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Top Tips to Increase the Resale Value of Your Car

The value of a new car depreciates with time. However, by following a few simple tips, you can get maximum value when you go out to sell your used car.

17 Nov 2021
  • Tips
  • Car Insurance

Tips to Increase the Resale Value of Your Car

Owning a car is a special feeling. The connection between a person and his/her car cannot be described in words. In fact, many people love their cars just like their kids. Even a minor scratch on your car can give you a feeling of deep pain. However, just like other things in your life, your car too has a life span and one day you will have to part ways with it.

When you decide to purchase a new car and sell your existing vehicle, it can hurt you emotionally as well as financially. While nothing much can be done for the emotional pain, you can reduce your financial stress if you maintain your car properly. By keeping your car in a tip-top condition, you can fetch maximum value when you go out to sell your used car in the market.

Usually, the resale value of a car depends upon a number of factors such as the condition of its exterior as well as interiors, engine, tyres, mileage, and externally fitted accessories. In this article, we have listed a few simple tips that can help you maximise the resale value of your car. Continue reading.

1. Get your car serviced at least once every year

It’s very important to take your car for regular service at an authorised service centre in frequent intervals. Ideally, you should get your car serviced at least once every year. While giving your car for servicing, do not forget to ask the mechanic to change all necessary things such as oil filter, air filter, AC filter, engine oil, and gear oil.

This will keep your car running in perfect condition without any mechanical issue. Such a car will be the preferred choice of second-hand car buyers. Hence, you will be able to negotiate well for its price when you sit down with a buyer to sell it.

2. Wash the exteriors and clean the interiors regularly

Cleaning and washing your car regularly is very important to keep its shine or gloss intact. This will create a strong first impact of your car in the minds of prospective buyers. If possible, you should wash your car at least once every week. Moreover, if you park your car in an open garage, you should wash it more often (two to three times a week).

Equally important is to clean the interiors of your car. Interiors of a car include seat’s upholstery, dashboard, steering wheel, gear knob, and floor mats. To clean the interiors of your car, you can buy a good quality vacuum cleaner and do it yourself or you can avail the services of the professionals.

3. Replace the tyres when required

The tyres are one of the most important components of a car. They separate your car from the road and help in maintaining a firm grip with it. While assessing the value of your car at the time of resale, the buyers will surely look at its tyres. A dull and worn out pair of wheels may create a bad impression and bring down the resale value of your car.

Ideally, you should change your car’s tyres after every 40,000 kilometres. If you drive in rough conditions, you may even have to do it even earlier. Replacing the four tyres of your car may cost you somewhere around ₹ 10,000 to ₹ 15,000. However, it will help you fetch a much better deal when you opt to sell your car.

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Keep your car’s body in a tip-top condition and get it serviced regularly to maximize its resale value

4. Add some extra accessories

Addition of some extra accessories increases the aesthetic as well as mechanical value of your car. These accessories make your car look attractive to the buyer and hence, help you fetch a better deal. However, don’t go overboard with accessories as it may lead to a wastage of money. Also, too much of after-market accessories may turn off some buyers.

Here are some common accessories you should install in your car:

  • Tint film on windows and windshield
  • Door visor and door protectors
  • Side rubbing protective strips
  • Front and rear bumper protectors
  • Touch-screen infotainment system
  • Reverse parking camera with sensors

5. Make sure the documentation is perfect

While selling your car to someone else, you will need all its mandatory documents such as Registration Certificate (RC), car insurance policy, tax token, and Pollution Under Control (PUC) certificate. Hence, you should make sure that the original copies of all these documents are safe and in good condition before your head to sell your car.

Besides, you should also keep other documents such as warranty card, service bills, invoices of replaced batteries and tyres, etc. These documents will help in establishing the authenticity of your claims and hence, may increase the resale value of your car.

6. Fix dents and scratches on your car

Your car may get minor dents and scratches, especially if you live in a metropolitan city with busy traffic. However, no customer likes to buy a car with dents or scratches, even if it is a second-hand car. After all, for him/her, it will be a ‘new’ car. Hence, before contacting an agent or a customer to sell your car, you should remove all dents and scratches on its body.

If you’ve purchased a comprehensive car insurance policy, you can file a claim on it to get these dents fixed without having to pay anything from your pocket. You can also buy a scratch remover polish and rub in gently on the affected portions of your car to remove minor scratches.

 

To conclude

Now that you know how to increase the value of your car, you can take adequate measures and fetch the best deal while selling your used car. Also, it’s important to keep your car financially protected against the mishaps by opting for a comprehensive car insurance policy. Purchase ICICI Lombard’s motor insurance policy today.

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