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Protecting your car’s residuals

30 March 2015

New cars will always depreciate so when it comes to selling even minor damage or seemingly trifling issues can have a major impact on resale value and make it harder for you to sell your car.  Depreciation can be the biggest cost of ownership.  If you want to protect your existing car’s resale value, here are a few tips.

1) Maintain a full and comprehensive service history, ensuring the service book is fully stamped and keep all the receipts for any work done or parts bought. If you don’t want to use the main dealers take the car to a specialist rather than just a local garage.

2) Replace broken or worn parts with genuine spares. Besides lasting longer, they also indicate to a buyer that a car has been well looked after.

3) Fit quality tyres and ensure they match. This shows a potential buyer that you’ve maintained the car considerately.

4) Don’t smoke in the car and keep the interior clean. Look after the trim too, as split dashes, worn seats and ripped steering wheels reduce a car’s value and put buyers off.

5) Reduce your use to lower your mileage. Low-mileage cars will usually hold their value and are likely to be in better condition although it does depend on what the car’s been used for. Motorway miles are less of an issue.

6) Attend to paint or metal damage sooner, rather than later. This prevents rust setting in, or further damage to the paint.

7) Buy the right colour. Cars in odd colours, paint finishes, or with strange interior trim choices, don’t necessarily hold their value as well and can prove harder to sell.

8) Make sure you buy the right specification of car because buyers will usually be looking for the best specification possible. A car with all the options will hold its value much more easily than one without.

9) Avoid certain limited, or run-out, models. These can prove difficult to sell as sometimes they appeal only to people looking for that particular version.

10) Don’t modify your car. Cars that have been poorly or distastefully modified are obviously worth a lot less than a standard car - even more so when you take into consideration how the owner may have driven the car.

Lastly, it’s always worth buying a popular car. Do some research into expected residuals but if you do buy something like a Dodge Caliber or any Perodua or Ssang Yong you should expect to lose a huge chunk of money, even with a discount. A desirable, high-specification diesel supermini or saloon, however, would have buyers clambering all over it.

Article Reproduced from Parkers

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