Owning a car is a proud moment for any of the vehicle owner but the most important point of reality is that, your car loses its value the moment it comes out from the forecourt. Once you take your vehicle on-road its value is depreciated even if it’s one minute old. The most interesting truth is that it becomes a second owner vehicle. A basic knowledge of retaining the value of your car is a brief knowledge about how it works.
What is car depreciation?
Car depreciation is an inescapable incident as death, it is bound to happen. But the good news is that you can identify your most prominent offenders and can mitigate them.
It has been observed that most of the cars lose around 50% to 60% their value in the first three years of purchase. Depreciation is the largest motoring cost that anyone faces. Don’t ignore it as you can only minimize that loss, you cannot avoid it entirely.
Major reasons behind car depreciation-
- Mileage is an important factor that leads to depreciation of car. An average mileage is considered as 10,000 per year, which means the more miles, the less your car is worth.
- General condition is what one observes at first glance, so the general condition like- bodywork, interior, and exterior can play an important role in depreciating your car’s value.
- Service history is what you should actually maintain religiously. The service book should have stamps showing servicing as per the manufacturer’s recommendation.
- Warranty is an add-on to your vehicles, which depreciates the value, as it works reciprocally to its age.
- One of the important reason it the desirability of car, as some are replaced in a shorter time but some goes on as long as 10 years or more. The new versions hold better values.
- Fuel efficiency is an important point that buyer’s consider. The more miles per gallon the better for many buyers.
- Number of buyers also depreciates the value of car.
How to minimize depreciation-
- Buy a new car that has a lower running cost.
- Keep the mileage as low as possible.
- Take care of your car, repair soon whenever required to avoid any further damages.
- Avoid modification in your vehicle as it can ruin your vehicle’s value to a next level.
- Keep the track of all service checks and MOT
- Sell your vehicle at the right time.
- Select basic colors as they sell out faster.
Maintenance tip to avoid more depreciation–
- Keep your vehicle clean.
- On time servicing.
- Use only original products.
- Dents and scratches should be rectified.
- Maintain all the paper to avoid depreciation.
- On time MOT.
It is not so easy to maintain the vehicle’s value for a long time but you can definitely save it from further depreciation. You must visit a well equipped garage that can help you out in the worst scenario of falling into the pitch of car depreciation.
We at WESTLAKE GARAGES, can help you in maintaining the value of your car, and also can aid into further depreciation. What we have-
- Equipments to retain the value of your car.
- Skilled mechanics to understand the problem.
- Experience of working with any make and model.
- Expertise in evaluating your vehicle in lesser time.
Westlake garage is a local independent garage with expert and experienced team of skilled mechanics. We use latest technology of scanning issues and fixing them. Our team of expert technicians can guide you in even minor issues that can further lower the value of your car. We have a team that can help you with an altogether activities like scanning, issue identification, repairs and also sales. We can help you in getting the exact value of your car. At Westlake garages we can take care of your vehicle to maintain its best performance, as we understand the every make and model of the car.