We’ve all heard that your car’s resale value begins to plummet the second you drive it off the forecourt. And there’s a good reason as to why we’ve all heard these wise words – because it’s completely true.
As a rule of thumb, you can expect your car’s value to have depreciated by 50% – 60% over the first three years of owning it, and that’s when clocking up a distinctly average 10,000 miles per year (which is average that may ring true for you, to be fair, but for most of us with commutes and friends and family that aren’t all on our doorstep, 10,000 miles per year represents a conservative estimate of how many miles we will actually be driving).
This doesn’t even take into account minor knocks, bumps, and scrapes, which can further knock down the value of your vehicle.
Incidentally, if your car’s value has been affected by a road accident that wasn’t your fault, compensation can bridge the gap. If your car was damaged and the other vehicle failed to stop, what if you didn’t get a good look at the car’s plates, and what if the driver was on their cell phone? Click the link for more information.
Now, let’s see how to boost your car’s resale value.
Repair small dents
Over the course of several years of owning a car, minor bumps are virtually guaranteed. Things like car doors opening onto your car when you’re parked up at the supermarket and reversing into the edge of low and difficult to judge walls can happen in just a moment but the implications can be lasting.
Discerning buyers can spot these dents, and where the paint is chipped, rust can set in. Naturally, such defects are going to lower the value of your car. The solution is to seek out panel beating services, which can smooth your car’s frame back to the original shape.
Next, if you feel confident and you want to save some money, you need to fix the paint job. Check out these tools for paint maintenance as an example of one way to get the job done yourself.
Document it
Almost all cars come with documents. Cars that do not come with documents are bought at the buyer’s risk.
A full history shows potential buyers exactly what they are getting. Even a partial history can give buyers the confidence they might need to put together an offer. Each time your car goes into the garage for even minor work, request a receipt that you can keep in your car’s logbook.
And lastly… keep it clean! A clean car, inside and out, stands infinitely more chance of impressing a potential buyer.