Do you know what your car is worth? Most of us have a vague idea, but there are many different factors that come into play when determining your car’s value. This can include the car’s make and model, its mileage, general condition and whether it has been in an accident. Your car’s service history can also affect its value.
If you were thinking of selling your car, no doubt you’d want to get as much out of the transaction as possible. Cars are expensive, and the money of one vehicle sold is usually put towards buying the next one. Here are the most important things to consider in order to retain the value of your car.
How to retain the value of your car
- Make sure your car has an impeccable service history. Always take your car to accredited service stations for service, and be sure not to miss any! Follow the servicing guidelines prescribed by your car dealer to the letter. Keep your receipts.
- Buy a used car. New cars quickly lose their value (depreciate) – it is common for new cars to lose up to 50% of their value in the first three years.
- Keep your mileage as low as possible. The more kilometres on your car, the lower the value, the fewer kilometres, the higher the value. Share rides with other motorists and use public transport wherever possible.
- Keep your car clean – and never smoke in it. A dirty car will turn off potential buyers. Clean stains on the upholstery material immediately. The smell of cigarette smoke is almost impossible to get rid of and will lower the market value of your car.
- Maintain your car consistently. Change the oil regularly and investigate and repair any unusual engine noises. Keep your receipts. Wax your car a few times a year and use a protective product to keep vinyl surfaces in good condition.
- Don’t make modifications. Modifications to your car can scare away potential buyers and will always lower the resale value of your car.
- Keep your car in the garage. If you have the option to, keeping your car indoors will protect it from snow, sun, rain, hail, wind and other weather conditions. A garage will also keep it safe from small collisions, falling branches and other accidental damage.
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