What Can Devalue A Car? Find Out Here
Everyone knows that the value of cars goes down over time. It is a process called “depreciation” and can hit some cars worse than others. Sometimes, it can be difficult to learn which cars might depreciate the least. Especially if you buy a brand new car and it’s a model that is new to the market.
But one thing you might not know is that some factors can contribute to the decline of your car’s value. Do you own a car at the moment? Are you interested in preserving its value? If the answer to both questions is “yes,” this blog post is for you!
Image Source (credit: M 93)
As sad as it sounds, the badge that is stuck to your car can determine how valuable it is. To give you an example, a Ferrari badge means that your car will be worth a lot of money for quite some time. But if it has a Ford badge, consider it worthless within ten years of its creation!
Car branding is an image thing, and most people want to drive cars that have innovative, trendy manufacturers. Of course, not everyone can afford a Ferrari. But if you can only afford to buy a Ford, you need to bear in mind that the car you buy will never be a valuable asset in the future.
Another example of what can affect your car’s value is its paint colour.
It’s a bit of a subjective topic, as not everyone agrees on which colours make a car more desirable. But I will nethertheless try to break down the colours into specific groups:
● Standard colours. White, black, blue, red and silver are all examples of standard paint colours. Before you buy a car, you should check out what colours other owners have gone for the most. “Popular” colours make cars easier to sell;
● Custom colours. Some folks spend thousands on custom paint jobs for their cars. The trouble is, not everyone will have their same tastes. Avoid buying such cars, as they will be hard to sell on;
● Outlandish colours. Unless you drive an old Cadillac, hot pink cars are almost impossible to sell. As are “standard” cars with flame-effect paint jobs.
A friend of mine works for scotlandcarbuyer.co.uk. He said to me that, in general, cars with automatic transmissions are worth more than manuals. But it depends on where you live!
In some cases, automatic cars won’t sell well because most people drive manuals, as is the case in Europe. But head over to the USA, and the reverse will be true!
And to confuse things further, some luxury car brands, such as BMW, sell more automatic cars than manuals. In places like the UK, a manual BMW will command a higher price tag because of its rarity!
If you have just bought a car from a brand that is now defunct, there will be no dealer support network open to you. Parts will become scarce over time, causing the value of your car to drop even further.
It’s always best to buy a car from a manufacturer that still exists.
Have you any other top tips for our readers? Do post them up below!