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Can You Increase the Resale Value of Your Car?

Posted on 24th August 2023
Can You Increase the Resale Value of Your Car?

A car purchase is one of those that sees a fair amount of what you spend more or less lost the moment you drive away for the first time. Data shows that within the first year, you can see the value of your car depreciate by as much as 35% and by the third year, your car is worth only half of what it was when you bought it. In some cases, it can be even higher!

So, can you reverse the process or at least slow it?

You’ll be pleased to know you can and, in many cases, a few simple changes to your car care can make a huge difference.

We have picked 8 key ways you can increase the value of your car and pointed out a few of the common issues that make its value drop dramatically. Follow these and when it comes to selling it, you’ll be closer to affording an even better new car on finance.

The best ways to increase the value of your car

We have selected eight ways you can help increase the value of your car. Utilise these and maintain a little of that forecourt price.

1.       Be up to date with MOTs and services

With fully up-to-date service history, your vehicle becomes much more favourable to those interested in it. Not only does it show that the car is in a good and safe condition but the more recent the services, the longer it will be until the new owner needs to pay for any!

2.      Touch up the paintwork

Cosmetics are an important part of selling a car. It may drive like a dream but if it looks scratched, chipped, rusty, or patchy, you could find people looking elsewhere for a new car! Having those covered and the car restored will transform your car and see a decent rise in value.

3.      Get new tyres

Safety is a huge part of car sales and a new set of tyres goes a huge way to reassuring your interested buyers that your car is safe and in good condition. Worn tyres not only look awful and reduce the visual appeal but they pose big risks that can be costly to replace. By removing this concern for an interested party, you could see yourself in a position to sell your car for a little more than normal.

4.      Repair windshields

Any scratch or chip will see people look to drive the price of your vehicle downwards. Reverse that trend and have the price move upwards by showcasing brand-new glass that is free from damage as well as dirt.

5.      Replace the brakes

As we have mentioned, safety is paramount to all drivers and the more you can emphasise that your car is as safe as possible, the more likely you are to see people pay a little more for it. Replacing the brakes gives a new owner confidence in the vehicle and peace of mind that they are not going to be stung with additional maintenance costs. When they test drive it with you, they will feel the benefit of new brakes and be mentally ticking off a box that puts your car in the driving seat!

6.      Give the car a spring clean

A spring clean of your car can dramatically improve the chances of seeing the value driven up rather than down. Replace worn mats and any other furnishings where possible and check that all seating, flooring, boot space and surfaces are newly cleaned or replaced where needed.

7.      Consider modifications

Whilst nobody is expecting you to reach race car levels of modification, a few simple changes can make the vehicle much more attractive to buyers. Consider your target market for the type of car. Would a new exhaust make a significant difference? Could new wheels make it stand out and enhance the quality? Would a new body kit or full paint job lead to more interest? Decide whether cosmetic or performance modifications are what you want to aim for and see what you can do. Just be aware that going too deep into this could see your vehicle lose value as interested drivers may find it costs too much to maintain, tax or service.

You could also find that you spend lots more on modifications and as a result, sell your car for more than you bought it but for less than the amount you spent on mods!

8.      Find everything that came with the car when you bought it

From log books to parcel shelves, from roadside emergency kits to tools. If it came with the car, provide it when you sell it. Anything missing can be used as a bargaining chip to see the price bought downwards. Have it all and you may be able to stave off a little more of that depreciation.

What causes a car to decrease in value?

Ultimately, a lack of care will see your car drop in value faster than anything else. With poor housekeeping of your vehicle, you open up the potential for negotiations to only go one way. Down.

This becomes even more prevalent with the other two key factors that see the value of your car decrease. Age and mileage. If your vehicle is old but well looked after, you may be able to weather the storm of depreciation a little. If it is both old and not cared for nobody is likely to offer anything close to the amount you had been hoping for.

Mileage is a key sales factor for many, and the lower it is, the better price you may get, but as with age, if you have looked after it well, that mileage may be an indicator of just how good the car is. Should you not have spent any time or money on looking after the car, that mileage could be a sign the vehicle is approaching the end of its time on the road.

Can cars appreciate in value?

Our tips above are the best ways to increase the resale value of your car but what about cars that actually go above their original value? It does sometimes happen. Limited edition cars for example where the clamour for them far outweighs the demand can often rise in price suddenly.

In other instances, if a car has been purchased when it’s at its minimal value, the only way is up. Sometimes. Classic vehicles that may have dropped in price due to their age suddenly become more sought after when they are no longer produced.

Should you have recently sold a car and are looking to purchase a new one, speak to the team at Euphoria Finance. We are the experts at poor credit car finance as well as both new and used car finance, with a team on hand to guide you through the process, get a quick car finance quote today and drive away tomorrow!

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