Did you know that, from the moment you drove your car off the lot, it lost about 20% of its value? Cars depreciate in value with each new mile on the engine. Worse, minor and major accidents alike can diminish their worth. Therefore, if you plan on selling or trading in your vehicle after a certain number of miles, you are going to need to know how to maintain your car’s resale value. Here are some tips to ensure that you get what your car is worth.
1. Stay On Top of Cleaning and Waxing
When was the last time you washed and waxed your vehicle? It’s hard to stay on top of your car’s exterior, especially during the winter months, but that is when a little elbow grease is most important.
Keeping the paintwork on your car in decent condition will impact the resale value later on. Therefore, you want to do whatever you can to keep the paint looking fresh. Discoloration and rusting are almost impossible to reverse, so be sure to wash and wax your vehicle throughout the year, every year. Also, do not forget to clean out the headlights with some polish and vacuum out the interior of your car. Be sure to remove any stains from the seats. Avoid smoking in the vehicle, as well.
2. Fix Damages With Quality Parts
If you have had an accident, then you are going to end up doing one of two things: either wait for the money from your auto insurance company to cover it or pay for the repairs out of your own wallet. Either way, you may want to cut the cost by purchasing aftermarket or cheaper used parts. Understandably, you want to get back on the road again, but choosing parts that are of poor quality will only hurt you in the long run.
Low-quality parts not only impact the performance and longevity of the car but also resale value. If you instead visit a respectable auto body repair shop like Elmer’s Auto Body that only uses OEM parts, you can potentially save the resale value and even get more for your car when you sell or trade it in.
3. Watch the Mileage
Consider how often you need to use your car. Unless you are in a big city, you may need your vehicle to take you everywhere. For most Americans, the odometer can run away from you. But see, here is the problem: The more miles on your vehicle, the less it is worth. On average, Americans add an extra 12,000 to 15,000 miles to their odometer each year, while 20,000 miles or more is heavy use. After 100,000 miles are racked up, the value of your vehicle will plummet. 200,000 miles? The value decreases even more. So if you want to sell your vehicle in the future, you may want to reconsider that tour across the states.
4. Upgrade Your Car After an Accident
If you had an accident and are worried about the blow to resale value, why not make your car like new? Keeping the car in working order with OEM parts works, but you can further boost the value with specific upgrades. Speak to your trusted automotive technician to see what they recommend or do some independent research.
Here is an example of some upgrades you can make to increase the resale value of your car, even after a collision:
- Rear-view or reverse camera
- Blind spot alert system
- High quality tires
Why are these important? Because more modern cars have these as a standard feature. Older models don’t, but if you add them? Consider the value of your vehicle increased.
Rear-view cameras and blind spot alert systems are essential for safe driving. Not only does it make it easier to see other drivers in parking lots and on highways, but it can also save you from another accident before you sell your car.
5. Diminished Value Claim
Another method for regaining some value after an accident is a “diminished value claim.” What it does is allow you to recover the amount of market value that your car was worth before the accident by a percentage.
If an accident depreciates the value of your car, you may have a claim. You will need to know how much your car was worth before the accident, who is to be held liable for the accident (it cannot be you), the laws of your state, and also the insurance info of the other driver(s) involved.
Looking For Auto Body Repair?
When you are gearing up for a car resale, the last thing you want to do is worry about a diminished resale value. Whether you have been in a car accident or not, consider auto body repair. Keeping your car in good condition can prevent its value from dropping too rapidly. The automotive technicians at Elmer’s Auto Body can help you retain the value of your car, especially after accidents. We only use OEM parts to ensure your vehicle is restored to the condition it was prior to the collision. Get in touch with one of our Elmer’s Auto Body locations today to schedule an appointment.