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Tricks to Maintain Your Vehicle’s Resale Value

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Tricks to Maintain Your Vehicle's Resale Value

Photo by Sung Wang on Unsplash

The used car market in the US is already more than twice the size of the new car market and growing at a faster rate, according to a report by McKinsey. Most Americans would rather buy a used vehicle than a new one, which is great news for every person who knows that the day will come when they’ll want to or have to sell their vehicle. However, just because the market is strong doesn’t automatically mean that you’ll get a good price for your car. If you want your car to sell for top dollar and make the most return on your initial investment, there are various things you can do to maintain its resale value.

1. Pay close attention to vehicle specifications when buying

Vehicles are not created equal, and some are known to retain value longer than others. Too often people buy vehicles based on the price and appearance, and they fail to assess the financial implications of owning it long-term. When buying a new vehicle, you need to do some due diligence to know which type retains its value best over many years. For example, if you are buying a truck, you can compare the ratings and features of different trucks to know which one is likely to hold its value for longer. You can also check verified owner feedback to know which vehicle is more dependable based on the number of problems reported during the period of ownership.

2. Follow proper maintenance procedures

Many owners neglect their vehicles and assume that buyers won’t notice when it’s time to sell. However, this is not the case; neglect is hard to cover up and every time you postpone maintenance you take a gamble. Start by following the manufacturer’s recommended service schedule to avoid big, costly repairs in the future. Make sure you keep all your service records as it shows potential buyers that you took good care of the car when you owned it. Many buyers are willing to pay more for a vehicle with good service records. Regular cleaning of the interior and exterior is also vital as it keeps the vehicle looking new and smelling good for longer, which gives a potential buyer a great first impression of the vehicle.

3. Store your vehicle properly

You need to store your vehicle in a safe place, preferably a garage, where it’s protected from the elements, particularly if you live in an extremely hot or cold climate. Too much sun may fade the outer surfaces of the vehicle while extremely cold temperatures can destroy the engine and other related components. By storing your vehicle in a climate-controlled indoor environment, you can avoid costly and unnecessary repairs and maintain your vehicle’s value.

In Conclusion

A vehicle is one of the biggest investments you’ll ever make in your life. Whether you want to sell it next week, next month, or a few years from now, you need to do everything possible to maintain its value to ensure that you get the highest price possible when that time comes.

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