Six ways to avoid wiping value off your car – and how to avoid it
THE value of a car can drop pretty quickly but there are some steps you can take to slow the price decline
Here is how to put the brakes on the falling value of your motor.
There are plenty of factors that can push down the value of a car, known as depreciation.
This is the difference between the amount you pay for the car and how much you can end up selling or trading it in for.
Experts claim a car starts losing value as soon as you drive it off the forecourt.
This is because wear and tear, engine use and age can all impact the value of a car and the clock is ticking as soon as you start the engine.
The AA estimates that a new car loses value as soon as you drive off the forecourt and by the end of the first year will have lost between 10% and 40% of its value.
If you do 10,000 miles a year, the average car will have lost around 60% of its value by the end of its third year, according to The AA.
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The value of a car will also depend on the model and demand.
Some of your own actions may also reduce the value of your car.
Here are some steps you can take to preserve some of its value.
Stop smoking in your car
Smoke can linger in your car and get engrained in the seats, leaving a bad smell behind.
This can make it harder to sell or trade-in as it can put off buyers.
The RAC said: "Cigarette smoke becomes ingrained in the upholstery and trapped in the air conditioning system, which can be incredibly difficult to remove, requiring a professional valet and special equipment to clean.
"In the most severe cases, the internal fabric and seat cloth may have to be stripped out too.
"This process alone can cost hundreds of pounds."
Clean and service your car
It is a legal requirement to get an MOT on your car each year.
But getting it serviced is optional.
Skipping a service is dangerous though as it may wear out faster and it could miss out on important oil and filter changes.
The AA said: "An abused, dented and poorly serviced car will not be wanted by a buyer, and will not be worth anywhere near as much as an immaculate example. Keeping a car in good condition and well-maintained will always make it more valuable.
Avoid quick fixes
Fixing a car with used parts or getting an amateur mechanic to do a quick fix could cause long-term damage and a larger bill in the future.
The RAC said: "If you’ve ever repaired your car with used parts rather than the manufacturer’s originals, it could devalue its overall price and increase the bill for future repairs as they could wear out in half the time of genuine parts."
Stick to neutral colours
A lime green or orange spray may make you stand out and feel cool among your mates, but it may make your car harder to sell on.
The Moneyhelper website explains: "An outrageous shade might appeal to you, but will put off many buyers when you want to sell your car."
It suggests sticking with popular colours.
Check for pet hairs
Similar to smoking, pets can leave lingering smells plus some wet patches.
The RAC suggests trying to neutralise the smell and remove any visible pet hair.
It said: "If there are hairs ingrained in the nooks and crannies that you can’t get out, it’s likely to bring down the value of the vehicle.
"That’s unless you can find a buyer that is also a dog owner who plans to use the back seat for their pet too."
Avoid unecessary driving
The mileage on a vehicle can affect the resale value of your car.
The higher the mileage, the more the price could be pushed down as a buyer will worry about engine wear and tear.
So each mile you drive could be reducing the sell-on value.
With this in mind, experts suggest considering if each car journey is necessary.
Could you walk, cycle, take public transport or share with someone else?
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