How to keep most of your car's resale value
Are you a car enthusiast who wants to have various vehicles yet, does not wish to spend a lot of money on this kind of hobby? You might consider trading in your old automobile instead of buying a new model. By doing this, you will be able to upgrade your car without experiencing financial struggles.
However, doing this may not be as easy as some people say. You have to make sure that your vehicle is still appealing to your potential buyers. No one wants to purchase something with so many issues, especially in terms of a mode of transportation. It is essential to keep your auto in pristine condition if you want to trade it in. Another important thing that you need to do to make it enticing is to maintain it. Everything should be working well before any trade-in session or even a simple viewing for possible buyers. And finally, which a lot of car owners often overlook or probably forget is doing the necessary means to reduce its depreciation value.
Reducing the depreciation value of a car in 2022
Reducing the depreciation of a vehicle can be a struggle to some car owners, if not all. It is not a common topic to talk about during the ownership experience. However, it must be discussed if you want to get good deals on your next car purchase.
Let’s say you purchased a particular type of vehicle for P1 million when it first came out. As soon as you drive it away, the price can drop by as much as P 150,000 to PHP 200,000 in the next year. Unless you are buying an appreciating classic or an iconic enthusiast model, a car's value drops, even more so as you use them regularly.
So, how can you reduce a car’s depreciation value? Here are some recommendations to help you optimize the worth of your car in the coming years. In addition to that, we also provided other important information to make your driving experience better, regardless of the type of automobile you are using. Are you ready? Okay, let us start with today’s discussion!
1. Practice religious maintenance work.
Prevention is always preferable to the cure, and this is especially true when it comes to driving cars.
When you use it daily, it is almost unavoidable to see signs of wear and tear issues in your automobile. Some are modest, while others can be major. However, some problems can be avoided with the assistance of a skilled mechanic.
Checking tire treads and air pressure is critical for your vehicle’s traction on the road. It also contributes significantly to the comfort of any travel, especially if you are always going for long-distance trips. As such, make sure to visit an automotive shop constantly. Regular maintenance work lowers the likelihood of a car breakdown, and your vehicle will be in excellent shape to support your journey.
2. Be well-versed in the road.
One of the most common problems in the Philippines for most car owners or drivers alike is to encounter poorly maintained roads. This had been a constant struggle, especially in the provinces, where some areas are still underdeveloped. Even several cities had rough roads due to natural disasters or unfinished projects.
Can you imagine driving along EDSA each day? It’s not just the major traffic that you need to deal with. There are also potholes that you can encounter while driving. Some of those caused accidents while others become a major distraction to many motorists.
If you are always driving around this area, it is highly advisable to concentrate on the road ahead and avoid any distractions. This way, you can get rid of possible accidents. Furthermore, if you can find roads in better condition, go there instead. This is an effective way to reduce any issues with your wheels. Thus, decreasing the possibility of seeing any depreciation value of your car.
3. Have a covered garage
Do you park your car on the street? You are not alone. A lot of Filipinos are also doing this because their house is either too small for a vehicle or, cannot afford to have their garage. Well, that is fine as long as you cannot cause trouble to other drivers. But, do you know that there are certain disadvantages of this habit?
First of all, your car is an eye magnet for thieves. Even if you are careful and always make sure to lock it before going inside your house, there are bad people out there who will still try to open it and steal whatever their hands can get. This is quite alarming but, is happening all the time. Aside from that, your vehicle is also vulnerable to vandalism. Can you imagine the possible damage that it may cause? You left your automobile shiny and nice last night then, you will wake up seeing several dents, scratches, and paints all over the car the next day! Frustrating, isn’t it? And of course, the sun, rain, and other elements can also affect the aesthetics and overall performance of your car when a natural disaster suddenly strikes.
As a general rule, it is very important to secure safe parking space for your vehicle once you purchase one. And when it comes to building a garage, consider investing in a durable cover. This way, your automobile is protected from possible hazards and thieves.
4. Drive safely.
Another effective way to reduce the depreciation value of your car is to drive safely. This is because the driver’s mindset has a significant effect on how quickly cars degrade.
Are you the type of driver who drives aggressively on the road? If your answer is yes, you’ll most likely acquire scratches and see potential issues in your car’s engine as you push the gas pedal.
To avoid this, make sure to drive safely all the time despite the challenges present on the Philippine highways. This may not sound great especially if you are rushing to go to a certain destination but, take note, accidents usually happen when the driver is in a hurry. Don’t worry! You will still arrive at your house even with a minimum speed limit.
5. Repaint your car (if needed).
If you’ve had your car for a few years, you’ll most likely notice rust on it. You should not allow corrosion to hasten the depreciation of your vehicle.
With that said, consider repainting your vehicle before going to a dealership shop to trade-in. On the other hand, avoid doing this task if you are not an expert. You might end up doing something that will make the automobile look worse instead of adding value to it. Rather, go to a professional and let them do the work for you. You can also make other changes if you want to improve its aesthetics and add useful features. By doing this, your car will look more attractive compared to letting potential buyers see its flaws. Who knows? You might sell it at a higher price by just doing some modifications ahead of time.
On top of those useful tips, it is also important to invest in car insurance. Getting the right policy is a wonderful approach to reduce the depreciation of your vehicle. You may be wondering how this is possible. Well, one of the reasons behind the rising automotive troubles is a lack of cash on the part of the car owner. Most people have to deal with expensive repair costs or replacement parts after a huge accident because no one can help them cope with the necessary payments. What they do not know is, an insurance firm can help them financially if things had been settled first before the incident happened.
A great example is the car insurance policy offered by Assurance.
When you get your car insured, any damage caused by an accident can be repaired without you getting cash out of your pocket. As a result, you will be able to fix your vehicle without getting into any financial problems. You can even get a new car if the old one is declared a total loss.
Interested to purchase one? Look no further than buying a car insurance policy from Assurance! Call us now and we will assist you in getting your insurance policy. We will make sure that you will be financially protected especially during the most trying times of your life. Aside from that, we also offer other types of financial protection as full coverage against Covid 19. Although things are starting to go back to normal now, the virus is still around, causing fear to everyone in the world. So, if you want to be financially protected, consider getting this one along with a car insurance policy. What are you waiting for? Get in touch with Assurance.PH today!
And if you don't want to feel the brunt of depreciation, our advice is to check out used or repossessed cars first. You can do that by checking out Automart.PH. Since these cars have a few kilometers on the clock, you are sure to get it for a lower price.