Why You Should Consider Resale Value When Buying a Car
There’s a lot to consider when shopping for a new car — safety features, interior space, ride quality, exterior styling, infotainment technology, and the biggest factor for most buyers: budget. There’s one more thing, though, that buyers should keep in mind when choosing a new car — resale value.
Why? Because unless you intend to drive the car you’re buying forever, chances are you’ll be trading it in or selling it outright sometime in the future. If you invest in a quality ride, you’re more likely to get a better selling price when it’s time to hand over the keys down the road, according to The Penny Hoarder writer Tim Healey.
“It could even be a tiebreaker if you’re torn between two models,” he adds.
If you’re serious about resale value, he recommends focusing on brands that consistently deliver quality, reliable vehicles as well as luxury brands. SUVs and trucks may also deliver higher resale values, depending on gas prices, according to Healey.
Thinking about the future owner of your car can also help you stick to a regular maintenance schedule. A properly maintained, problem-free car will more likely warrant your selling price than a car that’s damaged or riddled with issues.
“A well-maintained vehicle could be worth more when it’s time to sell or trade. And if you know there’s a payoff in resale value awaiting, you may be incentivized to be vigilant about maintenance,” writes Healey.
When it comes to sprucing up your vehicle with aftermarket parts to increase resale value, Healey advises to stick to practical upgrades like leather upholstery, moonroof, and air conditioning and avoid “overly personalized modifications.”
News Source: The Penny Hoarder
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