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KayCee Rossouw
When it’s time to sell the car that has served you so well for a few years, you’ll want to get the best price possible for it. Yet many people make a few simple mistakes that devalue their cars, which means they get less money in their pockets when they sell it or trade it in.
Servicing your car each year or taking it in for repairs when you see a warning light on your dashboard may seem expensive. But allowing small issues to turn into big problems is pricier. Buyers will be inclined to pay more for a vehicle that has been well-maintained and has a full-service history. Sticking to authorised dealers and RMI-approved workshops for your services and repairs will boost a buyer’s confidence in your car.
Missing services could also invalidate your warranty, meaning you won't be covered for any major repairs. It could also impact your insurance claims. If an accident is linked to neglect, such as brake failure, your insurer might refuse to pay your claim because the accident could have been avoided with reasonable care.
A small scratch on your door or a dent on the bumper might not seem like a big deal. However, leaving these imperfections unattended can reduce your car’s resale value down the line. A minor scratch can lead to rust or corrosion, decreasing the car’s value and leading to additional repair costs. It can also create the impression you’re not looking after your car. Even if it’s inconvenient and costly, try to get dents and scratches repaired as soon as they happen.
TIP: If you have car insurance, you can claim for repairs to your car. But before you claim, consider whether the repair cost is higher than your excess and if the cost justifies risking your no-claims bonus. If another insured driver caused the damage, your insurer should be able to help you claim against them. For more tips on fixing small dents and scratches, check out this guide.
Documentation is key. Service records, repair invoices, and the vehicle's handbook can increase a buyer's confidence. It assures the buyer that you've taken good care of the car and that you're transparent about its history.
Many modifications will turn off potential buyers and decrease your car’s resale value. This is especially true of aftermarket parts that change your car’s style or performance. If you do modify your car, keep the original parts so you can return it to its factory state when it’s time to sell.
TIP: If you pimp your ride with a high-performance exhaust system, custom spoilers or alloy wheels, be sure to let your insurer know. If you don’t, these changes to your car could lead to the insurer denying your claim if there’s an accident. Be aware that these changes could lead to higher insurance premiums or even complete denial of coverage.
Look after your baby carefully. Keep it clean on the inside and outside to preserve its appearance and value. Try not to leave it exposed to the elements since sun damage, rust, faded or cracked interior finishings, and hail dents can all hurt its value. If you can’t park it under cover, invest in a quality car cover for added protection.
Maximising your car's resale value doesn't require magic; it's about care, maintenance, and a bit of savvy. By breaking these habits, you'll not only enjoy a more reliable ride while you own it, but also ensure you’ll get the best possible price for your car when it’s time to sell.
