After cruising around with your car for a couple of years, it might be time to upgrade your ride or you just want to sell off your car for some cash.
You may think your current vehicle has been kept in a good condition and you’re hoping to get a decent amount from it to finance a new car. But this may not be the case.
Generally, the value of a new car depreciates nearly 20 percent after its first year. After a few years, you might end up with a car that has lost up to half of its original value. Before you sell your car, it’s important to consider what can be done to increase your car’s resale value. Here are 17.5 things that you can do to improve your car’s resale value.
1. Buy a Car with Good Resale Value
Taking good care of your car’s resale value begins even before you own a car. To guarantee a good resale value, you should buy a model or brand that retains its value.
It’s best to look for a reputable brand that is popular, reliable, has great features, as well as has easy access to service centers.
Some models that are known to hold their resale value very well in Malaysia include the Perodua Myvi, Honda Civic, and Toyota Vios.
2. Pick a Car with Proper Safety Features
Since owning a car is a lifelong investment, it’s best to choose a car that comes with proper safety features. This will help you stay safe when driving while retaining the resale value of your car in the future!
Imagine that in the future, the government requires all cars being sold to have anti-lock braking systems (ABS) or seat belts reminders equipped. The absence of such systems would cause the price of your car to drop significantly in the future.
This also works to add appeal to your vehicle when the time comes to sell. For example, if your car is equipped with a reverse camera, parking sensors as well as a blind-spot warning system, it will attract a higher price compared to other cars without these systems.
Some must-have safety systems include Anti-Lock Braking System (ABS), Electronic Brake Distribution (EBD), and Vehicle Stability Control (VSC) to name a few.
3. Opt for a Longer Warranty
People hardly think about the warranty when it comes to selling a used car but it’s actually an important bargaining chip.
If you can extend the warranty of your current car, it’s a great idea to take up the offer, especially if it is guaranteed to cover major components such as the engine and transmission.
The extension will provide you and the future owner of your vehicle peace of mind when it comes to unexpected breakdowns.
4. Go for Plain Colors
Is your car covered in funky colors and striking graphics? While you might consider your car as a unique piece of art, not everyone will share the same idea as you. After all, art is subjective.
Vehicles in bright colors like red, purple, or yellow usually have a lower resale value since these colors tend to be quite difficult to take care of. Under Malaysia’s hot and humid weather, it won’t take long for the colors to fade.
Vehicles in basic colors such as white, black, and silver are known to hold their resale value well since they’re easy to maintain and clean. Plus, they hide scratches well too.
5. Drive Safely
One of the best ways to maintain the resale value of your car is to drive it carefully and efficiently. Aggressive driving puts a lot of stress on your car, which in turn speeds up the wear and tear of the car’s components.
Proper driving habits keep the car in good working condition. This can also reduce the amount of maintenance on components like the brakes and tires in the long run.
On top of that, safe driving helps to prevent an accident from happening. A major accident will drastically reduce the value of your car, especially frame damage is involved.
This will make it even more difficult to sell your car in the future since it will show up in your vehicle history report.
6. Keep the Mileage Low
Another important factor that helps maintain your car’s value is low mileage. A high mileage indicates a car has been through a lot of wear and tear.
Even in mint condition, once your car’s mileage exceeds 100,000 kilometers, the resale value will drop considerably. If you’re thinking about selling your vehicle, it’s best to do it around the 80,000 to 90,000 kilometer mark.
An average Malaysian driver covers 28,188 kilometers in a year. Next time when a long-distance trip comes to mind, you might want to reconsider driving your car to avoid any unnecessary mileage as well as wear and tear.
7. Regular Maintenance
The next best way to preserve the resale value of your car is by getting under the hood regularly. Also, it’s one of the easiest things to do on this list.
All you need to do is follow the manufacturer’s scheduled maintenance and ensure that it is done at authorized service centers.
Taking proper care of your car will help avoid unnecessary repairs and save you money in the long run. Moreover, buyers are more than willing to offer extra money for a car with a well-maintained history.
8. Park Properly
Malaysia’s weather is hot, humid, and unpredictable. The same can be said about Malaysian parking lots as well. When it comes to parking, you have to watch where you park and what you park next to.
Try to park under the shade to protect the paint from fading under the sun. But stay away from trees since you can end up with leaves and bird droppings on your car.
Try to park in a lot with a good amount of space for your car. Also, try to stay away from parking next to big or bulky vehicles since these can result in scratches and bumps on your car.
9. Modify Moderately
Modifying your car with aftermarket parts seems fun, but only if you can find a buyer that appreciates your work.
