Many great new cars are coming out for 2024, particularly at Mike White Ford in Coeur d’Alene and Sandpoint. Not only will a new Ford vehicle be in better condition than your old car, but technology moves fast in the automotive industry. Late-model vehicles have innovative driveability features, and the latest infotainment systems are truly impressive.
For many people, however, car buying involves two transactions. In addition to buying that new vehicle you have been eyeing, you may need to trade in or sell your old car. And sometimes, your purchase may depend on how much you can get for your old vehicle.
Of course, used car prices can be all over the map. A car that started as an expensive model may lose a great deal of value. At the same time, a more “bargain” vehicle may retain value. Used car values are often based on a particular model’s history: its reliability, the cost to own it, problems commonly arising in the model, its popularity, and so on. So while you won’t be able to demand top dollar for an unpopular car, there are things you can do to help your car stay at the top end of the range when it comes to other similar used cars. Here are some tips on ensuring maximum value when dealing with a trade-in or selling your old car in a private transaction.
Things that Help Your Vehicle Retain Value
This may sound a bit like “closing the barn door after the horse is gone” advice for those seeking to sell a car now, but one of the ways to make sure you get the best trade-in or resale value on your vehicle is to maintain it from the moment you acquire it. In addition, keep the miles at or below average usage, around 10,000 to 15,000 miles per year. Outside of that, here are a few of the most critical issues to address as a car owner that will give your vehicle the edge when it comes time to trade it in.
Regular Maintenance and Service
Routine maintenance is the foundation of preserving your vehicle’s value. Adhere to the manufacturer’s recommended service schedule, including oil changes, filter replacements, fluid top-ups, replacing belts, and keeping things like brakes and tires in good condition. If the car develops a problem, fix it promptly, and stay up to date with recalls, warranties, and service advisories.
Keep It Clean
Regularly washing and waxing your vehicle keeps it looking its best and protects the paint and bodywork from damage. Use high-quality car care products to maintain the interior, including regular vacuuming and upholstery cleaning. Years of sticky spills left untouched or gravel and dirt ground into the upholstery and carpet can’t be remedied with a last-minute cleaning. A clean, well-maintained vehicle will attract more potential buyers and justify a higher resale value.
Mindful Driving Habits
How you drive your vehicle significantly affects a car’s long-term condition. Avoid aggressive driving, excessive hard-braking, putting the pedal to the floor, and barreling over speed bumps or potholes. These habits lead to premature wear and tear on the engine and other mechanical parts. If you drive your car as though you intend to own it for decades, it will last decades and continue to run smoothly. Buyers who test-drive your vehicle will be able to tell how it has been treated from how it handles and the noises it makes.
Protect the Interior
In addition to cleaning your vehicle, you can minimize wear and tear on your vehicle’s interior by using protective accessories: seat covers, floor mats, and cargo liners. These shield the upholstery, carpets, and cargo areas from stains, spills, and general wear. All of this is especially important if you have a pet. Regularly clean and condition the leather or fabric surfaces to maintain their appearance and longevity and to prevent rips and holes.
Documentation and Service History
Keep thorough records for all service visits; potential buyers appreciate evidence of responsible ownership. When you provide proof that you have been consistent with service and have all the documents in a neat file, prospective buyers are more likely to bite without second-guessing you or themselves. When you show conscientiousness about maintenance and record-keeping, shoppers are more likely to trust you and the car, and a quick sale is more likely.
Showing Your Car for Immediate Resale
Even if you are not one of those owners who have maintained your car in pristine condition, you can still do things to boost your ability to get the best price for your vehicle on a trade-in or resale in the short term. Here are some of the most important things to do.
Address Minor Repairs
Before listing your vehicle for sale, take care of any minor repairs or issues. Fixing small problems such as scratches, burned-out lights, chipped windshields, or malfunctioning components demonstrates your commitment to maintaining the vehicle’s condition and helps you command a higher selling price. Malfunctioning or non-functioning components will give prospective buyers reasons to bargain the price down or walk away. While it is not worth spending a small fortune on repairs, take care of those likely deal-breakers.
Get Professional Detailing
Consider investing in a professional detailing service to help your car make the best impression on prospective buyers. A $200 detailing job may enable you to raise your asking price by $500 – an investment that is well worth it. Even if your car does not sell immediately, the detailing job will “last” for a month or two if you do a light cleaning of the interior and exterior every time you show it. Eye appeal counts for a lot when it comes to car sales.
Do Some Market Research on Pricing
Know what your car is worth. Sites like Kelley Blue Book or Edmunds can give you a range of pricing for your vehicle in your area, but you can also look for ads with similar cars. Price your vehicle competitively yet profitably; you won’t get many calls if you price it too high. If you price it too low, you may leave money on the table, or people may wonder what is wrong with it. Be realistic about what your car can reasonably sell for, given its condition, age, and mileage, but remember to build in a little negotiating room to counter a low offer.
Advertise Effectively
If you are planning to trade your vehicle in, you don’t need to worry about this issue, but if you want to sell privately, create an effective advertisement. Nowadays, there are a lot of different avenues for listing your car, some of which are free and some which may entail a fee. When creating your ad, highlight the car’s key features with a bullet list, but keep the listing brief. Take the trouble to put in high-quality photos – preferably taken right after the detailing – that show your vehicle off well; most people won’t even look at car ads that don’t have photos. Note your maintenance or repair record if you have them, and mention the package, accessories, or upgrades.
Prepare It for the Buyer
Make your vehicle as appealing as possible for potential buyers by removing personal items, organizing the paperwork, and conducting a final inspection. Address maintenance needs, such as changing the oil, replacing worn-out tires, or topping up fluids. A well-presented vehicle gives the impression of a well-cared-for asset and can significantly impact its resale value.
At Mike White Ford, we know what it takes to sell a vehicle. While it is easy to make a new vehicle shine, we know we can only sell our used vehicle inventory if we take steps to show these vehicles at their best.
If you have a trade-in, come by; we are ready to work with you at our Coeur d’Alene or Sandpoint dealerships. Come in or contact Mike White Ford today; we would love to provide you with a new ride!