There are many factors that effect a car’s value after purchase. Cars, by default, are depreciating assets and there are certain shortcomings that further accelerate the rate of depreciation.
Here are 6 common things that people do which reduces a car’s resale value:
1. No maintenance of records
Keep all the maintenance and service records organized. It will ensure potential buyers that you have taken good care of your car. On the contrary, if you don’t have the proper records, the buyer will have to rely on pure trust, which is very rare.
2. Overuse of car
The major thumb rule is that a car should have gone roughly 10,000km annually after its manufacturing year. If it goes higher than this, more wear and tear takes place and resale price goes down.
3. Modifying the car more than necessary
Modified cars are not easy to sell. As most people don’t like the big carbon spoiler, the tinted windows, loud stereo system or flashy yellow paint, hence it’s better to stick to the basics and keep stock parts or replace parts in handy.
4. Not worrying about the appearance
If your car has too many dents or scratches, no buyer will be interested in buying it. Before you meet a potential buyer, make sure that your car is free from them.
5. Ignoring a regular mechanic check-up
Cars are all about performance and credibility. Make sure a mechanic checks your car for every possible defect before you plan to sell it.
6. Use of cheap and local parts for repairing
Replacing the original parts with genuine ones from a trusted service stations might be expensive but it will increase the resale value of the car.