In the UK, as is the case worldwide, the moment a new car drives off the showroom floor, the countdown to depreciation begins. Considering the typical car loss of about 20% of its value in the first year and up to 50% more over the next three years, it’s a sobering thought for car owners. However, it doesn’t always have to be this way. It is entirely possible to maintain, and even increase, the value of your vehicle with some careful planning and investment. Here’s how.
Regular Maintenance
The first step to ensuring your vehicle remains valuable is regular and comprehensive maintenance. Keeping your car in prime condition helps to preserve its value. Regular oil changes, prompt repairs, and routine maintenance checks are integral in prolonging the lifespan of the machinery and ensuring a smooth drive. Keeping a detailed record of all maintenance and service works can provide proof of diligent care to potential buyers.
Invest In Quality Car Parts
Investing in high-quality car parts, like tyres, brake pads, and more can improve the longevity of your car. Not only will this make your car safer and more reliable, but it will also make it more appealing to potential buyers. Though they may cost more upfront, these parts tend to last longer and perform better, which can save you money in the long run and add to the car’s overall value. Or, at least, not have it depreciate too much…
Regular Detailing
Regular detailing – a deep clean of your car both inside and out – can significantly impact its value. This goes beyond your standard car wash and includes a thorough cleaning, restoration, and finishing of the vehicle. Detailing ensures your car looks its absolute best and portrays an image of a well-looked-after car, enhancing its resale value tremendously.
On average, a basic car detailing service can start from around £35-£100, while a more comprehensive or high-end detailing service can cost several hundred pounds, sometimes exceeding £800 for luxury or special vehicles. That said, it’s an investment which may well protect your car from significant depreciation over time.
Keep It Genuine
Try to keep the car as original as possible. That means sticking to the manufacturer’s parts when making repairs or upgrades. Aftermarket parts may decrease the car’s value because they can suggest substandard quality or overuse to potential buyers, which is never a good look.
Personalised Number Plates
A unique, personalised number plate can be a fun and exciting way to potentially add value to your vehicle in the UK. Personalised plates, such as those courtesy of Regtransfers, are sought after for their ability to confer certain status, individuality, and exclusivity. These plates can represent initials, spell out a specific word, or contain a memorable number sequence.
Moreover, they can be viewed as an investment as values can increase over time due to high demand and limited supply. Bear in mind, the plate should be tasteful and broadly appealing if you want to capitalise on this investment when it comes to selling.
Read: What are some of the best ways to ‘pimp your ride’ on a budget?
Low Mileage
A car with lower mileage is typically more desirable, leading to higher resale values. If you’re in a position to do so, consider using public transport, cycling, or walking on certain occasions to keep those miles down.
Insurance
Maintain comprehensive insurance coverage for your car to protect against unforeseen circumstances. An accident can significantly decrease a car’s value, and having the right car insurance can help ensure the vehicle is adequately repaired, preserving its worth.
The Bottom Line
While cars do undoubtedly depreciate, they don’t always have to lose value quite as fast as you might think. By following these tips and investing time, effort, and sometimes a little money into your vehicle, you can help to maintain, and even increase its value. Remember, the key is to think of your car as an investment. Treat it as such, and it could just pay dividends when it’s time to sell.