By the time you leave the parking lot with your new car, it has already depreciated by 11%. Well, this according to insurance companies and others who estimate a fall between 10% and 20%. With this information, your car’s value plays a significant factor for landing a rewarding resale. By doing the following you are actively lowering your car’s overall value and the opportunity to claim a worthwhile resale.
Not Maintaining the Car’s Exterior and Interior
How buyers react to the physical condition of your car is somewhat like first impressions – it sticks. If your car is dinged up, with scratches, it’s an obvious indicator that it has not received the proper care and maintenance. This also includes the interior. If it is dirty and unkempt, the overall value of your car depreciates.
Not Keeping Track of Service Records
If you’re not keeping the receipts and documents of all your fixes and services, it’s time you do. These serve as sound proof for potential buyers of a responsible and diligent own – not only for keeping the car in condition but for actually keeping the receipts as proof. This type of registering behaviour immediately ups your car’s value.
Not Being Mindful of Mileage
As much as we love road tripping, this may serve as a detrimental factor when it’s time to resell. This ultimately comes down to impact it has on mileage and how buyers view this aspect. Mileage is a reflection of how far you have driven your car and the likelihood of its wear and tear.
Not Parking in The Right Spot
Believe it or not, not parking in the right spot could mean a decrease in car value. For instance – deciding to park next to vehicles with extra-long doors or in the sun, increases the likelihood of dings, scratches and your car’s paint fading.
Modifications
As much as we want to make our cars an extension of our personalities sometimes doing so may just be a hindrance during resale. Modifications such as lowering your car’s suspension, over customisation eg louder exhaust system and spoilers, are a few spoilers for your car’s value.
