How to Increase Car Resale Value
Understanding how to increase car resale value can dramatically impact your final selling price.
Whether selling privately, through a dealership, or to a trade-in service, here’s how you can avoid a dreaded lowball offer.
Looks Matter: Dirty Cars Look Cheap
A car’s first impression significantly influences its perceived value. Take, for instance, a 2017 - 2023 Ford Fiesta, typically valued between £12,250 and £19,200*.
If your Fiesta has worn-out mats, smells of dog, and features malfunctioning electronics, except offers closer to the £12,000 mark.
A thorough car wash, luxury velour car mats, a service to fix electronic glitches, and an air freshener won’t cost you the best part of £6,000, but can significantly boost your car’s resale value.
Cleanliness can directly correlate with buyers’ willingness to pay more.
Know Your Car’s History Inside Out
Equally essential is knowing the ins and outs your car’s history.
Insurance, MOT records, outstanding finance checks, and previous issues should be addressed confidently to reassure cautious buyers.
If your car previously failed an MOT (even before your ownership) prepare to clearly explain how those issues have been resolved. Confidence in your car’s condition will reduce opportunities for buyers to haggle.
Useful tools for verifying your car’s history: - MOT history checks - Outstanding finance checks
Does Wrapping Your Car Increase Value?
Car wrapping can indeed enhance your car’s resale appeal but typically doesn’t directly add significant financial value.
Professional wrapping can protect the paintwork, preserve the car’s appearance, and appeal to buyers looking for customised aesthetics. However, wrapping must be tasteful, professionally executed, and well-maintained to positively influence buyer perception.
Avoid haggling when selling a car
Speaking about haggling, If you have based your car’s worth on a valuation or the market rate, have that information to hand. Having your price backed up by data makes it harder to refute .
Secondly, the words you use are important.
Saying ‘Well, I don’t think that’s enough’ will not have the same effect as ‘No. But what I can do is …’.
If you’re not firm in your response, you’re making a buyer feel like there’s ground to be given.
Thirdly, do not let a potential buyer find out about issues at the last minute. Disclose any known issues with the car honestly to avoid surprises later.
Fourth, there’s always another buyer - even if there isn’t one right now, there will be if the offer isn’t good enough, so don’t be afraid to say you’re looking at other options.
Having them wait to hear back on your other options may encourage a buyer to bump up their price if they really want the car.
Finally, know who you’re selling to as it’s much easier to get a good offer from someone who is after exactly what you’re selling, and it also allows you to prepare a bit of a pitch.
Ask a prospective buyer over the phone or through email what they’re after when they first inquire.
Quick Recap: How to Increase the Value of Your Car
- Know your car’s value and stand firm on pricing.
- Thoroughly clean your car, both inside and out.
- Replace or refresh interior elements like mats and scents.
- Ensure electronic components are in working order.
- Be fully prepared to discuss and defend your car’s history.
Follow these straightforward tips, and you’ll find yourself better positioned to secure top value for your vehicle, confidently avoiding the haggle.
Note: Price of Ford Fiesta taken 25/06/23 via https://www.parkers.co.uk/ford/fiesta/used-prices/