If you’ve ever looked into purchasing a brand-new vehicle, it’s likely that someone has warned you that all cars depreciate in value the minute they’re driven off the lot—and they’re not wrong. Statistics show that a vehicle loses approximately 30 per cent of its value within its first year, and can depreciate up to 50 per cent after only three years. Why? Because as a consumer you’re paying a retail price for the car, but the moment you drive away from the dealership it drops to its wholesale value. Then, good old wear-and-tear enters the mix—basic things like small dents and scratches, or faded headlights can speed up the rate of depreciation. So what’s a car-buyer to do? Before and after purchasing, try to be mindful of the factors that can directly affect your car’s resale value, such as colour and maintenance. Anyone who’s had auto technician training can provide a variety of tips that will help you retain the value of your new prized possession.
As unique as say, a bright green, orange, or purple car may be, it’s usually best to opt for more neutral colours when buying a new vehicle. While standard colours like black or silver retain more value, exotic colours tend to influence the rate of depreciation. This is because neutral tones will stay popular, whereas bright, funky colours tend to go out of style rather quickly.
Service Your Car
This may seem obvious, but sometimes we become so busy with work, school or family, that it’s easy to forget about scheduling regular maintenance appointments with an automotive service technician. It’s important to keep up with oil changes and tune-ups to ensure your vehicle stays in great shape for as long as possible. Automotive repair facilities should provide documentation indicating the services that were performed on your vehicle—it’s essential to keep these as proof of maintenance if you’re ever looking to sell your car.
Take Your Food Outside
After patiently waiting for your food at a drive-thru counter, it may be tempting to pull over and eat right there in your car, but resisting this urge can actually protect your vehicle’s re-sale value. It’s so easy to spill something on your seats, floor or dashboard – and a small stain or lingering smell has the power to deter potential buyers. If you do eat or drink in your car, remember to immediately clean up and throw away food containers to prevent strong odours from lingering.
Maintain the Value of Features
A car that has a lot of technical features is great—until it ages and those features begin their rapid decline into obsolescence. Maintaining the condition of (or upgrading) features like sound systems, power sunroofs and power seating is essential to protecting re-sale value. Someone who has taken auto mechanic courses can suggest several ways to keep these features functioning properly, including avoiding over-use and occasionally having them services by a professional.