The sad reality of owning a car is that its value begins to depreciate the moment you drive it off the lot. While some brands retain a greater proportion of their value over time due to factors such as durability and name recognition, luxury cars have a harder time than others due to their often extravagant price tags.
Learn more: 8 Best Luxury Cars for Wealthy Retirees
Check out: 3 genius things all rich people do with their money
If you own a luxury car that you are considering getting rid of and that has been driven very little, you may have a slight advantage when it comes to resale.
Car experts explain how to get the highest price when selling.
Keep it under this number of miles
When we say “low mileage,” the average car meets that standard at 30,000 miles or less, according to Melanie Musson, an automotive industry expert at CarInsurance.org.
However, luxury cars lose less value if they are sold before reaching key mileage thresholds, says Ranjeet Singh, owner of Eco Autos, which sells sustainable luxury cars. He recommends selling them when they have no more than 10,000 miles.
“The number may vary slightly depending on the model and make of the car, but usually means there was minimal or no damage at all,” Singh said.
Discover more: 5 cars that retain their value best after 5 years
Preservation of original features
While it’s fun to make changes and additions to your car, Singh warns that original features and upgrades that are only available on luxury models retain more value than aftermarket modifications. “By making sure these features are well-preserved and remain functional, you can increase your chances at resale.”
Store it in a garage
Additionally, if you want to maximize the value of your car, consider storing it in your garage, Musson recommends. “Cars that are garaged are in better external condition than those that are exposed to sunlight and inclement weather.”
Regular maintenance with records
To get the best possible resale value for a lightly driven luxury car, regular maintenance is crucial, says Geoff Cudd, consumer advocate and owner of FindTheBestCarPrice.com.
“Follow the manufacturer’s maintenance schedule, keep the car clean and fix minor problems before they become major ones,” he urged.
It’s equally important to keep maintenance records, Musson recommends. A buyer looking for a well-maintained car will place a lot of value on these records, she says. “Not every buyer will bother, but those who know what they’re looking for will.”
Accentuate a flawless interior
Of course, the exterior of your luxury car is important. If it looks brand new on the outside but is battered on the inside, you will turn off potential buyers.
“Have your car cleaned before you try to sell it,” advises Musson. “Dirt and trash in the car will immediately turn off buyers. Cleaning will also keep your car smelling fresh, which makes a difference to buyers.”
Update technology and features
If your car relies on certain technology to keep it running smoothly or comes with additional extras, Shawn Miller, senior editor at Modified Rides, points out that you can increase the value of your car by keeping the software up to date and making sure all the features are working properly.
Consider market timing
In conclusion, Miller said, “The timing of your sale can impact the price you get. Typically, sales in the spring or early summer, when demand is higher, can result in better deals.”
By following these tips, luxury car owners can ensure their vehicle remains in top condition and maximize its resale value.
More from GOBankingRates
This article originally appeared on GOBankingRates.com: 7 Ways to Make the Most Money Selling Your Low-Mileage Luxury Car