Giant rims, turbo kits, or high-end stereos may lower the resale value of your car in the future, especially if these parts cause problems with the car.
If you really want to spruce up your car, try accessories that add value and are useful in the long run such as a modern infotainment system, proper window tints, or leather seats.
Adding too many customizations will cause future buyers to look the other way so try to keep it as close to stock as possible.
10. Keep the Exterior Squeaky Clean, Always
A clean-looking car is a valuable car. If you’re going to sell your car, potential buyers will judge the exterior first and whatever price they offer will be based on how clean the exterior looks.
A proper wash once every month will do wonders for your car in the long run. If you can afford to pay for some extra care, apply a coating like ceramic nano coating on your car too.
Regular washing and coating will help to preserve the color of your car, remove blemishes, and prevent fading as well.
11. Keep the Interior Clean Too
Aside from the exterior, it’s just as important to keep the interior of your car clean. A well-kept interior will appeal to buyers more.
Bad odors can stick to the car interior like invisible glue. Habits like smoking and carrying pungent food in the car can lead to hard-to-remove, stubborn odors.
Stains and crumbs are also a major deal-breaker for car buyers too. Eating in the car is never a good idea, usually resulting in messy stains and worse, roach or ant infestation.
Regularly vacuuming the interior will help keep everything clean, while using proper cleaners will maintain the look of interior plastics as well as leather. Investing in air fresheners will also do wonders for your car.
12. Check Those Warning Lights
If there is any particular symbol that lights up on your car’s dashboard, you should check them immediately since it indicates an issue with your car.
Ignoring warning lights can lead to more problems in the future and this gives future buyers an opportunity to decrease their offer to purchase the car.
A simple trip to the service center can solve the underlying issue highlighted by the warning light.
13. Replace Damaged Components
If you discover any damaged components on your car, it’s best to replace them no matter how minor. They could be the reason you end up with a price that is lower.
It could be a faulty power window, dim headlights, a cracked rim, a knob that doesn’t turn, or maybe even a missing nut on the wheels. Dealing with these issues when they occur could help you save money from a major repair and improve the car’s resale value.
14. Take Care of the Rims & Tires
Tires and rims are critical items that should be paid attention to since car buyers will pay a lot of attention to them. If they look old and worn-out, it gives the impression that the car is not properly maintained and has been through heavy usage.
Be sure to clean and shine them properly so they look like new before you decide to sell your car. If there’s any damage, it’s best to replace them.
15. Fix All Dents & Scratches
After years of driving your car around, you will inevitably accumulate dents and scratches all over the car. Dents and scratches, no matter how small, will make your car seem unappealing to buyers.
If left alone, these small flaws could lead to major damage like rust. You can easily avoid putting off potential buyers by sending your car to an auto body shop to fix the unsightly dents and buff out scratches.
16. Send Your Car for Detailing
Before meeting your potential buyer, it’s best to send your car for proper detailing. Buyers will be more attracted to a car that looks clean and showroom shiny.
On top of that, when the car looks its best, it also tells the buyer that your car has been properly maintained. This will give them more confidence in their decision to purchase the car.
17. Prepare Proper Documentations
A proper business deal can only happen with the proper documentation. These papers will help convince your potential buyer that the car is legally owned by you and all the maintenance it went through did indeed happen.
Keeping an organized file containing the registration papers, vehicle grant, ownership history, service invoices, service logbook, etc. can be used as a bargaining chip.
17.5. Sell to Carsome with a Fast 175-Point Inspection
Now, are you ready to sell your car? Well, Carsome has introduced a new way of selling used cars, which essentially makes it much easier to get a proper valuation for your car. Here’s how it works.
How to Sell Your Car With Carsome
Selling your used car through Carsome is extremely convenient and you can also expect to get a higher resale value (especially if you opt for live bidding) compared to selling your car the traditional way. You just have to go through these easy steps and we will take care of the rest for you.
- Appointment booking: To make sure you get a market value offer, you will need to book a free inspection online. Just schedule your appointment online at carsome.my/sell-car. A Carsome representative will call you to confirm your details and schedule your inspection at your nearest center.
- Professional inspection: Attend your scheduled inspection and our skilled inspectors will conduct a 175-point inspection on your car before offering you a price.
- Get an offer: After inspection, we will offer a price for your car on the spot, or you can opt to put your car up for live bidding where our dealers nationwide will bid for your car – you may get up to 20 percent* more than market value.
- Hassle-free process: Once you accept a price, we will handle all the paperwork and you can expect to be paid in one hour*.
So, if you are ready to sell your car with Carsome, we’re ready to help. Go on, book your inspection appointment now!
*Terms and Conditions apply.