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How to Maximize your Vehicle’s Value

How to Maximize your Trade In Value

Tips for maximizing your vehicle’s value

 One of the bigger concerns of buying a new car is the fear that it will depreciate considerably after purchasing it. While there’s no way of eliminating depreciation altogether, there are ways to maximize your vehicle’s value as it ages.

Pick the right model

Not all vehicles depreciate at the same rate.

Before purchasing, you should research which models tend to have a higher residual value three years down the road. Trends can change, but trucks and SUVs tend to hold their value better than most other vehicles.

Keep mileage low

The less you drive, the higher your vehicle’s resale value will be in general. Cars with little wear and tear will be more attractive to potential buyers, especially if the vehicle doesn’t have many kilometres on it.

If you drive to work every day, consider carpooling with a group of colleagues to decrease the amount that you drive your own vehicle. Not only will you save on depreciation, but you’ll also be reducing the number of times you visit the gas station.

If you and your significant other both own vehicles, you could consider having one new and one used. The used vehicle can be used for longer trips, while the new one can be reserved for errands and smaller trips. It may not seem like a big deal, but it can make a big difference when you trade the newer one in.

Fuel economy

When gas prices are up, drivers will tend to spend more on used vehicles with good fuel economy ratings. Keep your vehicle’s fuel economy rating in mind when considering selling.

Regularly maintain it

The better you take care of your vehicle, the more attractive it will be to a potential buyer. Make sure to check your oil, fluids, brakes, tires, air filter and battery on a regular basis. If anything needs to be replaced, take it in to a mechanic as soon as possible.

Before selling, you should give your car a thorough cleaning before selling or trading it in. Appearance alone can make a big difference, and could net you some extra cash that you wouldn’t have gotten otherwise.

Remember to keep good records of your car’s maintenance to prove to a potential buyer that you actually took proper care of it.

Remove Odour

Even if your car is in great condition, its resale value will take a significant hit if the driver has to clog their nose every time they enter the vehicle. If you smoke or allow pets in your car regularly, you may have become accustomed to the odour and may not realize how bad it actually smells.

Get a friend or family member to take a whiff before you try to sell it.