Avoidable factors that reduce the resale value of your used car

04/22/2019

Posted by: Chris Odogwu

Share this post:

Latest news articles

Car buyers always look out for the best deal. A car is priced based on perceived value. See factors that reduce your used car resale value and make you earn less! Check below to avoid!

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!

1. Accidents

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.

crashed-car-from-accident

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.

>>> To maintain your car value, make sure it's always in top condition: 7 tricks to make your car outshine your neighbour's

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.

4Rust

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-car-body

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.

>>> Visit Naijauto.com for more information on car maintenance and car buying & selling tips

Chris Odogwu
Chris Odogwu

Chris Odogwu

Car events

Chris Odogwu is a Content Writer and Journalist. He holds a bachelor's degree in Mass Communication from University of Jos and a master's degree in Mass Communication from University of Lagos. His works have been published in top local and international publications including Forbes, HuffPost, ThriveGlobal, TheNextScoop and Nigeria360 among others. A member of the Nigerian Institute of Public Relations (NIPR), the thrill he gets from writing about exotic cars feels almost the same as riding in them.

See more