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Money

A hidden way to boost your car’s value

If you’re looking to sell a used car, you’re in luck. Used vehicles are worth a record amount of money right now. Tap or click here to see what your car can fetch.

This is excellent news since, typically, it’s the other way around. Usually, cars lose value when you drive off the dealership’s parking lot. The used car bubble won’t last forever, so it’s better to sell sooner than later.

Here’s a tip you can use to squeeze as much value out of your used car as possible. Software updates are the key. Here’s why they make a world of difference and how to take advantage of them to put as much money in your pocket as possible.

Updates make your car seem shiny and new

We’re in the age of digital cars, which means upgrades are more accessible than ever before. A few decades ago, you would have to spruce up your vehicle with physical labor. Maybe you would add some decals or hire a mechanic to dig around under the hood to make things work better. 

Now, you can improve your car without having to break a sweat. It all comes down to regular upgrades. 

RELATED: 5 tech upgrades for your new car

One of Kim’s cars comes out with upgrades that add significant improvements once a year. She rides down to the dealership and drives off. When she comes back, it works even better than before. 

As you can imagine, car buyers love this. They don’t want something unchanging and dull; they want cars that they can update as easily as they update their smartphones. Almost everyone likes the dynamic element of regular improvements they can get for very little work.

It’s proven to make more money

Just look at the fact that Tesla cars tend to have higher resale values than other vehicles. Get this: New cars lose around 20% of their resale value in the first year, according to CleanTechnica. After that, they lose 15% each following year. 

Research from InsideEVs found that Teslas are entirely different. Reporters said the Tesla Model 3 might maintain its resale value about four times better than all other cars, whether they’re electronic or not. It’s not only because Tesla is a famous brand name.

The high resale value is also because Tesla provides updates that can do all sorts of things, like:

  • Extending a car’s battery life
  • Introducing safety features 
  • Changing the layout of touch screen interfaces
  • Adding new Autopilot features
  • Provide disaster updates, as we saw with Hurricane Irma

Of course, not everyone can afford a Tesla. But if you have a digitized car, look into regular updates. See what options you have. You may find a few upgrades that could add value to your vehicle later down the line.

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