Every car has to go through depreciation whether it is new or old, but the new cars depreciate faster than the old cars. The depreciation of a new car is influenced by a number of factors and its depreciation starts right after it leaves the showroom and hits the road for the first time. Depreciation can, however, be slowed down after the initial maximum depreciation has occurred and this can be achieved by keeping the car in its top condition through regular car maintenance. While maintaining a new car is not that difficult, keeping an ageing car in top condition can be troublesome unless you have maintained it nicely over the years.
Some people don’t really upgrade their cars frequently and drive a car to its bitter end, so depreciation of the car doesn’t really bother them. But for those who prefer upgrading their cars more frequently, depreciation of a car is a critical subject and a clear understanding of it can certainly enhance the resale value of their used car when they sell it.
The Depreciation Logic!
According to an estimate, a car faces almost 60% of its total deprecation in the first five years while the depreciation remains the maximum in the first three years. Once a car has gone through its maximum depreciation in the first five years, the next phase of its depreciation entirely depends on its maintenance.
Better maintained vehicles acquire a good resale value even when they grow older than five years, but cars that are poorly maintained don’t get the attention of the buyers and hence face a serious drop in their resale price. This is why keeping the car both mechanically and physically fit matters as it is directly linked to a car’s depreciation over the years.
The simple “supply and demand” phenomenon can also affect the value of a car as cars can have a significant decline in their value if the demand for a specific car drastically drops in the market. This usually happens when the new model of a car is launched, but it is not true for all cars as the exotic cars, supercars and few high-performance models of the cars maintain a high resale value even when their new models have been launched.
How to slow down the Depreciation of a used car to get a Better Resale Price?
The only way to slow down the depreciation of a used car after its maximum depreciation in the first five years is by maintaining it carefully and according to the car owner’s manual. It is important to never delay a single service checkup and keep a documented record for all the service checkups, as buyers demand it when you sell your car. From regular service checkups to taking care of the exterior and interior condition of the vehicle, there are a number of ways through which a car can be kept in a top condition for a long term.
A car requires care and regular maintenance in order to retain its best shape and to perform consistently in different weather and driving conditions. Regular maintenance of a car not only increases the resale price of the car, but also helps to avoid the potential troubles like a sudden car breakdown or a tyre blowout.
Listed below are some important tips to maintain your car effectively in order to slow down its depreciation process after it has received the maximum initial depreciation in the first five years:
- Go for regular car maintenance on monthly, quarterly, biannually and yearly basis. Take guidance from the car owner’s manual to schedule your car’s service checkups.
- Regularly get the car washed from a service station to keep its exterior in neat and clean condition.
- A car with its original paint intact will always get a better resale price. Apply a good quality wax on your car after every six months to keep its original paint in the best possible condition.
- Get the interior of the car regularly cleaned and try to keep the seats in their original shape by investing in good quality seat covers.
- Don’t customize your car too much and don’t opt for too many expensive modifications for the body styling and performance enhancement of your vehicle. Be reminded that cars in their original built and shape mostly get a better resale value.
- Always park your car in the shade as dashboard cracks occur mainly because of consistent exposure to sunlight.
- Keep a record of all the service checkups of your car as it is considered an important factor while determining the resale price of a used car.
Also read: 7 Things Which Impact the Resale Value of Your Car
Better Maintenance also ensures Consistency in a Car’s Performance
A well-maintained car stays reliable for a long term and delivers optimum performance even when it grows old. On an average, cars don’t really ask for frequent repairs and other mechanical jobs in their first few years even if they are not maintained according to the maintenance schedule of the car. However, maintenance still matters and a significant difference can be spotted in the performance of well-maintained or poorly-maintained vehicles. Old cars, particularly, require regular service checkups and any delay can possibly result in a minor to major breakdown of the car.
Also read: Introducing Car Maintenance Guide for Your Vehicles – Never Suffer a Car Breakdown Again
What Else You Could Do to Avoid Car Depreciation?
One simple way to avoid the depreciation of a vehicle is to buy a used car instead of buying a new one. A new car, as mentioned earlier, faces a 60% depreciation in its first five years no matter how well it has been maintained, so it can be a good choice to buy a pre-owned vehicle if depreciation is something you are really concerned about. The used cars depreciate slowly and their depreciation can be further slowed down with regular maintenance. In this way, the car owners don’t have to face a massive decline in the resale price of their vehicle when they make-up their mind to sell it in order to upgrade their vehicle.
If you are planning to upgrade your vehicle, then don’t forget that with us, you can sell any used car in just 30 minutes while all the post-sale paperwork is handled by SellAnyCar.com’s team.
