Seven tips the increase the possible amount you would get when you trade-in your vehicle.
If you plan to resell or trade-in your car to buy a new Honda, it’s important to keep in mind which aspects of your car will get you the most money at the time of selling. Last month, we blogged about the trade-in process and gave a few tips on how to optimize your efforts. Now, we’re going to show you how to maximize the return on your vehicle and keep its resale value as high as possible.
If you know that you are going to end up reselling your car, it’s important to know what steps to take throughout the years of ownership in order to maintain the highest possible value and get the most money to put down for your next car. The resale value of a vehicle is based on an array of factors, which include desirability, reliability and maintenance.
1. Original purchase: A car with value. The best first decision you can take is to purchase a vehicle that already holds a high resale value. There are some manufacturers that hold their value better than others. Honda, for example, is a known leader in providing quality cars year after year, with three models that won the 2011 Best Resale Value Awards by Kelly Blue Book. A good practice is to research the resale history of different models in car pricing sites, like Kelly Blue Book and NADA, in order to gain perspective of what the future value of the car will be. Everyone who’s in the market for a vehicle, should take advantage of this practice since you never know when you’ll want or need to sell your car.
2. Original Purchase: Optional/Additional Features. Every model comes with standard and optional features that you can add on for an extra price. Even though most of us like to spend the least amount as possible, some optional features do in fact increase a car’s resale value. Things like air conditioning, sun roofs, standard vs. automatic transmission, etc will affect the resale price.
3. Maintenance: Follow the schedule. Keeping your car up-to-date on its maintenance schedule will reward you greatly when it comes time to resell the vehicle. Generally, these schedules come in the back of the owner’s manual. Something really awesome about Hondas is that they come with a Maintenance Minder which takes into consideration the vehicle’s performance as well as your driving habits to adequately inform you when maintenance is needed. This takes all the guess work out of maintenance schedules and optimizes the car’s performance while saving you precious time.
4. Maintenance: Keep all receipts. Save the receipts for all the maintenance work you do on your car, no matter how small, minor or ordinary – it will also maximize your returns when it’s time to resell your car. The stack of receipts will let other people or dealerships know that the car has been well taken care of. A fully documented maintenance history pays well (and extra) in comparison to the rest of the used cars on the market which have a poorly documented history.
5. Don’t Crash! I know it’s hard, very hard, and most of the time is not even our fault! But, try to stay clear of road accidents as much as possible. Collisions will put a dent (yes, intentional punch line) on your car’s resale value. Car appraisers can spot body work from the next state, so the best thing you can do is to use a reputable repair show, use original or factory parts, save all the receipts, and be honest about it. Don’t try to hide or avoid the subject because the information can and will be found. Be up-front and go over all the details of the work you had done on the car (this is the moment to use those receipts you kept).
6. Customization: A no-no. If you are one of those people that like to fully customize their cars, just be aware that it will decrease your car’s resale value. Try to resist the urge to customize and make sure that any post-purchase upgrades are non-intrusive, for example new wheels 0r stereo that doesn’t need extensive work to be done to the car’s wires or dashboard. Also, save the original parts so you’ll always the option of restoring the car to its original condition.
7. Cleanliness. The cleaner your car looks (inside and out), the more its worth because most of us associate care with cleanliness. Regularly washing and waxing your car will ensure that the vehicle will look its best when it comes time to resell, and will also be cheaper than paying for an expensive detail work before the selling.
Howdy Honda has quality Honda cars for sale in Austin TX which are known for holding up their resale value, a great service department that will keep your car running as new, and, if you are looking to trade-in your vehicle, can help you in your reselling process.