The biggest cost factor of owning a vehicle is depreciation. and in order to minimize the affect of this silent killer on your vehicle, it’s always a good idea to plan and think ahead. By taking overall care of your vehicle, you can greatly reduce the affect time has on the resale value and in turn saving you money.
– a reduction in the value of an asset with the passage of time
Get It Right, Right From The Start
The entire premise of maintaining resale value starts the day you’re going to purchase.
It’s usually a good idea to purchase used or demo vehicles because you will have already missed the initial and most costly value drop, the one when you drive off the lot. If you are absolutely dead set on a vehicle that is brand new, it’s wise to time your purchase. Wait for when manufacturers are rolling out the new lineup year or end of year sales. Even though the value of the vehicle you are purchasing may be affected by the age of the zero km vehicle or the arrival of the new model, the opportunity to save a few thousand dollars from the get go is appealing to many.
Do your homework and shop around for the best deal. It takes a lot of time, work and the fact you have to confront those dreaded sales people, doesn’t make it appealing. But it can pay off.
Alternatively, you can save yourself the hassle and avoid the dealership’s tricks & gimmicks all together and see what an automotive procurement service can do for you.
Reputation, Reputation, Reputation!
Your vehicle’s resale value will generally be higher if it’s what the majority of used car buyers are looking for.
Reputation is a major reason that used car buyers hold out for certain models. Selecting vehicle brands and models that are known for their overall reliability and quality could pay dividends when deciding to sell or trade down the road. With that being said, this can change over time from such factors as fuel prices or even wide scale recalls, which will affect overall public confidence.
Even though you absolutely love your neon pink paint-job with lime green racing stripes, it can drastically decrease interest in your car. If you stick to traditional colors and not so much the fashion flavor of the month, your vehicle will tend to hold its value better, thus maintaining a higher resale value.
Also, you may not feel that lane departure warning and heated seats are a necessity, but options that are desirable set your vehicle apart from the others on the market and become a more attractive option for a used car buyer.
Show your vehicle some love
Take charge of caring for your vehicle.
Servicing and maintaining your vehicle (that also means keeping the records as proof) is crucial when it comes to the resale value of your vehicle. Additionally, keeping your vehicle clean inside and out, contributes to the overall general condition and the impression it will have on potential car buyers.
Prior to selling/trading
Go over your vehicle and evaluate any damage your vehicle may have. Consider repairing them, if you feel the amount it will add to the resale of your vehicle is worth it and if not repairing them will discourage potential buyers.
It’s fairly accepted that you can make more money selling your vehicle privately. But, a lot of people don’t factor in the time and effort it takes to sell it, being car-less for the time between the sale and your next purchase, or even the cost of having two vehicles, should you purchase before you sell.
Let the experts help
You’ve learned how to maintain/improve your vehicles resale value. However, when it comes time to sell your vehicle, it’s important to have selected an appropriate residual value on your vehicle’s financing approval to match your vehicle’s projected resale value. This will greatly safeguard you from any unforeseen surprises when the time comes for you to sell your vehicle.
Creditline ONE‘s expert agents can help. They will custom tailor an auto loan approval that will take into consideration all facets of your purchase. They can even discuss warranty options that make the most sense to you as well as gap insurance to cover any payout shortfall in the event of a total loss of your vehicle, and more. They will also utilize the over 200 dealership partners across Canada to negotiate the best deal on the vehicle you are looking to purchase – regardless of make or model.
To get started, complete a quick online approval inquiry or call us at 780-455-9339
Following these 6 tips will put you in the drivers seat when it comes to selling or trading in your vehicle. Start today!
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