We all love our cars. Don’t we?
Just as all the pretty things are bound to lose their allure by time, same is applicable for cars. As a car owner, these is nothing more painful than to see your car lose its value with time and usage. However, there are some ways which you can adopt to slow down the devaluation process. Although car devaluation is inevitable, you can always enjoy your vehicle a little longer by paying attention to some important factors.
Let’s dive into the details. Shall we?
Factors Affecting Car Value
Wondering what can actually cause devaluation in the resale value of your car? Here are some significant factors which contribute to the impending car devaluation:
- Mileage: If your vehicle has travelled more than 10,000 miles in one year, you are liable to get a lesser resale price.
- Car Condition: At present, damages to the interior upholstery/electronics or scratches on the exterior bodywork can greatly decrease your car’s resale value.
- Previous Owner: The more number of owners your car had in the past, the lesser the resale value you will get.
- Size and Type of Vehicle: Larger and luxury vehicles lose their value faster than small and practical cars.
- Service History: A full car service history promises a higher car resale value than an incomplete or neglected car service history.
- Other factors which contribute to the car devaluation include:
- Reliability of the car
- Remaining warranty period
- Road Tax and fuel economy
Ways to minimise car devaluation
Since you are well-familiar with the reasons behind car depreciation now, it is time to learn ways to prevent or minimise car devaluation. Here are a few steps you can take to reduce car devaluation to a considerable level
Different car models depreciate at a different rate. If you are planning to buy a car in future, it will be a great decision to research the depreciation curve of varying car models so you can enjoy more of your vehicle in future. Buy a car which has a low depreciation risk associated with it.
Maintain your car
As stated earlier, vehicles which have a good maintenance history are bound to get better resale value than the cars which have a neglected maintenance/service history. A full maintenance history works amazingly to make potential buyers confident about the purchase of your car. Similarly, you will also need to take good care of your car’s outlook and prevent it from damages or scratches. Instead of making modifications to your car, keep it in its actual condition to get better resale value.
Avoid Driving Needlessly
Driving contributes to increasing mileage and if you want to get a good resale value, avoid driving unnecessarily and save the mileage.
Additionally, selling a car at the right time of the year can also get you a good price.
Apply these ways to minimise car devaluation today!