Published on Friday, 12 August 2011
But “fair market value” often differs from the perceived value that a customer has in mind. In fact, customers are frequently disappointed to learn their vehicles are worth less than they anticipated — sometimes several thousand dollars less.
Many factors go into determining what a dealership (or a private buyer) will pay for a vehicle, including original MSRP, mechanical condition, physical appearance, mileage, market conditions, accessories, brand, model type, maintenance history, accident history, etc.
To ensure that your vehicle maintains its maximum market value, here are some tips.
Regularly Scheduled Maintenance. Always service your vehicle according to the manufacturer's recommendations. Regular tune-ups, oil changes and inspections will minimize wear and tear, and save on costly repairs.
Avoid Harsh Driving Conditions. This means not towing more weight than recommended, not speeding excessively or driving recklessly, and avoiding poor road conditions.
Avoid Excessive Mileage. Mileage is one of the most important factors in determining fair market value. If you're planning a road trip, consider renting a vehicle. The cost of a rental may be less than the excessive mileage costs at the end of a lease or depreciation when selling your vehicle.
A Clean Interior. Stains, mildew and musty smells have a negative impact on the selling price. Cigarette smoke, in particular, leaves a foul odour throughout the interior that is nearly impossible to remove. And replace your cabin filter.
Don't Ignore Warning Signs. If you spot a fluid leak, unusual engine noises or a warning light, address it immediately. Mechanical problems that aren't fixed will lead to bigger problems and will devalue a vehicle. And don't avoid stone chips on the car's exterior, which can result in rust.