If you’ve decided to sell your car, you’re probably wondering how to start. Of course, you could simply put it on the market without a second thought. However, without the right research, vehicle owners can end up losing money. A better idea is to increase the resale value before you consider selling it.
Everything from state laws and car insurance can affect the price of a vehicle. If your insurance company recorded an at-fault accident, your car’s value might have dropped. It could also have fallen if you voided the warranty, fiddled with the engine, or made any other changes. Even with a perfect driving record and a well-maintained car, it could have less value than you hoped. Here’s how to boost the resale value of your vehicle before you sell it.
Research everything properly
Has a dealer told you your car isn’t worth anything? Before you spend money trying to improve its resale value, research its real value. How much has it really depreciated since you bought it? Refer to a valuation company to check the official resale value. Make sure state laws and the auto industry in your area recognize this valuation. For example, in the United States, you can check your car’s Kelley Blue Book value. You can then have your vehicle assessed by dealers. Make sure you shop around — an untrustworthy dealer can trick you out of a fair price. Some repair shops offer these services for an affordable inspection fee.
Remember, a price quoted is not always the price you will get for your car. If you sell it through a dealer, they will take a cut. If you sell it independently, you have to account for transfer papers and other legal fees. Proper knowledge of all these prices will help you get a fair deal. And, it can also help increase the resale value of your car.
Check your car insurance policy
You don’t always need the best car insurance to sell your car. However, comprehensive coverage can increase its value. Check with auto insurers about the car insurance coverage options a new owner will have. With a perfect driving record and low car insurance premiums, you may be at an advantage. Your auto policy will not always affect resale value, but it can help improve it. Car insurance often covers property damage and medical costs for bodily injury after an accident. While these don’t always affect your car’s resale value, it’s best to check. Ask your insurance company everything before you put your car on the market.
Make sure the registration papers are in order according to state laws. Also, if you plan to allow test drives, find out about uninsured motorist coverage. And, if you need to update your car insurance, shop around for the best one. Make sure it includes collision coverage and liability coverage. The highest quality insurance will help increase the value and give you coverage options in case you’re considering test drives. Improving resale value means looking after your car, which includes comparing your car insurance to get the best deal. A free auto insurance quote for the prospective buyer can also increase the resale value.
Consider a few upgrades
Think about whether an upgrade will increase your car’s resale value. If it’s just an additional cost that won’t increase the value, don’t bother. However, a few tweaks can often boost your car’s worth. Consider small changes like replacing a worn-out steering wheel or gearbox. A new lick of paint can help too. Get it checked by a technician to ensure it’s all in tip-top shape.
If your car needs more than cosmetic changes, consider turbo rebuilds. You can buy turbo rebuild kits, turbocharger tools, and turbo model upgrades to do it yourself. However, it’s best to ask a technician to help you out here. You may not see the difference in a turbine wheel or compressor wheel. However, an upgrade does increase a vehicle’s worth. For one, it can improve the lasting power of engine oil. And, it will increase acceleration power, which in turn will boost your car’s resale value. A few smart repairs can also help improve your car’s market value. Some buyers will pay more for a vehicle that has recently had repairs, so remember to save the bills.
