Most consumer assets depreciate with time, but cars are one of the fastest depreciating consumer assets in the market. A car starts to depreciate the moment it is driven out of the showroom. On an average, a new car depreciates by over 10 % to 15% of its original value. The depreciation is felt the most when a car is sold. Indeed, the car will sell at a price significantly lesser than its original worth but there are some tips to increase the resale value of your used car that can fetch you some extra bucks on your sell.
- Make Sure Documentation Is Perfect
While selling your car you should keep all the important document ready.
You should make sure all the documents are with you and in proper condition. Some of the important documents of a car are the original Registration Certificate (RC), Insurance Policy (updated) Pollution Certificate and Warranty documents of various accessories like battery, tyres etc, should be kept safe. Keep all the maintenance records with you that would enable you to answer questions regarding the health of the car. In short, the proper documentation will surely increase the resale value of the car!
- Check on online platforms
A used car does not sell with a price tag which is why it is difficult to estimate the actual worth of the car.
There are many online platforms where you can sell used car online. You can try out the online portals that produce a fair market value of a used car.
The fair market price is evaluated on many factors like, the number of kilometres, the number of owners, service and maintenance records, accidental history, health of various parts. The online platforms can give you a fair idea on the used car price. This would prevent you from underselling your used car.
- Clean Inside and Out
A neat and clean car never fails to impress the buyers. Always, remember to clean inside and out of the car before contacting the buyer. There is always some If the interior of the car seems a pain to eye, then you should consider a professional cleaning service. The exterior of the car can be made to look presentable with some elbow work and some car cleaning products. A neat and shiny car would definitely increase the resale value of a car.
- Keep in check the tyres
Out of all the major components of a car, the tyres are one such component that takes the most of the beating. So, it is quite natural that a used car will have an old and worn our tyres. When a buyer spots an old and worn out tyres he stands in the position to negotiate on the car prices with you. Don’t give buyers the chance to negotiate as it would bring down the resale value of the car. So, always inspect the tyres. A dirty wheel reflects the type of car owner you are, and it gives a bad impression of your personality on the probable buyers. It would be easy for buyers to assume that if tyres are not clean and in proper shape, then the other components might be in similar condition as well. So, if the tyres are dirty you should clean and wash them. In case tyres are old and worn out, it is recommended to replace them with new tyres. Keep your wheels shiny before you put the car out in the market for sale.
- Avoid Car modifications
For sure, some individuals like to modify their car with fancy silencer or have a cool paint scheme or even go for engine tune-up that raises the performance of the car. But not everyone will like that intimating bull guard, or odd coloured silencer. If you do not want to bring down the resale value of a car then you must avoid car medications at all cost.
The reason why you should avoid car medication is that modification reduces the potential customer as no one would like to pay for your passion for modification. Also, a buyer might worry about the effects of modified products would have on the car’s original components as there might be some compatibility issues with the mechanical parts. So, if you do not want to lose a large potential customer base and give buyers the reason to negotiate then you should always avoid car modification.
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