Maintaining your car’s trade-in value is a smart move. Trade-in value refers to the amount a dealership will offer you for your old car when you purchase a new one. Keeping your car’s value can help you when it comes time to upgrade your ride, downgrade to a more affordable option, or switch to a vehicle that better suits your changing needs.
In this guide, we’ll share practical tips on what you can do to preserve your car’s value, so you can get the most out of your trade-in.
Keep your service history up-to-date
Maintaining a service history is crucial for preserving your car’s trade-in value. Ensure you complete all required services and keep your log book updated to prove that the work was done. A complete service history demonstrates that your car has been well-maintained and serviced at the intervals stipulated by the manufacturer. This not only builds trust, but also justifies a higher valuation. Here are some simple steps you can take to ensure your service history works to your advantage:
- Complete all required services: Follow the manufacturer’s recommended service schedule to ensure that critical parts are checked or replaced at specific points in your car’s life. Failing to do so can affect the validity of your Warranty, which in turn impacts your car’s trade-in value.
- Keep your service records organised: Service records are usually tracked in your car’s log book. Here your service centre will fill in the mileage at time of service, and usually stamp the book with their company stamp to ‘officiate’ that the service was done. Make sure you store your log book in a safe place.
- Use authorised service centres: Always use a trusted service centre when servicing your car. Depending on your Warranty you might need to service with the original manufacturer. Once out of Warranty you can then service at an RMI approved service centre. Services performed by certified professionals add credibility to your records.
Regular maintenance goes a long way
Regular maintenance beyond just routine services can significantly affect your car’s value. This includes routine tasks like oil changes or replacing your brakes and tyres. For example, if you trade-in or sell your car when it needs new tyres, you’re not going to get the trade-in price you were hoping for. The dealership will take all these factors into account before making you an offer.
Keep your mileage in check
Mileage adds up over time, but keeping it under control can help you maintain your car’s value. When you trade in your car, dealers assess the mileage versus the age of the vehicle. Higher mileage often leads to a lower trade-in price due to the additional wear and tear that occurs over time. To help keep your mileage in check, consider using alternative methods for your daily commutes. Carpooling to work or school trips, for example, will not only save you mileage but also help cut down on fuel costs and reduce your carbon footprint.
Fix cosmetic damage
Fixing cosmetic damage, such as minor scratches or dents, can help you maintain your car’s trade-in value. Addressing these issues as soon as they happen can also prevent major issues like rust from occurring. Having Scratch and Dent Insurance can help you fix minor cosmetic damage. This type of insurance covers the cost of repairs for minor cosmetic damage, helping you keep your car in the best condition, without unexpected expenses.
Preserve your car’s interior
The inside of your car can make a big difference in its trade-in value. Keep it in top shape by vacuuming regularly, throwing on some seat covers, and tackling spills ASAP to stop stains from setting in. Using products that protect your upholstery and dashboard can help them stay looking good for longer. It may be a good idea to invest in getting your car washed at your local car wash once a month.
Address mechanical issues early on
If you notice any unusual noises, vibrations, or warning lights, it’s best to have them inspected and repaired as soon as possible. Ignoring mechanical issues can lead to more significant problems over time, which will decrease your car’s trade-in value. A Motor Warranty adds an extra layer of protection by covering the costs of specified repairs and replacements for parts of your car. This not only ensures that necessary repairs are addressed promptly, but also demonstrates to potential buyers that your vehicle has been well-maintained and cared for.
Know what your car is worth
Understanding your car’s current market value is crucial for maximising its trade-in value. You can start by using reputable local valuation tools to get an estimated trade-in value. It’s also a good idea to get multiple trade-in quotes from different dealerships to compare offers and strengthen your negotiating position. Exploring your options and knowing what your car is really worth will help you negotiate a fair trade-in price.
By taking care of your car today, you’re not just maintaining its value. Whether you’re planning to trade it in for a more affordable option, upgrading to a family car, or simply selling it to recoup your investment, proper maintenance ensures a smoother, more rewarding transition when the time comes.
