With that in mind, I set out to consider other things that make vehicles valuable when they are sold again. Despite my best efforts, NFTs did not make my list.
Instead, there are things that the owner of a vehicle can do to ensure it keeps its resale value as high as possible, and there are actions that a manufacturer must undertake to help owners achieve this.
In this article, I am going to focus solely on what the manufacturers can do to ensure a higher resale value for the vehicles that were already sold. I might have missed something on my list (feel free to use the comments section), or I may have overrated something else, but these are my thoughts on the matter.
First, to ensure that resale value is as high as possible, a brand's image must be as close to impeccable as conceivable. While nothing can be done to the vehicles that were already designed, built, shipped, and sold, that does not mean that nothing can be done for those to come. There is also the aspect of marketing, as well as word-of-mouth advertising, which Tesla has benefitted from the most.
Each manufacturer interested in higher resale values should focus on improving quality control at its factories, as well as quality repairs in its service networks. Tesla still has issues with quality control, yet people want to buy their cars, and resale values are high. Have your analysts look into that!
A perfectly-made vehicle that gets ruined by poorly trained repair technicians has the potential to ruin perceived brand value in a country, not just for one customer. Word travels fast, and this is something that was true even before the Internet was a thing.
If the price is competitive, there is no reason for them to avoid you. Offer a complimentary vehicle check while they are there, as well as a free cup of coffee.
Third, improve customer satisfaction, especially if you are aware that your brand's reputation is not perfect. If one of your dealers has people who are aggressive when answering the phone or just rude, have them change those employees to other, non-client-facing tasks.
Be sure everyone is polite to customers, and be sure they go the extra mile – support them in doing so. A happy customer might bring two or three customers, but a dissatisfied customer might turn five to seven potential clients away from you.
I cannot remember where I read that last bit, but think about good restaurants you have heard of, and now think of restaurants that your friends complained about on Facebook – you probably do not intend to buy anything from them.
A fourth solution is to offer heavily discounted or at least fixed prices pre-purchase inspections for people interested in buying a used vehicle that was made by your brand but sold by someone else.
A fifth solution to improving resale values is offering extended warranties at a reasonable price, even bumper-to-bumper ones, and owning up to whatever costs come your way.
Then, extend the program to vehicles that were out of warranty, and let the next owner of the vehicle enjoy coverage for transmission, engine, electrical, and steering systems. Go even further if you have faith in your products.
Kia impressed many people with its standard warranty plan in Europe, and many customers got to buy their first new car due to the faith in the brand that was obtained through that claim.
warranty plans in the U.S. For example, Kia has a 10-year/100,000-mile warranty program for its powertrains. That is what helps people trust a brand, not a technology that few people understand. Also, refrain from doing this.
Another idea would be to establish a buy-back program that would accept older models made by the brand, repair them, and then sell those as certified-pre-owned vehicles with a manufacturer-backed warranty. Do not hesitate to offer lease deals for two-to-three-year old vehicles.
Take the deal further and offer competitive financing plans with specialized companies, and make it so that clients are enticed to get a vehicle from your marque not just by the attributes of the vehicle itself but also from a financial perspective.
Never forget to offer a respectful customer experience. In the matter of the latter, just listen to Jay Leno's explanation as to why he does not get a Ferrari.
Sounds simple enough, right? Sadly, it takes years to build a brand's reputation, and it can be damaged by things like an emissions scandal, a recall that revealed known but concealed safety issues, and many other problems. That is why the automotive industry is so complex, but we still love it.