Many people know that the value in a vehicle depreciates. However people often underestimate how quickly a car can lose value. Therefore, it’s always worth thinking about what happens when you decide to change your car.
Would you want to trade it for an upgrade? Would you want to sell it? In either case you will want your car to be worth as much as possible. In this blog we’re going to tell you the best ways to keep value in your car. We’ll also look at the best ways to keep your car healthy and clean to avoid any problems.
What are the main factors that can affect the value of your car?
External Damage
Scratches, dents and any external damage are the most common causes. The first thing that anyone will notice is the outside of your car. Ask yourself, if you were to buy a car and saw it had scratches, dents and scuffs would you want to pay the same value as a car in perfect condition? Obviously accidents happen, and most scratches will not be your fault. However, first impressions matter so it’s always best to get any damage repaired as soon as possible.
Internal Damage
You also need to consider the inside of the car. This can be a big selling point and a prospective buyer will want the interior to be in good condition. Any stains or rips in the seats are likely to be noticed immediately so it would be worth getting these removed or fixed. If you smoke in the car or use it to take your pets on muddy walks it may be worth giving it a deep clean to remove any odours.
Mechanical Issues and Faults
An obvious reason for getting rid of a car is that there is something wrong it with or something starting to go wrong. A good indication of possible faults is warning lights on your dashboard. The main warning light that would put buyers off is the engine management light. This could be on for many reasons ranging from expensive problems to small issues such as loose connectors or wires which can be fixed on a diagnostics test. However big or small of an issue, the engine management light will put off all but the bravest of car buyers. However, such brave car buyers will likely want a big discount. So, it would always be worth getting the check engine light looked at by a suitably qualified mechanic.
Car Mileage
Another factor to consider is the cars mileage. Many people see 100,000 miles as the point at which a car’s reliability starts to decrease. Consequently, depending on what mileage the car had when you purchased it, it may be worth considering when you would be looking to sell. A car with say 96,000 miles on the clock will likely be worth significantly more than one with 100,500 miles even though the difference is less than six months’ worth of driving for most people.
Service History
Another good tip is having a full-service history on your car as this will show a potential new buyer you have looked after the car as best as possible, getting it checked over regularly avoiding any long-term issues. It’s good practise to keep hold of any MOT certificates although it’s not essential as your MOT history can be viewed online. Any repair bills should be kept so you can match up with any advisors or fails on MOTs or services to show the problem has been fixed. Having both sets of documents together makes things more visually appealing to potential buyers.
Spare Keys
Having two keys for a car is another factor. Many buyers will be put off if there isn’t a spare key and there is a natural concern that the second key may be used to access the car following the sale. It’s worth looking into this before selling and if the spare key is genuinely lost then the cost of getting a second key may be less than the discount you will have to give on the car.
Registration Documents
Finally, the registration documents are important to keep safe as many companies will seek to reduce the price if the logbook is missing and many private purchasers will just walk away from the sale. For the sake of £25.00 for a replacement it can save you a significant amount when it comes time to sell your car.
Summary of the Best Ways to Keep Value in your Car
Overall, there are lots of little steps you can take to keep the price of your car as high as possible. The main consideration is to think about what you look for when you purchase a car. You ideally want it to look clean, tidy with no hidden expenses like getting a replacement logbook. So if that’s what you want then the chances are that your car’s next owner will want that too.
