Easy steps to make sure your new car retains as much value as possible for when it comes time to resell
As soon as you drive your new car off the forecourt, it starts to depreciate - but there are a few simple steps anyone can follow to maximise their return
THE minute you drive your brand new motor off the forecourt, it starts to lose some of its value.
And while the percentage lost may vary between models, it's almost impossible to stop the resale price of your car dropping as it gets older.
But there are a few easy steps every car owner can follow to make sure their motor depreciates as little as possible, and still sells for a decent sum when it comes time to upgrade.
Online marketplace, Gumtree, has revealed a few tips to maximise the value your car retains.
According to the experts, buyers need to think ahead when purchasing a new car.
Opting for a popular model could make it easier to resell down the line, and steering clear of expensive and unnecessary extras will save you cash in the long run.
Easy tips to make sure your car retains as much value as possible
- Purchase choice: Buying a car which is in high demand, or has a reputation for being reliable will mean it can hold its value better - a bit of research can make a big difference.
- Where you service: Always make sure you get your motor serviced at a franchise dealership, especially within the first five years of ownership. If you must use another garage, make sure it's respectable and all your service records are kept up to date and stamped correctly.
- MOT and repairs: Always make sure you get any repairs done as soon as they are required. Whether it's a paint scratch or an MOT advisory, all issues will get worse with time and damage your car's value. Make sure everything is fixed before you try to sell, as this will give you more leverage.
- Wash: It might seem obvious, but regularly washing the exterior and cleaning out your interior can keep a car looking fresh for longer, and help it hold value.
- Easy on the options: When purchasing, have a think about whether optional extras will be wanted by the next owner. While you might pay more for extras like a sunroof or leather seats, these won't necessarily add to the car's value. Not everyone wants all the bells and whistles, so you can't always expect to charge more for them when you resell.
- Pre-purchase inspection: Having your car looked over by a professional means you can present a report to potential buyers to show its condition. This means you can ask for a fair price as there isn't anything hidden.
Keeping up with logged servicing and taking your new motor to a franchise dealership for at least the first five years of its life adds to its value, while regular washing and vacuuming can keep your car looking fresh for longer.
Getting any repairs fixed immediately will prevent them from getting out of hand, and potential buyers will be willing to pay more if they don't need to have any work done to the car.
And to really add extra value when you choose to sell the motor, having a pre-purchase inspection done gives you leverage to ask for the price you want.
Gumtree Head of Motors, Vik Barodia, said: “There’s no denying that cars are depreciating assets, but there are several things we can all do to preserve value, so you can get the best return when it’s time to sell.
“The primary factors that affect price are age, mileage and condition.
"While you cannot change age, you can minimise the impact of mileage through considerate use, plus condition and maintenance are things you can completely control.”