When it comes to our vehicles, depreciation in value is something none of us can avoid. From the moment you purchase your car and it leaves the dealership floor, it starts dropping in value. But there are a few things that we as vehicle owners tend to do that speeds up the rate of depreciation.
We know that the moment you bought it you were in love with your sweet ride, and although the memories made are priceless, your vehicle isn’t. According to research done by carfax.com, a new car drops 20% in value in the first 2 years of ownership and another 10% each subsequent year. Depending on the brand, within just 5 years your car is only worth about 40% of what you initially paid for it. Follow our simple guideline on what not to do to ensure that when the time comes to sell, you’ll get more bang for your buck to invest in a new vehicle.
Stop smoking, drinking and eating in your car
We all have our bad habits but don’t let it ruin the value of your car. The odour of stale cigarette smoke is very difficult to get rid of. If you’re used to smoking behind the wheel, over time you won’t notice the ever-present odour, but potential buyers, especially ones that don’t smoke, will. This is especially so when you make use of your car’s A/C as the cigarette smoke gets pulled into the air vents. Even if you manage to get rid of the hanging odour, as soon as you switch on the car’s air conditioning, the smell will persist.
You also have the risk of obtaining cigarette burns on the interior and upholstery of your car. On top of that, cigarette smoke will discolour the interior of your car over time as well. Simply leaving the window open won’t do.
The same goes for eating in your vehicle. You risk getting stains on your interior that might be hard to get rid of. Oily fingers from eating fast food on the go will build up an oily residue that could stain your upholstery and other interior items over time.
Feeling hungry on the road? Need a smoke break? Rather pull off at your nearest filling station than doing so on the go.
Don’t be cheap - use genuine car parts
Some mechanical components on our vehicles will fail no matter how well you look after your car. Maintenance and repairs could cost a pretty penny, thus a lot of us tend to use cheap knock-off parts once our car is out of warranty. In reality, knock-off or off-brand parts increase the bill for future repairs as they could wear out in half the time of genuine parts. For that reason, when selling or trading in your vehicle, the presence of these parts greatly affects the resale value of your vehicle.
Make sure that you take your car into a trusted dealership when it’s time for a service or when repairs are needed. Having a proper service history will also ensure that your car will retain a higher resale value.
Don’t drive recklessly
Reckless driving in itself is bad for your health and those on the road with you. It will also drastically reduce that value of your car. Driving recklessly will increase the frequency of required maintenance as your components risk failing prematurely. Any professional inspecting your car can pick up on small give-aways as a result of recklessness that the untrained eye may miss when assessing the resale value of your vehicle.
Your vehicle’s mileage will also greatly depreciate the value of your car. Mileage is one of the main contributors to the depreciation of your vehicle and should always be kept in mind. When on the move, if you have the option to carpool with someone else and to take turns when running out for groceries or driving to work, do it. Stop taking unnecessary trips, taking a walk is not only good for your health but also for the value of your car.
Be mindful of where you park
When choosing a space to park in, whether visiting the shops or parking at home, be mindful of where you park. Leaving your car out and exposed to the elements will have a lot of contributing factors to the depreciation of your vehicle. Prolonged sun exposure will dull the exterior colour of your car and may actually result in the paint chipping off. You also risk having the plastic covers on all of your lights fading into a very off-putting yellow. If available, underground parking is always the better option.
Rather put in the extra effort to park a bit farther away from other vehicles to lower the risk of scratches, door dings or worse. Ensure that you leave ample space on both sides of your vehicle to avoid these incidents. If you come across an open parking space next to a poorly parked car, steer clear as you run the risk of the driver damaging your vehicle when reversing out.
Investigate and repair any unusual engine noises
Engine noises are often the first sign of significant problems with your car. If you catch those problems early they can often be repaired at minimal cost. But let them go too far, and they can turn into major expenses. Get any unusual noises or check-engine lights checked out as soon as you notice them.
This can be even more important if you're planning to sell your car. Experienced car buyers know to listen carefully to the sound of your car's engine. A smooth-running engine is often evidenced by a quiet consistent sound. But knocking, clanking, or intermittent sounds can be an indication of more serious engine problems. As the long-term owner of the car, you may overlook unusual sounds – but rest assured that a buyer won’t.
Selling your vehicle
After taking all of these precautions and adopting better habits to ensure that you increase the resale value of your car, you also need to be mindful of how, and where, you choose to sell your vehicle. More often than not, selling your car through a trusted dealership will offer a higher resale value.
If you need assistance and wish to get the most value out of your second-hand vehicle, choose Fury Ford Midrand. Our staff and sales personnel are trained to not only deliver quality service but to ensure that you get the best resale value for your vehicle. You can find us on the corner of New Road & 16th Road in Randjespark, Midrand. You can also visit our website or contact us on +27 (0) 10 595 0974 for more information. Our top-notch service will ensure that “U WILL B SATISFIED”.