If you have plans to trade in, resell or return your vehicle, understanding what contributes to decreasing returns can help you stay ahead of them. While some elements might be beyond your control, there are steps you can take to keep value up while you’re behind the wheel.
What factors influence how much your car is worth?
Your car’s history and condition impact its value. Think things like:
Mileage
Accident history
Wear and tear
Car color
Add-ons and personalization
Even if you keep your car clean and pristine, current market trends could also influence how much you can get from a sale or return.
Read more: Saving up to replace your car? Ally’s smart savings tools can help you reach your goals
How to determine your car’s market value
Both online and offline resources can help you estimate how much you’ll get for your car. You can try:
Online valuation tools: There are a variety of valuation tools online, just keep in mind these systems can only know so much about your vehicle’s condition.
Dealership trade-in appraisals: If you’re planning to sell your car back to a dealership, an associate can assess the value of your car in-person and give you an estimate.
7 tips for maximizing your car’s value
In general, it’s best to keep your car clean, up to date on maintenance and clear of any personal add-ons and customizations. To extend the value of your car as long as possible, consider these tips:
1. Minimize damage (be selective with parking spots)
Small things such as door dings, bumper scratches, dents and fading plastic or paint might not seem like much on their own, but collectively they can diminish your car’s value significantly. You can avoid some of these minor mishaps by being mindful of where you leave your car, keeping it away from other vehicles and protected from ice and sun.
2. Wash your car’s exterior regularly
Thoroughly washing and waxing your vehicle regularly can help maintain its exterior. This is especially important if you live in a colder climate, where roads are salted for ice, since salt deposits can rust and damage your car.
3. Maintain a clean interior
While the exterior is what most of the world sees when it comes to your car, the interior can be just as important when it comes to resale value. Keeping your car interior clean can prevent material discoloration, faded carpets and permanent stains — all things that can prevent you from getting top dollar when it’s time to sell or trade in. You can also stay ahead of interior damage by using rubber floor mats and seat covers.
Tip: Look into a local car wash membership or do-it-yourself detailing kit to save money on maintenance over time.
4. Document your car’s maintenance records
Regular oil changes and up-to-date maintenance can help keep your car running smoothly, and a thorough maintenance record is even more valuable when it comes to trading or reselling.
Save your receipts from oil changes, tune-ups, tire rotations and other services to demonstrate your commitment to long-term vehicle care.
5. Watch the mileage
When the time comes to trade in or sell your car, one of the first questions anyone will ask is: “How many miles does it have?” After 40,000 miles, a vehicle’s value typically drops considerably. You don’t need to avoid taking a road trip if you eventually plan to sell, but avoiding unnecessary rides and carpooling when you could help keep the miles off.
6. Protect your tires and wheels
Well-kept wheels signal to buyers your car is properly cared for. They’ll also help maintain its overall performance, even as you put on miles, preventing a decrease in value.
7. Use quality fuel and fluids
To help keep your car in top condition, stick to locations with high-quality gas and other fluids that won’t clog, corrode or wear down essential components.
Protect your car’s value for the long haul
To avoid costly auto repairs over time, consider going beyond your manufacturer’s warranty with coverage that encompasses all of your car needs at a low fixed price, like Ally Premier Protection. Whether you’re looking to cover the basics or just about everything on your vehicle, you can select a plan based on your driving habits and budget. Even though a loss in value might be unavoidable, you can be in control when it comes to upkeep.
