During 2012, franchised car dealerships in the U.S. sold a record 1,834,746 vehicles, which not only represented a 5% increase from the year before but also embodied a trend that has become prevalent across the world. With this and the precarious state of the global economy in mind, it appears as though consumers are looking to buy discounted used vehicles rather than commit to the purchase of a brand new car.
How to Optimise The Resale Value of Your Car
While there may be ample opportunity for you to sell your used car, however, doing so profitably remains an extremely problematic challenge. Unlike some investments, the value of a standard car is likely to diminish considerably over time, which means that you must think creatively in order to inflate its individual resale price. Consider the following ideas:
– Install Bluetooth Connectivity: This is now a standard feature on the majority of new vehicles, but there are a number of older models that lack any kind of wireless connectivity at all. It is in high demand on the current consumer market, however, largely because it enables drivers to connect their mobile devices to a vehicle and use them seamlessly as a result. It is relatively cheap to install and is likely to retain at least 50% of its value over a period of three years, which is an added bonus when you consider the increasing interest that it will generate in your vehicle.
– Reduce the Costs of Ownership: When looking to optimize a potential profit return on a physical asset, it is also prudent to reduce the cost of ownership. In terms of owning and operating a car, this means that there should be an emphasis on reducing the annual costs of running and insuring your vehicle. By using your car sparingly or only when required, for example, it is possible to cut the amount spent on fuel and subsequent maintenance. With regards to insurance, strive to use a reputable provider such as www.axani.co.uk as a way of keeping costs down.
– Use Higher Value Colours to Improve The Appeal of Your Car: While bright colours such as red and orange may provide an eye pleasing aesthetic, they often restrict your target market and diminish the value of your car. The demand on the current market is for black base paint or white coloured vehicles, with the latter especially popular on a number of sports models. These cars are not only far easier to sell, but they also carry a higher resale value among both private and commercial customers.