some occasions. It’s always safer and more cost-effective to use cleaning products designed for cars.
Make minor fixes
Minor fixes include small items or tasks that the owner can do himself. Replacing headlights or taillights that are burned out, worn out carpets, and topping off window wiper fluids, or even the brake oil are a few examples.
Even a good clean can do wonders for the value of a car. Owners can opt to clean the car by themselves or have it done professionally. The goal is the same: to clean every inch of the car.
For owners who choose to clean their vehicles themselves, there are areas that an aspiring seller should focus on, such as the wheels. Shiny wheels add to a vehicle’s potential value, so remove any dust, dirt, mud, or grime. A bit of shine on the wheels wouldn’t hurt either, so be sure to rub some along the sides.
Rare or more expensive models require a lot more effort and detailed work. For such projects, getting the services of a professional is recommended.
Professional auto detailers have the knowledge, expertise, and tools needed for the job. Plus, they have the parts required for any repair. Depending on the complexity of the cleaning or repair job, owners may expect to pay a bill worth thousands of dollars, but the results are well worth the cost.
Sometimes money needs to be spent to make money. The same can be said when it comes to taking care of a vehicle. By taking heed of these tips, car owners can maximize the value of their vehicles for years to come.
Mahesh Rohra is the Managing Director of certified Pre-Owned Multi Brand Car Sales & Service. AWR Strategic Ventures, Part of the AW Rostamani Automotive Group, a trailblazer in the automotive fraternity with a legacy of over 50 years. AUTOTRUST is the strategic arm business vertical through which the group had diversified into certified Multibrand Car Sales and Aftersales Service Center Network, offering a one stop shop solution for all automotive requirements. AUTOTRUST offers solutions to buy & sell car, Agency standard Car Service and Maintenance, car rentals and much more.