It is a well known fact that the very second you drive your new car away from the dealership its value plummets. Within the first year of driving your car, it could depreciate by up to 40%, which will slowly climb upwards toward 60% over the next two years; so a car which cost you £20,000 will go down to £12,000 after the first year and will only be worth £8,000 after the third.
When the time comes to sell your car, it's not just its true value that will have an impact on the price people are willing to pay, but its perceived value too, and this is true whether you are selling it outright or if you've decided to part exchange it; so it is in your best interest to make your vehicle look and actually be in as good a shape as possible. It is near impossible to improve the condition of a poorly run car, so the thought of resale should be in your mind from the first day you own your car and should influence the way you behave toward it.
In fact before you even get round to choosing your new car it is possible to take certain steps that will work to your advantage when it eventually needs to be valued. Additional features or luxuries are your best bet when it comes to this; as features such as integrated AC, metallic paint, in-built sat nav, leather interior, automatic transmission, parking sensors, rear-view camera, etc. all help a car to hold on to its initial value; though they will also make the initial purchase more costly too.
Cars with an obvious or perceived advantage, for example hybrid cars with their impressive fuel economy, will also retain a higher resale value as their low running cost will be attractive to a lot of people; especially those who many not be in the financial position to buy a new one, but will be willing to pay more than the average trade-in price for a second-hand one.
These points are not really very useful to you if you are trying to get a good price for your car at this very moment however, and though there is nothing you can really do to improve its value in terms of thousands, there are steps you can take to increase its value and possibly gain a few hundred extra.
There are two ways in which you can quickly increase the value of your car: make it look good and make yourself look good. Selling your car is like selling anything, the person buying wants to get the best deal – which is where making the car look good comes in – and does not want to have to spend any more than they have to – which is where you come in.
By presenting yourself as a good driver, and more over as a good, trustworthy person, you will foster a positive impression of yourself in the mind of the person you are selling to. This goes further with resale than part-exchange, as those who work for organisations will have fixed amounts that they can offer, with only room for a small amount of give or take; but it is still useful for getting the higher end offers.
Making yourself look good and coming over as likeable is easy to do, and is something that many people are capable of doing, it's making yourself look like a good, conscientious driver that some may have trouble achieving. There are many things you can do to give this impression, but we find the following are the most important:
There is no point making yourself look good if your car is in bad shape, in fact presenting yourself one way and presenting your car in another may only serve to invite scorn, and win you a reputation similar to that of an typical used-car salesman. A good transaction is a simple one, and the last thing you want as a seller is to be put on the defensive by a potential buyer who has noticed scratches and scrapes that you have tried to brush over.
When trying to get a good price for your car both you and it must be above reproach, we have already given you some ideas regarding how to come across in a positive light, but now it's time to give you some useful tips on how to place your car under an even brighter one: