How to Protect Your Vehicle’s Resale Value
Regular vehicle maintenance, keeping maintenance records and protecting your vehicle on the road by driving safe are all factors that can preserve the resale value of your vehicle.
According to an article published by The Globe and Mail , a vehicle in Canada will have approximately three different owners in its lifetime. Canadians are car consumers who purchase vehicles with logic in mind. When it comes to financing a new vehicle, the resale value is top priority for most car buyers as a vehicle’s worth deteriorates the moment it’s driven off a dealer’s lot.
Car ownership is a long-term obligation and preserving the value of your vehicle can help ensure that you get the most money back when you put it up for sale or decide to trade it in. Not taking good care of your vehicle could be the difference of thousands of dollars when you decide to give it up. There are many measures that a person should take if they’re thinking about selling their vehicle. These three key factors could help prolong the longevity of your vehicle and help determine the future of your vehicle’s resale value.
1. Regular Vehicle Maintenance
The average Canadian will keep a new vehicle for eight to nine years. Some vehicles have a lifespan of up to 15 years, which means that a lot of Canadians decide to either trade in or sell their vehicles independently. Without a regular and thorough maintenance routine, the chances of getting the most value back will decrease. Taking care of your vehicle, not only when necessary but with regular engine changes and tune-ups, will ensure the vehicle continues to run smoothly. In addition to maintaining the engine and other internal components, you also want to keep on top of the appearance and quality of the interior of the vehicle. With proper care and cleaning of the interior cabin, such as maintaining the fabric and leather and the consoles and compartments, you can keep the vehicle looking as good as new.
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Throughout the entire time you own the vehicle, ensure small interior and exterior scratches and dents are taken care of immediately. This way, when it comes time to sell, it will show the buyer you took good care of the vehicle and they can trust it’s been through regular services. Fixing these minor repairs when they occur is an expense that is well worth it when you decide to sell the vehicle and should be done prior to putting it on the market. Additionally, washing your car regularly can help minimize the grime, dirt and dust accumulated over time and help keep the resale value high. When it comes to regular vehicle maintenance, ignoring the little stuff can compile into a long list of expenses when you decide to sell – fix damage fast to keep your car in excellent condition.
2. Keep Records
Holding onto all of the vehicle’s service records and receipts – from car washes, oil changes, tune-ups, tire rotations, etc. – will work as proof to the future buyer that regular vehicle maintenance has been done. Even if the maintenance seems minor, having this documentation to show potential buyers can help you obtain a higher resale value. A vehicle that has been maintained with no receipts to show for it is the equivalent of having no work done at all to a stranger who is interested in buying your vehicle. Being able to vouch for the amount of money you’ve put into the vehicle with physical documents will show buyers they can trust you.
3. Protect Your Vehicle on the Road
Practicing safe driving on the road protects both you and your vehicle from damage on the road. Driving defensive, a manner of driving that uses safe driving strategies, is an approach that can help you minimize the risk of being caught in a situation where your car could get damaged. Adopting an aggressive driving approach, where you drive in a hostile and unsafe manner, can mean more wear-and-tear on your car as you’re more likely to get into an accident. Vehicles that have a history of collisions typically have lower resale values, as the damage can take a major toll on the lifespan of a vehicle. Most potential buyers would rather purchase a vehicle that has never been involved in an accident for both safety purposes and saving money for future repairs.
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When it comes to operating your vehicle, the resale value should always be in the back of your mind. Should you decide to sell in the future, ensuring that your vehicle gets regular maintenance, keeping all of the maintenance records and protecting your vehicle on the road could help make you make a ton more money when you’re ready to sell to a potential prospect.
Our goal at Canada Drivesis to make the car buying process for Canadians as simple as possible. By linking you to a lender that can set you up with a manageable loan, you can rebuild your credit and get your finances back on track fast! Visit Canada Drives right now to learn more!
