How To Increase The Resale Value Of Your Car

Hardly anyone who purchases a car expects to keep it forever. Many car owners choose to replace their vehicles when their needs change. For example, new parents might sell their roadster for a minivan; empty-nesters relocating to a sunny state might sell their SUV for a convertible, and students leaving home for college might not need to bring their high school car to campus. If you’re ready to sell your car from high school, here’s what you need to know to increase the resale value of your car.

Questions to Ask Before Taking a Car to Campus

Most college campuses have all the amenities that students need — such as dining, entertainment, shopping, and laundry facilities — within a few blocks of their residence halls or apartments. Many students learn quickly that they can get almost anywhere without a car just by walking, biking, or taking public transit.

For some college students, owning a car might be more trouble than it’s worth. Aside from buying gasoline and paying for insurance, students might get a sticker shock when they learn how much they’ll need to pay to park a car that they barely use.

Before you leave for college, investigate the campus parking arrangements. Find the answers to the following questions:

• What is the fee to keep a car on campus? Is it a monthly, yearly or per-semester rate? Is summer parking included?
• Are parking areas secure?
• Is covered parking available? (Don’t forget about hail and snow.)
• Are parking spaces numbered and reserved, or does the parking lot get full by the time morning classes begin?
• How much are campus parking citations?
• Are unused portions of parking fees refundable?

Alternatives to Keeping a Car on Campus

If having a car on campus isn’t an option, there are usually alternative modes of transportation available. Municipal transportation systems typically offer bus routes from campus to popular destinations around town. Check the local transportation website to see if you can ride the bus or rail systems for a discounted student rate. Besides bus and rail service availability, you might not need a car on campus if:

• A friend or roommate already owns a car
• A bike or skateboard works just as well
• Ride-sharing services are plentiful

After you weigh the pros and cons of keeping a car on campus, it might make more sense to sell the high school car before college begins.

Tips to Ensure Good Resale Value When Purchasing a Car

No matter when you decide to purchase or sell a vehicle, there are steps you can take to ensure you get the most money for it when it’s time to sell.

• Purchase a car that’s a neutral color. A car that’s fire engine red or electric blue, although eye-catching, tends to draw more attention than the average person wants when behind the wheel.
• Purchase a car with an automatic transmission rather than one with a manual transmission. Only 18% of Americans know how to drive a car with a stick shift, so four out five people shopping for a used car will disregard your vehicle.
• Purchase an extended warranty for the vehicle.
• Wash your car regularly to help preserve the exterior paint. Damage from salt or other corrosives can occur whether you live in the snowy north or near the ocean.
• Detail the interior of the car to prevent permanent stains or damage from ground-in sand, dirt or debris.
• Protect your car from the weather. Covered parking is good; secured garage parking is even better.
• Fix dents and scratches in the body and chips in the glass immediately, before they get worse. Sudden changes in air temperature can transform a tiny chip into fully cracked windshield.

For more tips to increase the resale value of your vehicle, see the accompanying resource.

AUTHOR BIO: Sam Combs is the founder of Chrysler Factory Warranty, an Internet-only provider of genuine factory-backed Chrysler Service Contracts. He has 18 years of experience in the industry and focuses on offering customers the same Chrysler coverage plan for less.