Four Things That Will Reduce The Resale Value Of Your Car
Thinking of selling your car? Hold on before you post that “slightly used/ lady-driven” ad. While the dreams of a quick cash dance in your head, every ding, dent, and puff of smoke in the car whisper “bargain” to potential buyers. Some seemingly harmless things can affect the resale value of your car.
From DIY disasters to neglected maintenance, several things can reduce your car’s resale value. In this article, we look at the four biggest things that impact your resale value.
What is the Resale Value of a Car?
The resale value of your vehicle is the price you can fetch when selling a car after owning it for a while. Some cars have a higher resale value than others depending on:
- The make and model
- The condition of the car
- Age and mileage
- Modifications
Regardless of your car’s make and model, there are a few things you can do to increase the resale value of your car. Here are tips to maximize how much you can get out of your car when selling.
4 Things That Can Kill Your Car Resale Value
Your car starts depreciating the moment you drive it out of the dealership. But these four things will kill your car’s resale value:
1. Poor Maintenance
“Lady-owned, Indian-owned” and other cliches no longer fly when selling your car. Buyers know what to look out for and can tell a lemon (bad car) when they see one. A poorly maintained car will always show.
Irregular fluid changes, worn-out parts, and poor maintenance records can greatly reduce your car’s resale value. A foul-smelling interior is an indicator of negligence. A poorly maintained car will cost much less than earlier models that are well-maintained.
2. Unnecessary Modifications
This is a tricky area, you never know whether the next buyer will have misgivings about the modifications you’ve made to the car. As a result, modifications may help to increase or reduce the resale value of your car.
But there’s an easy way to tell: modifications that improve comfort and performance may be welcome. But those that alter the appearance of the car, such as a larger fender, may be considered to be cosmetic damage. They end up costing you, either by having to accept a lower valuation for your car or having to spend even more to revert the car back to its stock specification.
3. Poor Driving Habits and Accidents
A scratch here and there is inevitable if you share Nairobi roads with the ndhuthis and Citi Hoppas. But every big dent on your car gives the buyer to negotiate lower on your asking price. Windscreen cracks are also a concern to buyers. Proper driving habits will keep your car in good working condition and therefore, maintain its resale value.
4. Missing/ Misplaced Documents
It’s possible to sell your car without a logbook in Kenya. But not without raising questions about the true ownership of the car. A car without a logbook could also signal uncleared car loans, a written-off car, or the car is owned by someone else who may have not authorized the sale. All these are reasons for buyers to negotiate the price downwards.
Always ensure that all the supporting documents you need to sell your car are in order. These include the logbook, insurance certificates, and service records.
Get Maximum Value for Your Car, Sell with Peach
If you’re looking to get the best value for your car, you should sell it with Peach Cars. We take the guesswork out of the sales process by inspecting your car and advising on fixes that can help ramp up your asking price.
