The cost of owning a car is one of the major expense car owners have to face when it comes to ongoing costs. A car can lose a considerable amount of its value when you drive it off the lot, but there could be a few things that you are doing that can decrease the value of your car and affect its resale value. Here is a list of five things that you may be doing that can cause your car to depreciate quickly.
1. The colour of your car
The way your car looks has a huge impact on whether it will be able to resell or not. However, if you are planning to own the car until the engine packs up, you may not need to worry about such things. The colour of your car and its trim can affect your cars depreciation price. Standard colours such as; white, silver, grey, or black are popular car colours that have a higher resale value on the used market. Painting your car an unusual colour you may have fewer people interested in purchasing your car.
2. Not keeping to a maintenance schedule
Skipping your car's maintenance can have far reaching consequences. It may seem like a tedious thing to do to constantly check your oil and stick to the car's maintenance schedule, but this could literally save you hundreds if not thousands of dollars off of car depreciation. A car that is not well maintained can have problems in future which may deter future buyers. Taking care of your car by keeping the manufacturer’s maintenance schedule can be a good investment for you and your car. Make sure that you clean the exterior and interior to keep it in good condition.
3. Running up the odometer numbers
High numbers on a cars’ odometer is not a good look and can speed up the depreciation of your car. If you drive your car to and from work, it can be hard to avoid running up the odometer numbers. With the average motorists travelling 15,530 Km per year, having a car that has odometers running below these numbers can be attractive for potential car buyers. However, you could keep the numbers low by planning your trips and avoid driving to places that you could probably walk to.
4. Making non-standard modifications
There is nothing wrong with modifying your car to your specific taste and style, but if you are planning to get insurance or even sell your car this could be a problem. What appeals to you may not necessarily appeal to the next owner who may be interested in your car. It is important to research how the modifications you are interested in will impact your cars resale value. Also, check if the modifications will not tamper with your manufacturer’s warranty.
5. Choosing the wrong brand
If you are not planning to hold onto your car for long, it is vital to research which car brand has the highest resale value in the Australian used car market. By doing so it could be possible to retain some of the value of your car when it comes to selling it.