Car depreciation means a difference in price when buying a car then at the time you sell it.
The value will vary between different makes and models of cars. It can get up to 50% after just three years. Hold a look out for a car that holds it value rather than mileage and fuel efficiency that we all tend to aim for. Going for cars that hold their value so when you come to sell you will get a decent price back into your pocket. Glass which is a car valuation service did a study on cars that hold their value. The top 10 cars for holding value and their rate of depreciation.
Land Rover 20.3%
Some cars lower their value more than others here are some reasons why?
General condition which is damage to the interior or exterior if selling it is best to get all body repairs done first.
Service history if you have a complete history this is perfect, just want any buyer wants.
This is better if you have receipts showing repairs and service histories.
Mileage The more miles you have on the clock the lower your cars price goes down.
Previous owners the less number of owners your car has the better the cars logbook and V5C registration can have this information.
Size luxury cars seem to get lower quicker than the smaller models as they have more expensive parts and higher maintenance bills.
Road tax needs to be considered as well cars that have a higher fuel intake cost more in tax each year, so this is will cause the car to lower in price.
A few tips to keep the cars value from lowering too much.
- Keep the mileage down
- Avoid racer features like spoilers and flared wheel arches.
- Find out the right time to sell your car
- Don’t paint your car fancy colors it might be your liking but not others
- Do your research see what models are going down quickly and when is the right time to sell
- Check out what features go with the right car leather seats don’t sit well with 4x4s but do in executive cars
- Keep your service history and get your service checks done on time at reputable companies
- If you hear word of a newer model, then you need to sell your car before the newer models erupts to the street
Keep your car maintained and get a profession clean both interior and exterior before selling your car nothing looks better than a professional job. Most often you can get more cash back from a private sell rather than selling to a used car dealer.
Put a price out there and advertise as a general interest and see what you get offered. The price might surprise you in a good way or a bad way. No strings attached if you don’t like the offer reject it and wait for another.