Owing a car is one of the necessities for living a comfortable life. While car prices are decreasing, it is still a significant investment anyone can make in their lifetime, especially for working-class families. The trend to buy a used car never goes out, and besides, used car prices are now 49% higher than they were five years ago, in 2019.
A report published by the Australian Automotive Dealer Association in partnership with AutoGrab mentions that around 2,074,535 cars will sold locally in 2023, outselling new vehicles by 23 percent. So, if you wondering whether your car will have a high resale value, then yes.
However, the main question remains: how can you ensure that you get the best value for your used car? This blog suggests 11 best tips you get the best resale value and top cash for your used car.
The road to get the best resale value for your car begins by choosing the right model. If you have the right model, which is in demand by most families, then you ought to get the best price in the market. Now, let’s look at the best 11 tips if you want to get a good deal while reselling your favourite car:
1. Buy a sophisticated car
It might be tempting to buy a brand new car in a funky colour or cool interior finish, but overcome this urge and buy a normal, boring, and sophisticated car model. Usually, most car buyers don’t aim to buy a used car with super-cool factory options, like a brown leather seat. If your main goal is to resell the car after using it for a few years, then stick to buying a normal car.
According to an employee from AutoGrab, Basic colours, like silver, white, and black, are associated with fewer price drops, quicker selling, and higher final sale prices compared to green, yellow, and red cars.
2. Purchase your car according to the temperature
If you are thinking of reselling your car, consider buying from the perspective of the locals in your area. A dealer’s used car inventory is generally dictated by the demographics of the region they serve. Besides, a dealer will try and tailor their stock to suit their customer preferences. Like, cars with dark colours and interior finishing are less popular in the warmer parts of northern Australia as they tend to get hot in the sun. So, car dealers are likely to favour cars which don’t get hot under the sun.
3. Choose between Toyota, SUV or Ute
Toyota, SUV, and ute have the best reselling trends in Australia. Dealers are likely to maintain an inventory of cars that are easy to sell and do not cause problems. They stock cars that are sought after by many people but may have stock limitations. As per AutoGrab’s monthly data, passenger and SUV variants are highly sought by second-hand buyers by volume.
4. Try to sell your car within four years of buying it
Use this as a rule of thumb: Reselling your vehicle that is still under warranty is a good call, as dealers like to bundle cars with some factory warranty. For instance, Toyota Haris, a popular hatchback, retains 107.4% of its value on average when it is between two to four years old. However, this rate falls to 91.5% when it is five to seven years old.
This also holds true for SUVs. On average, a Toyota LandCruiser retains 106.5% of its value if it is two to four years old, but it falls to 92.4% when it is five to seven years old.
5. Patch every scratch
Before you are off to advertise to get top cash for your junk car or collaborate with a dealer, remember to patch every scratch and give a polished look to your car. You will be wondering why you spend so much money on a junk car which will be sold off soon, then you are thinking the wrong way.
Neither dealers nor buyers are interested in buying damaged or worn-down cars. So, the more they have to spend to give the car a seamless look, the less they are going to offer you. Remember, it is the small things that matter.
Here are some other tips that can help to increase the resale value of your used car:
Reselling your car is one of the most hectic tasks, and ensuring you get the best deal is another. So, you can simplify this task by offering incentives in your advertisements, like complimentary servicing, warranty, or a full tank of gas. These add-on features can make your ad stand out from the others.
Besides, if you do not want to indulge in all these time-consuming tasks, then you can connect with a scrap car dealer in Perth. The dealer will buy the car from you, offering top-cash for scrap cars to you, and that’s it. You do not have to look and meet potential customers or waste your time or efforts in selling your car.
