Ten ways to stop losing money from your car
Unusual body colours, messy interiors, short MOTs, missing paperwork or scratched alloy wheels are just some of the ways drivers are losing hundreds of pounds off the resale value of their cars.
Online used car retailer, Carsite.co.uk, conducted a study into what factors make big impacts on the value of a used car, and has put together some advice to help drivers achieve the best trade-in price for their motoring pride and joy.
One of the biggest mistakes drivers can make when buying a car is the colour. Unusual colours such as yellow, orange or pink are considered much more undesirable than silver, black or grey. On a small to medium car, the wrong shade can make it £200-£500 less appealing to retailers and buyers. A nearly new executive model could be worth up to £1000 less if the colour is expected to deter customers.
Wear and tear also have a major impact on a car’s retained value with the quality of the interior often a good reflection on how well a car has been looked after. Badly scratched or tarnished alloy wheels can take £50-100 per alloy off the car’s value, whilst cracked or chipped windscreens could shave off another £250-300. Bad dents and scratches can cause a £200-300 drop in value per bumper or panel . Interiors that have been damaged by pets or children can also wipe hundreds off the resale price. A dog-chewed interior on a car recently sent to auction was the main reason for the vehicle achieving £500 under its book value.
The general cleanliness of a car can also be a good way of achieving a better offer for your car at trade in. Retailers see litter, grime and dust as indicators of a poorly maintained car so a thorough valet could make the difference of £300-400 in a dealer’s offer.
Along with colour choice, choosing the right specifications during the buying process can make a significant impact on a car’s retained value. Some larger executive models, for example, are more in demand fitted with automatic transmissions with manual versions sometimes achieving £1500 less at resale. A leather trimmed Audi, BMW or Mercedes could also be worth £1000 more than the same model with cloth trim.
An up-to-date service book and vehicle history is also vital to getting your car accepted by a retailer. If the dealer thinks the car might not have been correctly serviced they could refuse to take the car or offer £300-400 less for it. A long MOT certificate is another good way to increase buyer confidence - a car with only a few weeks left on the MOT could be worth £200-300 less to a retailer.
“A well maintained car is the best way to get a good resell valuation and fill your buyer with confidence,” explains Alistair Jeff of Carsite.co.uk. “Keeping your car clean with an up-to-date service book and selling with a long MOT are simple, but rewarding steps to achieving this.”
Ten ways to lose value from your car*
Poor colour choice (£200-500)
Scratched or tarnished alloys (£50-100 per alloy)
Body dents and scratches (£200-300 per panel for worst examples)
Cracked or chipped windscreen (£250-300)
Poorly maintained trims and upholstery (Up to £500 in some instances)
Messy interior (£300-400)
Undesirable specifications (Dependent on model)
Incomplete service book and vehicle history (£300-400 or refusal to trade)
Balding or near-limit tyres (£100-150 per tyre)
Short MOT (£200-300)
*Figures based on a 3-year old/30,000 mile family-sized car from a mainstream manufacturer.