The beginning of September always ensures a hive of activity on the new car market, as buyers hurry to be among the first to secure the latest license plate.
This year is a little different as problems in the global supply chain and dealer network are affecting the market, but nonetheless, many buyers will look forward to getting behind the wheel of their new 71-plate car.
As every new car buyer knows, the moment your car leaves the forecourt, it loses its value. Exact depreciation rates vary, but expect your car to lose 30-40 percent of its value within the first year.
It’s impossible to completely ward off the depreciation, but there are ways to make sure your car is worth as much as possible when the time to trade in or resell it.
With that in mind, we spoke to Motor Easy auto experts for advice on protecting your car.
Regular services
Regular vehicle servicing not only ensures the health of your vehicle, but a complete service history is valuable to a potential new owner and shows that you have taken good care of it. Annual service costs in the UK are around £ 125 and it can also fix early problems with the car before it becomes an expensive problem to be fixed.
Make sure the documentation is up to date
In addition to the regular services, it is advisable to keep all documents relating to the vehicle up to date and to keep them in a safe place. Keep the V5C logbook with details of the car, the make, the model, the license plate and the registered owner, the latest TÜV certificate and all insurance documents as well as guarantee documents or receipts for larger work. If you’ve misplaced your logbook, a V5C replacement will cost £ 25 and can be purchased online.
Keep track of repairs and maintenance
New cars are generally pretty reliable, but if your vehicle shows any signs of mechanical or electrical problems, get them fixed quickly. Deferring repairs can cost more in the long run as the problem worsens.
Caring for the body through regular waxing and polishing can help maintain its value (and make it look more attractive when reselling). Waxing should be done twice a year as this can also provide an extra layer of protection for the varnish. Small scratches or scuff marks can be easily removed with daily driving, but can be fixed with DIY repairs.
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Take care of the interior of your car
It’s not just the exterior of the car that needs caring for – the interior, doors and dashboard should also be cared for to keep it in tip-top condition. Odors and stains are often inevitable, especially in a family car. So if you regularly vacuum the interior of your car thoroughly, update worn floor mats, and add an air freshener, you can impress future buyers with the overall inspection of the car.
Avoid adjustment
If you want to put a stamp on your vehicle with additional elements, try to resist the urge to personalize your car too much as this can decrease its resale value (and affect your insurance costs). Keep the features and details of the original make and model of the car true to the original so as not to deter potential buyers. Personalized add-ons can show off your style but put others off.
Keep an eye on the mileage
Often times, mileage is first on the list of factors that influence a buyer when checking out a car. Comparing the age of the vehicle to its mileage is a good indicator of the total. Cars with particularly long kilometers can be viewed as risky due to the greater wear and tear, which could increase the likelihood of problems and errors. With that in mind, keeping mileage down can be a good idea – consider trains or buses for longer trips to avoid adding miles to your car.
Sell the car privately
Finally, when it comes to selling your car it may be worthwhile selling it yourself rather than going through a dealer. By eliminating the middleman, you can sell the car at market value and avoid car dealership costs. As long as you provide the logbook with up-to-date documents, a complete service history and a relatively well-maintained car, you are well equipped for direct sales.
Duncan McClure Fisher, CEO of Motor Easy, says, “As we use our vehicles on a daily basis, for commuting and for family life, it is expected that some maintenance is required to maintain the value of a car. Maintaining cosmetic repairs on the inside and outside of the vehicle can go a long way in making your car attractive to buyers in resale or trade and whether the investment is worthwhile from the buyer’s point of view. “
