Even when the market may not be at its strongest and it isn’t ideal to consider putting your vehicle up for sale, sometimes circumstances outweigh any reasons to remain patient and hold on until the market rebounds. From a seller’s perspective, everyone desires to get the maximum resale value possible from their car, whether it be an economy car like a Honda Civic Sedan, a high-value, premium luxury SUV or a highly collectible, limited edition, modern sports car. Everyone wants to recoup as much of their initial investment as possible (though in some cases, a profit can be turned if the car becomes a collectible).
Though most people advise accepting the best sounding offer or negotiating a middle ground price that satisfies both buyer and seller, there are several strategies for how to increase your car’s resale value, or achieve the maximum possible resale value for your car – some of which we will outline in this article.
These tips are things you can do to help keep your car’s resale value as high as possible; resale value is not an exact science, however, and your mileage may vary.
Choose The Right Model
Certain Models Sell Better Than Others
One of the proven ways to achieve the maximum resale value from selling your car is to choose the right model in the first place – namely, apply as much foresight as possible to ensure the model you will one day put on the market will have as many desirable factors as the cars it will go up against one day. While many try to avoid or negate this undeniable fact, the truth is that all cars depreciate – or begin to lose their value – within the first few miles (or as soon as they are driven off the showroom floor). But it’s worth remembering that certain models depreciate faster than others, with some putting in a better effort towards holding their value over multiple years in the long run.
Previous data trends have shown a Mercedes-Benz or Jaguar will likely be worth half as much as it was initially sold new after a few years, while a model from a Japanese manufacturer like Lexus will arguably have not suffered the same degree of depreciation over the same time period.
Having the foresight to buy a model that features desirable equipment or specifications can also play a small role in getting the most out of your car’s resale value. Certain upholstery colors and convenience features (e.g. power mirrors/seats, climate control, etc.) make them more desirable to potential buyers, while in more current-era vehicles, those featuring ADAS tech (advanced driving assists) like lane-keep assist or adaptive cruise control are more sought after.
Avoid Modifications As Far As Possible
While everyone has their individual tastes when it comes to making their car “look the part,” it’s important to remember that most modifications, whether aesthetic or functional, do not add any monetary value to a car (as much as some like to believe). Aftermarket parts, especially those not from the car’s original manufacturer, like body kits, spoilers, or other exterior/interior decorations (carbon fibre, Alcanatra material or upholstery) are typically viewed as a liability for any future keepers, who, ideally, don’t want to be burdened with what a previous owner did to the car under their care.
This is especially true of cars turned into full show or project builds under one owner, as how they want said vehicle to be an expression of themselves may not apply to whoever will have to take care of it in the future (which can be less incentivizing if owners go to the extreme and add irreversible mods like widebody kits, or stance/airlift suspension setups that are too labor-intensive time-consuming to consider removing).
An exception can be made for modifications that address known flaws specific to the model that instill buyer confidence in the long run. Good examples include an IMS bearing replacement for early, water-cooled 996/997-generation Porsche 911s, rustproofing on classic cars, or the installation of new rod bearing replacement for the E90-gen BMW M3 or E60-gen BMW M5. Changes that bring up-to-date convenience features, like a modern-era head unit with Apple CarPlay/Android Auto connectivity or better-grade sound system, along with certain ‘OEM’ mods like coordinated wheels and exterior details can add small (but not major) value.
“If your vehicle has a well-known issue or design flaw, it’s safe to assume that most potential purchasers are aware of it. Therefore, addressing the problem in advance with a reputable aftermarket or OEM solution can immediately improve a buyer’s confidence and help usher in a faster sale. It shows you are a responsible owner, and responsible owners are often rewarded in the long run.
– Anthony Capretto, CarBuzz
But ultimately, if you’re asking “what’s my car’s value?” with the inclusion of various modifications added, you stand a better chance of getting some of your money back by selling the parts separately, and focus on selling the vehicle as close as possible to its original, unmodified state.
Store Your Car In The Right Place
One way to increase your car’s resale value is to treat it with as much care as you can. You don’t need to go to extreme lengths to cover everything, top to bottom, in protective plastic or anything to that degree. However, ensuring the car is kept indoors and under a car cover to protect it from dust or debris can go a long way to preserving its exterior, especially the condition of the paintwork, from sunlight exposure or scratches/dents. Any interested buyer will want confidence that the car they are inspecting has been cared for by its current keeper, and a pristine, well-preserved body will be a major factor when the car’s value is at play.
Look After The Bodywork – And Keep It Clean
Just like anyone selling real estate will go out of their way to clean their property and make it presentable for viewers beforehand, the same strategy can apply when trying to get the most out of your car’s resale value to prospective buyers.
Those interested in buying a car and the expenses involved with the purchase want to see that parting with their money is justified, whether they are viewing the car in person, having a third party inspect it on their behalf, or using an auction platform to facilitate their potential purchase remotely. It is, therefore, worthwhile to give the car you are selling a full valet/cleanse that makes its exterior and interior presentable, and show the car in its best possible state for viewers.
Addressing even the most minor of issues, such as a light bulb that has gone out, a faulty window or power seat motor, or a warning light appearing on the dashboard, can all go a long way to instill buyer confidence during their inspection, as well as convincing them to be on board with what you feel is your car’s resale value (while eliminating nitpickers who attempt to lowball). Even taking the time and small investment to perform small remedies like paint less dent removal or cleaning the wheels of brake dust can pay for themselves in the long run when attempting to sell.
“The first step is to ask whether your car is ready for sale. What will buyers look for / be put off by? Small issues can offer buyers the opportunity to knock you down. It’s a good idea to address these first to save the hassle down the line, and to show buyers that you care about the car you’re selling. If the car is due for a service or its annual MOT test, it’s usually worth the cost to get them done prior to listing (for sale).”
Carry Out Regular Maintenance
With Comprehensive Documentation To Back It Up
No matter what car you are attempting to sell, ensuring it is maintained to its prescribed maintenance schedule, or some form of regular upkeep, with relevant documentation to back it up, is a proven way of how to increase the resale value of a car.
Any buyer will want some peace of mind that previous owners have treated the car they are interested in with care and zero neglect, with no serious mechanical concerns they have to worry about. This is especially true of some modern classic cars, as well as certain models that have attracted a reputation in media coverage or owners’ groups for mechanical issues specific to them. This can range from fixes that should have been added as part of manufacturer-issued recalls to certain powertrain components that are known to fail, like certain engines or transmissions. High-value, luxury models should ideally come with a full service history that confirms routine care by specialist workshops, while the presence of detailed service records for collectible, classic cars can play a big role in whether they are worth their true market resale value or not even half of the average price range.
“In addition to photos, the next biggest thing you can do is to gather up all of the reciepts and documentation you have on the car to show you’ve taken care of it. For the best effect, get a service done right before listing it, and ask the shop to do a full inspection of the car, which serves as a clean bill of health, much like a PPI. Good photos + recent service history takes a ton of guesswork out of the equation, and both of these will pay for itself.”
– Nick Roshon, NicksCarBlog
The more detailed picture that the service record can illustrate how much care has been put in, the more comfortable a buyer will likely be when it comes to deciding if your car is worth purchasing. If applicable (depending on state and country), ensuring the latest road worthiness test or inspection has been completed can also add a slight amount to your car’s sale value.
Sources: Collecting Cars, NicksCarBlog, WDDetailing, Mercedes-Benz, Hyundai, Mansory, Unsplash