Preserving your car’s resale value

Buying a brand new car these days is really very easy. With low interest rates, aggressive car dealers and numerous new brands and models in the market, the options are practically endless. From luxury and premium vehicles, to entry level makes and models, there’s a model for everyone’s lifestyle and budget.  But how do you maintain the resale value of your beloved four-wheeled steed?

According to Karl Magsuci, the new head of car business division of the country’s leading online classified ads platform Carousell Philippines, proper care can increase your car’s market value once you have decided to let go and upgrade to another vehicle.

Here are some other tips to consider:

Proper maintenance

This one’s obvious. Don’t give your potential buyer an excuse to ask for a lower price because your car is poorly maintained, and it can even discourage them from even taking a second look. Make sure you stick to your dealer’s recommended periodic Preventive Maintenance Service (PMS) intervals, even if it is already out of warranty. Some dealers observe that because of the economic slump, some brand new car owners tend to put off and delay bringing in their vehicles for their PMS, when the odometer indicates it’s time to send it to the casa (dealership).

“A well-preserved car is much better than a reconditioned car, and always commands a better value.” Magsuci says.

Aside from risking potentially bigger repair issues, some warranties will become void if PMS schedules are not followed properly, so read the fine print.  So be sure to regularly check your car’s odometer for mileage readings. Also, vehicles with higher mileage tend to get lesser resale values. A vehicle’s average annual mileage should be between 15,000 km to 20,000 km. Anything higher than these figures would mean the vehicle is overworked.

Clean as you go

Maintaining your vehicle’s cleanliness is very important to preserve its value. A clean car is a sign of a healthy car. Invest in detailing your vehicle regularly, and it will be aesthetically pleasing. For ‘do-it-yourselfers,’ there’s a lot of great products out there in the market now. It pays to shop around and invest in branded cleaning and detailing products for both the exterior and interior of your car. If you have leather interior, invest in treating your leather interior with leather cleaners and conditioners to keep the leather nice, neat and supple to avoid cracking or drying up the finish. Just like your skin, your leather interior needs some tender loving care. Invest in these products and a little elbow grease will greatly increase your car’s value over the years. Don’t start doing it when you plan to sell your vehicle, sometimes it might be too late.  As much as possible, park and store your vehicles in an enclosed garage and away from humidity. Vintage and classic car collectors would even invest in dehumidifiers to make sure the storage environment is dry and free from moisture.

Remove dents and dings

These days, there are a number of reputable shops that provide paintless dent repairs. When you park in very close quarters, specially in popular malls and commercial areas, your car will eventually suffer from dents and dings from careless passengers and motorist. Invest in removing these and polish those minor scuffs, it will make a lot of difference in your car’s appearance.

Proper and updated documentation

Aside from making sure your car’s registration is updated and paperwork is complete, keep all service records including receipts and warranty cards. Having a meticulously filed documentation of your car’s history will show potential buyers that you are a very responsible owner, and this gives more value to the car you are selling.

Tires and battery

Your car’s wheels and tires are one of the most noticeable features of your car. It also is the one that takes most beating. Make sure you regularly clean your tires and wheels, as well as the wheel wells, so they are free from mud and dirt. Apply a good rubber tire shine to give it a nice sheen and if you have alloy wheels, make sure they’re always shiny and free from dirt and grime, so they do not get corrosion build up, and stains do not accumulate.

Safe driving habits

Lastly, apply good and sensible driving habits. Your car is not a race car and overspeeding and aggressive driving habits tend to take a toll on your car’s engine and suspension. Aside from this, you would be more exposed to vehicular accidents which can affect your car’s resale value even if they are eventually repaired. An accident-free car is always desirable. However, if in the unfortunate case that you are involved in an accident, make sure to have an expert body shop do your repair work and use OEM (original equipment manufacturer) parts.

“Keeping your car in stock (original condition) is ideal. Should you wish to accessories or customize it, keep it tasteful or at least easily reversible. And always keep the original parts you took out when you accessorize it,” Magsuci adds. Keeping the car stock allows the new owner the option to personalize his car and it would be easier to find buyers.

Unless you own a highly collectible classic car or sports car, vehicles lose their value and depreciate over time. Like most depreciable assets, you have to take care of your vehicle to preserve its resale value.