There are many assets that depreciate in value as they age and car is no exception. As soon as a new car is driven off the dealership lot, about 20% of its value is lost instantly. Some car owners keep their cars only for few years and sell them. In that case, keeping the cars resale value as high as possible is crucial.  So, if you plan to sell your cars in few years, it is in your best interest to allocate expenditures wisely and keep it in good condition — after all you will need more dollars to give away on your next new car.  There are certain factors that mostly determine the trade-in value – make & model, year, mileage, desirability, etc, however, it is important to note that a car’s resale value may also vary in different places and what is popular in your area.  So, checking out local newspaper ads and other auto useful sources can help know at what prices similar cars are selling in your area. Burned out taillight, stains on the seat, layer of dirt on your car, etc, can negatively affect the trade-in value. Therefore, although recent models and desirability play significant role in getting the highest trade-in value, minor fix-ups and refurbishment on your car can also help you get a decent value of your vehicle.

Here are five tips to maximize the value of your used car:

Optional Equipment Matters

Many car owners spend expensive extras on their vehicles. Some add entertainment accessories or expensive sporty spoilers, while others go for extra navigation and safety equipment. However, at resale time, a prospective buyer may not be ready to pay for the extravagant after-market accessories. Therefore, adding costly extras to a car does not necessarily improve its value. So, if you are installing extras on your car, always add simple but practical products others may like, such as seat liners that help protect the seat against scratches and dings. Additionally, iPod connectors can also be an easy but valuable addition to your car.