When you buy a new car there is an inevitable outcome: it may lose up to 40% of its value in the first 12 months of ownership. If you can’t wrap your head around giving up that much value, you can let out a sigh of relief: Your vehicle resale price can vary a lot and it can retain up to 80% of its value if you make the right choices.
Here is what you can do to maintain car value and minimise the pain of depreciation, according to prestige car selling experts WeBuyPrestigeCar.
Opt For Conventional Brands, Models And Popular Colours
Car value is closely tied to how popular a vehicle is, so take a look at the top-selling UK models when picking your new car. For example, a Range Rover on average retains 61% of its value after 3 years.
To maintain car value also opt for standard colours like grey or black: these cars are easier when it’s time for resale and can earn you hundreds of pounds versus a uniquely bright coloured car.
Other factors come into play, such as the length of warranty: vehicles with longer new vehicle warranty tend to maintain their value more in the first three years.
Buy A Used Car
Maybe you have your sights set on a less known car model, and you’re thinking “How do I keep the value of my car? I don’t want to buy a popular car.” Don’t stress, we have the answer. To put it plainly: let someone else pay for depreciation.
Why rush to buy the new model in the market due to a special deal, when these savings will be null the moment you try to sell your vehicle? With cars losing so much value in the first two years of ownership, choosing a used car is the wiser financial decision, and you can still get the unique model you wanted.
If you are concerned about how reliable a second-hand car will be, at WeBuyPrestigeCar vehicles undergo a rigorous inspection and servicing to ensure they are in the best possible condition. Dealerships and online car selling services alike rely on positive reviews, word-of-mouth and customer satisfaction, so you can rest assured they will not take in used vehicles without the proper paperwork and service history.
Maintenance Records & Protection
Maintaining the value of a car comes down to the actions you, as the owner, take. Retaining your car’s worth can be as simple as keeping its servicing up to date and keeping track of all maintenance and repairs.
Wear and tear have a major impact on the resale value of a vehicle. Having to price down your car due to minor scratches and a bump or two is exactly what you don’t want. Your wish is to keep your car looking better for longer, so invest in protection treatments such as protection film on your bumper or rustproofing. An even simpler way to maximise a vehicle resale price is to keep your car in the garage, protected from elements or get a car cover for outdoor storage.
Proving that your car has been taken care of and that there are no underlying issues can help you negotiate the sale of your car for a higher value.
Keep Your Mileage Down
You may be thinking that we’ve exhausted all the ways you can maintain car value – hold your horses, literally. There is something you can do every day to maximise the resale value of your vehicle. Keep your mileage low.
Here is what you need to know: Vehicles with higher mileage will suffer depreciation at a faster rate (high mileage refers to cars that exceed 10,500 miles per year). The average UK car will drive 7,400 miles a year, so keep an eye on the odometer when you see this number rise, to ensure you maximise your vehicle’s resale value. Consider other transportation options from time to time to retain the number low.
Sell at The Right Time
When it comes to selling a car, knowing when to do it will help you receive the best price.
Don’t worry about having to research when the best time to sell is for hours on end, we’ve already broken down the best time of year to sell your car, so you can know when to put your car on the market. And remember, you’ll have an easier time exchanging your car before a replacement model is released.
Want to know how much your car is worth? Use our WeBuyPrestigeCar’s free car valuation tool to know an estimated price of what your car is currently valued at.