Nowadays having an automobile is every person’s dream, many of them can afford it easily while some have to work harder. Even the global pandemic is not stopping people from buying cars as it seems a safer way to travel. Whenever someone purchases a car, one thing that comes to mind is depreciation. Some vehicles depreciate faster than others.
Car depreciation is normal and every car owner goes through it, it starts from the day the vehicle is purchased. However, there are different rates for different kinds of vehicles and it also depends on whether you are using a new car and brought a second hand car from a used car dealership. Maintaining your car’s depreciation is as good as keeping your car in good shape and form. Let’s see how you can control your car’s depreciation.
Ways to Beat Car’s Depreciation:
1. Always Do Your Research:
Whenever you decide to purchase a car, the very first thing to be done is deep research about the vehicle, its characteristics, features, and comparison with other models. Always go with a car which has a good reputation in the market. If you are looking to finance a car then look for a vehicle history report. Some new brands make interesting advertisements which may influence you to purchase it but always be careful with those brands because being new in the market they may not deliver you the product which will benefit you for the long term. Make your list about the cars which have high resale value and then decide accordingly.
2. Maintenance of Records –
Always keep your car maintenance records available, a used car buyer will rely more on the maintenance records for its durability. If you haven’t kept any records, chances are they will trust you less as a seller. Whether selling or not, it’s always advisable to keep records for the maintenance, its schedule, receipts everything. Keep your car maintenance history record in good condition. Also try maintaining the minor damages of the car like scratches, small dents, etc. These damages, if not taken care of, may result in a decrease in car value.
3. Neutral Colors Are Evergreen –
People mostly buy neutral color cars like white, silver, grey, etc. These colors are very much popular in the car industry, therefore one should always choose a neutral color car. Buyers in the used car market generally go with neutral colors. If you own one, this will give you more buyers hence your car resale value will gradually increase. Cars with different or uncommon colors attract lesser customers hence less resale value. Always stick to more common colors. Also, they look more elegant and classy as compared to other funky colors. Young generations might go for those different colors but the older ones will surely want to buy a neutral one.
4. Chose Right Time To Sell –
Having a good knowledge of the market is very necessary while putting up a car for sale. There are certain times in a year that are considered suitable for sellers. A proper study of the market and the boom period is very important. Sometimes the car manufacturers discontinue certain models which result in a decrease in the car’s value, so it’s better to understand the market and the brand of the car. Some brands merge with the other or go bankrupt, these things affect the car value. Most people refer to a larger vehicle in the winter season and a sports car during summer, one should always keep these things in mind while buying or selling a car.
5. Avoid Certain Modifications –
People love to give their car a new look, but doing this might reduce the resale value of the vehicle because modification decreases the number of buyers who would want to buy your car. Generally, people refer used car in its original form or shape, for instance, if you have replaced the headlight’s color or done some very different modifications like bar lights, then you may lose some buyers and eventually your car’s resale value. Adding certain things like an audio system with high bass or some premium changes won’t give you any buyers. Not everyone wants to pay for such premium modifications. Always try to keep your car in its original shape and if you want some modifications, keep it minimal.
6. Keep Track of The Meter –
If you have control over your car’s odometer reading then this may help you in beating its depreciation. We are not saying you to stop using your car for a better resale value, but try taking it out when necessary, use a shorter route. Cars that have driven less are more in demand and hence attract more value. If you want to sell your car, try selling it before it hit its limit. Keeping the mileage as low as possible for a better price. The more the mileage the less it will profit you. Some cars affect high mileage and that’s how they lose their value fast. There is a rule for this thing- smaller cars have low running and maintaining cost and hence depreciate slowly, so decide accordingly.
7. Don’t Go For Brand New Cars –
Cars that are not new in the market or nearly new have some benefits which help in beating their depreciation value. There are many perks for buying these kinds of vehicles as they already suffered a depreciation year, you might get it at a discounted value. But there are also certain disadvantages like a new car will have some new features and technology which might interest you. Brand new cars won’t help you in giving a profit when you decide to sell your vehicle.
8. Don’t go for luxurious Cars –
Who doesn’t like luxury? Especially when you can afford it. But luxury might cost you even more than the price mentioned as they won’t go for a long-term purpose and requires so much high maintenance. Luxury cars won’t give you any buyers in the future as their value decreases gradually and at a high rate. If you want your car to profit you in the future, better to go with a normal car with good mileage and less maintenance cost. Luxury cars depreciate at a much faster rate, hence decreasing the value faster. Majority of people go for cars which they can afford and able to use for the long term.
