If you are thinking about buying a car and intend to sell it after three to four years, factor in the following to maximize the resale value. Select well-known makes and avoid reconditioned car (old car that have been refurbished), if they are less expensive. This is because while reconditioned cars may be well-well-maintained they do not have a warranty and therefore their resale value is lower.
Opt for four door hatch-back cars- they are always in demand-instead of the two-doors variety. Most people in Pakistan buy cars for family, not individual use; a spacious cars with more doors accommodates more passengers and has more boot space for storage.
Choose shades of whitens silver or grey rather than bright colours (graish purples and oranges are a definite no-no); light-colored cars are not. Only easier to touch-up and maintain, they are also in higher demand. Looks for cars with factory-fitted features such as sunroofs, original leather seats and alloy wheels; these improve the car’s appearance and add to the value.
Avoid adding accessories such as loud exhaust pipes, fender flares, side-stickers and wide wheels; they are an unnecessary expenditure and do not contribute to a higher resale price. Ensure that you have a documented full-service and maintenance history (FSH); buyers are willing to pay five to 10% more for a well-kept car, as future maintenance costs are likely to be lower.
Maintain interiors and exterior by using ‘car-only’ cleaning materials; avoid using household detergents and dashboard shine sprays because they damage the car’s surface and depreciate the value in the long run. Prior to selling, have your car serviced as a professional car detailing shop. Remove windscreen stickers and ensure that the road tax has been paid. Remember on sales days, park the car facing nose out in the driveway to make a good first impression.
By Romano Karim Yusuf