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Insurance Article

5 Things that Can Bring Down the Resale Value of Your Car

November 13 2015
keep-your-car-in-shape

The same 'pal' who took you and your family on memorable trips, who helped during the children's school-drop routine, whose photo is probably posted on social media websites with friends seated on the bonnet.

However, putting sentiments aside, you might be headed for a tough last ride with your vehicle. Ensure to keep following points in mind to keep your car in good shape.

Absence of service records, irregular maintenance, poor looks

If you've neglected to safeguard all your car servicing records, over the years, it may well be a costly lapse. A potential new owner would like to feel that the vehicle he's looking to buy has been single-owner driven, serviced at regular intervals and generally been treated with care. Nobody wants to be seen with a used car which loudly proclaims that it's a 'used' car.

Driving in tough city conditions, say, monsoon rains and poor roads must have an effect on your vehicle. If you were a careful driver and not succumbed to ego-clashes on the road, chances are you'd have preserved the looks of your car.

If you weren't really a careful driver, given to a bit of bravado, and didn't mind the odd nicks and scratches, you should be prepared for a lesser value on your car. Repairing the dents and scratches as far as feasible will help. Also, boisterous children in the back or generally untidy usage reflected by seat stains for instance, can lower the value of your car.

Customizing your car

Imaginative innovations may have been part of the in-thing some time ago, but tend to have a negative impact i.e. wear-and-tear. Also, the new owner might have misgivings about the impact of such installations (a new, larger fender for example, might not really suit the car).

The mileage factor

Generally speaking, the more the kilometers done, the lesser the value of the car. All of 100,000 kms may be a landmark you will recall fondly including the several inter-State trips, but it's unlikely to bring a smile to the face of the new buyer or dealer who's doing the re-selling.

Outstation registration costs more

Re-registration can be costly and a purchaser may often prefer a car that is registered in the same State where he lives. An 'out-station' car's residual value will most likely come down even if you've got a No Objection Certificate from the relevant Regional Transport Officer.

Market conditions and your car model

If your car is the same make/model as one that's popular in the market now, you could get a higher resale value. If it isn't, you could be facing difficult market conditions because a new purchaser can be hard to come by. While not a rule, some vehicles/models depreciate quicker because of market forces.

Be careful and insure your car. Not only because it's required by law but because through insurance you can take care of your car for its re-sale as well.

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