Written by a Guest Blogger
The cost of cars has always been notoriously high depending on the age, make and model of the vehicle. In order to regain any of the investment made when first purchasing the vehicle, the car needs to be well cared for in an attempt to delay the idea of vehicle depreciation and earn a good resale value when the time comes.
How to Delay Depreciation
Keep the Car in Good Condition
The most important thing to do is to keep the car in the best possible condition. The upholstery needs to be clean and undamaged as does the paintwork, the alloy wheels and every possible feature within the car. It is worth investing in things like car wash equipment, fabric protection such as seat covers and regular services to ensure everything is working perfectly.
Keep the Mileage Down
A high amount of mileage will directly affect the vehicles price. Few people will want to spend a large sum of money on a car that has travelled a lot, this not only means they are getting less for their money but a car with high mileage is more likely to begin to have mechanical faults which will cost the new owner. A car that has reached 100,000 miles is usually unwanted by many buyers.
Keep to the Servicing Schedule
Manufacturers will have guidelines in terms of the regularity of servicing and will also provide a servicing book, which the garage carrying out the work will then stamp as a validation of the service. A full service history is worth a substantial amount of money as buyers are able to see the car has been well cared for and the likelihood of faults is slim.
Keep a Record of Repair Work
If the vehicle requires any work, whether it is a mechanical problem or something on the exterior, evidence of this must be kept. It is deemed to be as important as an up to date service book. Buyers need to be aware of what it is they are buying and taking on and need to know of any potential future problems.
Keep in Mind Desired Traits
Fuel efficient cars tend to have a better resale value, as they are the latest desired trait within vehicles. There are many developments in fuel technology and cars that are fuel efficient not only help the environment but are also cost saving for drivers.
Once cars reach three years old, they lose around 60% of their original value, which equates to a loss of 20% a year. It is a substantial amount of money to lose and owners are finding that they are greatly out of pocket far quicker than usually expected. The more luxurious and expensive the vehicle is the faster they begin to depreciate, it is often far better to purchase a car that is around 1-2 years old as they depreciate at a much slower rate. For older cars, it is best to try to keep hold of the vehicle until they have reached 100,000 miles, once this amount of mileage has been reached cars usually hold their price although it will not be anywhere near the original sale price of the car.