Top tips to maintain your cars value

The most expensive car ever sold was a 1954 Mercedes Benz W196, which reached more than £18,000,000 at auction in 2012. Needless to say, this was a very rare case of a car actually appreciating in price, in general however, money lost on the original value of a car equates to the biggest expense to a car owner. Fortunately, there are a few ways in which it is possible to keep depreciation down to a minimum.

Regular Check Ups

One of the biggest causes of depreciation in cars is damage caused by everyday wear and tear. One part of the car that can be particularly badly hit is the engine, a complicated bit of equipment with a lot moving parts that could potentially get damaged over the years. The body work and tyres can also take a battering, along with the value of the car. One way to keep wear and tear damage down is to reduce the overall mileage of a car but this can be an inconvenient solution if a vehicle is needed regularly. Moreover, inactivity can pose problems of its own to a car. A simpler solution is to take your car in to a garage for a regular check up. A service is straight forward to book, at T W White you can book online at twwhiteandsons.co.uk, and helps to identify any problems with the car early, which can then be sorted out quickly rather than being left to worsen.

Buy second hand

When a new car is driven out of a dealership for the first time, it loses on average 20% of its original value, this works out as the steepest period of depreciation in the lifecycle of a car. This is a big hit to take but one that can be easily sidestepped if by buying second hand. Even nearly new cars can represent a huge saving. However, when buying a second hand car, it is always important to make sure that the vehicle has a full service history and is full working order. It is also a good idea to avoid models that have had boy race tyre modifications as these can result in higher insurance costs. If you do end up buying new, then you can help to lessen the impact of depreciation by only selecting optional extras that are likely to add value to a car when it comes to reselling, such as alloy wheels and air conditioning.

Choose wisely

Some cars may be cheap up front, however, the hidden cost of a vehicle can often be its rate of depreciation. Conversely, an expensive model may keep more of its resale value. It is important to research the typical rate of depreciation of a certain model before going ahead with a deal. Fuel efficient cars tend to keep their value for longer, while there are certain models that have a track record of losing value quicker than others. For instance, the Volvo S40 1.6S, a family car also popular with business people, loses 58% of its value within 12 months. A similar drop in value can be seen in the Renault Grand Scenic 1.6 Dynamique and the Toyota Avensis 2.0 D-4D TR.