The moment a brand-new car is sold, it is believed that it begins to depreciate. Its market value falls, and if it is to be resold just a few minutes later, the cost price will be lower. But that is not the kind of value reduction we are talking about on this piece. Our focus is on those things that can make your used car lose its value in terms of performance, then its resale value. Apart from the many troubles the deteriorating value causes you as the car owner, it also puts you in a not-so-good position if you want to sell it. Buyers will beat down the price to the level of whatever value they feel is left of it.
Having knowledge of these car value reduction factors will help you prevent them from occurring. That's why Naijauto lists here 5 factors that reduce used car resale value!
The word “Accident” is bad in itself. Accident is dangerous to both car occupants and the car itself. And that’s because it causes damage. Depending on the degree of the accident, the damage can either be big or small. Regardless, something is ruined in the process. A single accident can ruin vital elements of your car, reducing its market value drastically.
Accident leaves parts of your car damaged beyond recognition
You can prevent this by driving as safely as possible. Drive defensively. Watch other road users, and keep your car away from collision.
2. Visible scratches and dings
The car body is the last place car owners want to see scratches. There is something about scratches on a car that makes the car look undervalued. It shows that the car has been overused or handled poorly.
By seeing one scratch, the buyer will jump to the conclusion that there are many other hidden scratches that he/she cannot see. So, paying handsomely for the car will be a bad buy. They will price it at a low price, and if you refuse to sell, they will look elsewhere.
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3. Lack of maintenance records
It is basic knowledge that, when something is not taken care of, it will get damaged. A car might be a mechanical object, but it requires maintenance just like the human body. If you are selling your car, showing your maintenance records will make a good case for you in pricing. When the buyer sees how much you spent on the car for maintenance, he/she will be willing to pay you for the effort because the car will be in a good condition.
Do not throw away your maintenance receipts. Keep them in a safe place. A day might come when you will need them.
Rust is a sign of deterioration. Letting rust linger on your car is not a wise thing to do, especially if you intend to sell the car anytime soon. Rust can be as a result of a bad paint job. A scratch done across the paint could begin to corrode. Does your paint look damaged? Save the situation by repainting the car immediately. Rust gets worse when it is not taken care of at the early stage.
Rust on your car does not make you look good
To prevent this from happening, it is recommended that you have your car washed every two weeks especially during Harmattan when the whole environment is dusty.
5. Aftersales add-ons
Making changes to your car might be great if you are the one using it. But when you want to sell it, those additional features could work against you. Car buyers like to know that the car they are buying is still factory standard even if it is not brand-new. Besides, those added features may not meet the buyer’s taste, making the car less appealing to them. Hence, they will price it at a lower rate.