For some, a car is simply a mode of transport — a replaceable item or a figure on an accountant’s ledger, and unless your vehicle is rare or considered a classic, it will more than likely lose value the older it gets.
From the moment a new car is driven out of a dealership, it’s classed as ‘used’ and begins to depreciate. We’ve put together some ways to ensure your car maintains as much value as possible:
Manufacturer: Some brands maintain their value much better than others. Consumers are drawn to reliable brands with proven track records, and will generally pay more knowing they’re in safe hands. Other lesser known manufacturers may not hold their value as well.
Colour: 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 selling it, your audience could be limited. Try and stick to something neutral such as white, silver, or black.
Modifications: If you want to put a giant wing on the back of your car, lower your suspension, or tint your windows, keep in mind that the less a car resembles the stock version from the factory, the lower your resale value could be.
Seven ways to maintain a vehicle’s value
1. Treat your new car as though you borrowed it from a boss. If you have a spill, clean it up. Cosmetic damage, interior stains, and general wear and tear add up.
2. Smoking inside your car should be avoided, as the smoke can accumulate inside your air conditioning system and stick to your upholstery — both of which can cost a significant amount to fix.
3. If your car has any bumps or minor scrapes, it’s beneficial to have these affected areas resprayed. Small touches like this will enhance the appeal of your vehicle on the market.
4. Maintain your service schedule and keep all necessary records to prove it. Doing this will improve the value of your car by reducing any concerns or issues a potential new owner may have with the vehicle and its history.
5. Cars that are running roughly or have smoke coming out of the exhaust will obviously have a lower resale value. Same for squeaky suspension, leaking oil, or other mechanical issues.
6. Mileage and age are equally as important. If you come to sell a vehicle, ensure it still has a reasonable life left in it. You may have decided to wait three years down the track to sell it, but if the mileage is shooting up, you might need to sell it sooner.
7. We all know how wild New Zealand’s weather can be. Keeping the car out of the elements will maintain its shiny exterior and protect your dashboard and other rubber fittings a lot longer. It’s not just rain that does the damage — but the sun too. If you can’t keep your car in the garage, at least try and park it in the shade to reduce the effects of ultraviolet rays.