The process of saying goodbye isn't easy, even when you're just saying goodbye to a car. You and your vehicle have gone through a lot. First dates, long road excursions, dropping your kids off to school for the first day... as well as commuting, commuting and... more commute.
When it is time to upgrade, you should be asking yourself these questions:
How much do I have to pay for my car today?
What could I do to improve my car more valuable?
Have I done enough over the last few years to retain some worth?
Are there any mistakes I have committed that could have resulted in significant financial loss?
Selling a car can or, in the majority of cases will, in most cases, require just the same amount of work and research as purchasing a new car even if you want to include it in the form of a trade-in for the new car you've purchased.
Depreciation of cars happens and it occurs quickly. It is possible to lose as much as 20% of the value of your vehicle's value as soon as you give your dealer the keys and leave the lot. In the initial year of ownership, cars depreciate 30%, and in certain models, depreciation can reach up to 65% within the initial three years.
The personal care of your car is an important factor in determining car price at trade-in, and keeping your vehicle in good condition could be the difference between selling a car for a price that you are able to live with and walking away from the garage feeling like you've been cheated but the truth is that this was all yours.
Here are five aspects which affect the value of a car trade-in and things you as a vehicle owner can do to help make your car more valuable when it's time to sell it.
Mechanical Maintenance and Mileage
In the course of a typical year the average driver puts 12,000 to 15,000 miles in their car. It is likely that you will experience mechanical problems if you commute for long distances or drive your vehicle frequently. Even if it's not happened to you doesn't mean your vehicle isn't a ticking bomb. Are you planning a large excursion? Consider renting a car instead to save mileage.
Regular maintenance is essential for reliability and to increase the resale price. Follow the manufacturer's recommended maintenance schedule, including oil and filter changes. Keep all records of maintenance no matter how little, and have them handy when selling your vehicle to prove that you have taken care of it over time.
Are you driving with your check engine light on? The car is trying to communicate with you about something. The longer you are driving a damaged car, the more you can expect the repair costs to be.
Evaluate the Vehicle Options Selections
Buyers of vehicles are looking for options that make their lives more convenient and provide security and comfort. All vehicle options are not alike, so when purchasing a brand new vehicle take into consideration options that are proven to have a positive influence on resale value.