Yahoo Finance 7 Ways To Make the Most Money From Selling Your Lightly Driven Luxury Car
The unfortunate reality of owning any car is that it begins to decline the moment you drive it off the lot. While some brands retain a greater stake of their value over time due to such things as durability and name recognition, luxury cars have a tougher time than others, due to their often extravagant prices to begin with.
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If you have a luxury car you’re ready to part with and it’s only lightly driven, you may be slightly ahead of the game in reselling it.
Car experts explain the best ways to make sure you can get the most money when you sell it.
Keep It Below This Many Miles
When we talk about “lightly driven,” according to Melanie Musson, an auto industry expert with CarInsurance.org, the average car will meet this standard at 30,000 miles or fewer.
However, luxury cars depreciate less if sold before major mileage thresholds are reached, according to Ranjeet Singh, owner of Eco Autos, which deals in sustainable luxury automobiles. He recommends selling at no more than 10,000 miles.
“The number can differ slightly depending on the model and make of the car, but it normally means that there was minimum or no damage at all,” Singh said.
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Preservation of Original Features
While it’s fun to make changes and additions to your car, Singh warned that original features and upgrades unique to the luxury model will hold up more value than after-market modifications. “By making sure these features remain well preserved and functional, one can better his chances of reselling.”
Store It in a Garage
Additionally, if you want to maximize your car’s value, make sure you keep it in your garage, Musson suggested. “Cars that are kept in the garage have an exterior that’s in better condition than cars that are exposed to sunlight and bad weather.”
Regular Maintenance With Records
To retain the best resale value for a lightly driven luxury car, regular maintenance is crucial, according to Geoff Cudd, consumer advocate and owner of FindTheBestCarPrice.com.
“Follow the manufacturer’s service schedule, keep the car clean and address minor issues before they become major problems,” he urged.
Equally important is to make sure that you save those maintenance records, Musson recommended. A buyer looking for a car that’s been cared for will put a lot of value on those records, she said. “Not every buyer will care, but the ones who know what they’re looking for will.”
Emphasize a Pristine Interior
While the exterior of your luxury vehicle is, of course, important, if it looks brand new outside but is trashed on the inside, you’re going to turn off potential buyers.
“Have your car detailed before you try to sell it,” Musson said. “Having dirt and junk inside your car is an instant turn-off for buyers. A detail will also help your car to smell fresh, which will make a difference to buyers.”
Update Technology and Features
If your car relies upon any technology to keep it running smoothly or add extra bells and whistles, Shawn Miller, senior writer at Modified Rides, noted that keeping the car’s software up to date and ensuring that all features are in working order can add to its value.
Account for Market Timing
Lastly, Miller said, “Timing your sale can impact the price you get. Typically, selling in the spring or early summer, when demand is higher, can result in better offers.”
By following these tips, luxury car owners can ensure their vehicles remain in top condition, thus maximizing resale value.
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This article originally appeared on GOBankingRates.com: 7 Ways To Make the Most Money From Selling Your Lightly Driven Luxury Car
