The harsh reality for all car owners is that cars depreciate in value over time due to wear and tear of various parts – it is unfortunately a depreciating asset. In fact the minute you drive it out of the dealership, it loses about 11% of its value, according to some car experts. Your car will continue to depreciate every year but there are some things you can do which can help you maintain and preserve as much resale value as possible. Keep reading for some important tips on how to care for your car so that when it comes time to sell it or trade it in, you can command a higher price.
FIRSTLY, IT IS IMPORTANT TO KNOW YOUR CAR’S VALUE
The value of a car is determined by a host of factors which include the popularity of the make and model, the vehicle specifications, physical appearance, trims, mileage, the maintenance and working condition of the car. Some cars retain value more than others so it is advantageous to conduct some research on the car prior to buying it to get an idea of the trade-in values of the car (which will obviously be higher if they are in demand).
MILEAGE PLAYS A HUGE ROLE IN YOUR CAR’S DEPRECIATION – KEEP YOUR MILEAGE LOW AND TO AN ABSOLUTE MINIMUM
Mileage is more important than the age of the vehicle when it comes to depreciation and is the very first question people ask when you are selling: What is the mileage? In a nutshell, the number of miles on your car will determine how much it is worth. The higher the mileage, the less value your car will have. The value starts dropping rapidly over 100, 000 miles and anything over 200, 000 miles literally plummets your car’s value. So the first thing you should try and do is keep your mileage as low as possible, whilst still enjoying your car.
WHEREVER POSSIBLE PARK YOUR CAR IN A GARAGE AND BE CAREFUL WHERE YOU PARK IT
Keeping your car in the garage will protect it from the harsh elements like too much sun, hail or rain.
Also choose carefully where you park your car as dings on the doors and scratches on the bumper will diminish the value of your car.
KEEP THE INTERIOR CLEAN AND DO NOT EAT, DRINK AND ESPECIALLY SMOKE IN YOUR CAR
Keep the interior clean and tidy and make sure to clean any spills or stains immediately. Use floor mats at all times.
WAX AND POLISH YOUR CAR AT LEAST A FEW TIMES A YEAR
Waxing protects the surface of your car and maintains the color of your car for much longer.
SERVICE YOUR CAR REGULARLY AND KEEP THE RECORDS
Routine maintenance and repairs are essential. Keep every receipt and record as this will assist in you getting a higher price.
GET REGULAR OIL CHANGES
This is a cost effective and important maintenance step that will save you thousands of rands in the long run.
MAINTAIN THE CORRECT TYRE PRESSURE ON YOUR CAR
Check your owners manual for the recommended tyre pressure and keep your tyres properly inflated.
FIX SCRATCHES, GOUGES AND DENTS BEFORE SELLING
Prospective buyers will examine the exterior so make sure your car looks loved and cared for. Also look out for rust and fight against any spread.
Should you need to replace any worn parts or spares, do so. Aftermarket used spares are easy to come by if you are looking to save some money – a simple Google search for example peugeot Spares will yield hundreds of results.
POLISH FADED HEADLIGHTS
Polished headlights make a difference! Faded and yellow headlights will age your car.
By following these simple tips from the outset you can preserve your car’s value as much as possible and will be able to command a higher resale price.