Ways you’re driving the value of your car down
Unless you own a classic or something extremely rare, chances are your car is going to suffer from depreciation at some stage of its life. From the moment a car is driven off a dealer’s forecourt, a car is considered “used” and begins to lose money. Cars devalue the most in the first three years of ownership, after which time the rate of depreciation typically slows.
Although depreciation is somewhat unavoidable, there are a few things that can speed it up ...
Smoking in your car
We all know it’s not great for your lungs, but smoking is also bad news for your car. Frequent smoking in your car can leave behind a lingering smell and physical damage to the interior, making it difficult to on-sell.
Cigarette smoke becomes embedded into the upholstery and is collected in the air conditioning system, which can be incredibly difficult to remove, requiring a professional valet and special equipment to clean.
In the most severe cases, the internal fabrics may have to be removed for cleaning or be replaced entirely and that’s going to sting your wallet.
Skipping regular maintenance
Getting your car serviced is arguably the most important thing you can do for it. A basic service will check the essentials — oil, brake fluid, and batteries among others. Most workshops and dealers will offer more comprehensive services. It’s like taking your car to the doctor for a check-up, a regular service will keep it running for longer and make it easier to sell in the future. Make sure you keep detailed servicing records, as these help potential buyers know that you’ve looked after your vehicle.
The paintwork is next on the maintenance list. How many bonnets or roofs have you seen become victims of the sun with the clear coat peeling off like bad sun burn? Show your car some love and give it a regular wash and wax — a bit of elbow grease now, could save a lot more later. A car with bad paintwork isn’t going to do you any favours when it comes time to sell on.
Colour
If you were buying an appliance, what colour would you choose — brushed stainless right? Unfortunately, we can’t all get behind the wheel of a Back to the future DeLorean, so choosing a neutral colour can be seen as somewhat important. Sure, having a “Champion Yellow” Suzuki Swift or a “Sun Fusion” Toyota CH-R might get you noticed on the street and give you the wow factor, but when it comes to resale, your audience will be limited. Neutral colours such as silver, white or black tend to maintain their value best.
Using dicey replacement parts
Being mechanically minded and doing your own maintenance is fine, just don’t skimp on parts. Buy new where possible.
When shopping for brake pads, drive belts, filters and so forth, make sure they’re OE (original equipment) equivalent or above. They might cost you a few dollars more to begin with, but chances are they’ll last longer and if not, you’ll generally be covered under warranty.