How to maximize your car's resale value
Updated on November 30 2023
METRO MANILA, Updated July 26, 2022 – Are you a car enthusiast who wants to have various vehicles, but doesn't wish to spend a lot of money?
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. Everything should be working well before any trade-in session or even a simple viewing.
Keeping depreciation down
Reducing the depreciation of a vehicle can be a struggle to some car owners.
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 car brand-new for P1 million. As soon as you drive it away, the price can drop by as much as P150,000 to P200,000 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? Here are some ways to help you optimize the worth of your car in the coming years.
Maintain your car religiously
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 get servicing done at an automotive shop regularly. This lowers the likelihood of a breakdown and your vehicle will be in excellent shape to support your journey.
Be well-versed on the road
One of the most common problems in the Philippines for most drivers is poorly maintained roads.
This has been a constant struggle, especially in the provinces, where some areas are still underdeveloped. Even several cities have rough roads because of 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 these can cause a crash, while others are 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.
Furthermore, if you can find roads in better condition, go there instead. This is an effective way to reduce any issues with your wheels and suspension.
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 they cannot afford to have their garage. Well, that is fine as long as you don't cause trouble to other drivers.
But did you know that there are certain disadvantages to parking outside?
First of all, your car becomes a 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.
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 and scratches all over the car the next day!
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 a safe parking space for your vehicle once you purchase one. Also, consider investing in a durable cover.
Another effective way to reduce the depreciation 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. This may not sound great, especially if you are rushing to go to a certain destination. But, take note, road crashes usually happen when the driver is in a hurry.
Repaint your car, if needed
Paint problems like scratches and rust can send the value of your car plummeting to the floor.
With that said, consider getting your vehicle repainted professionally before going for a trade-in. 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.
Get insurance coverage
On top of these 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 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 major incident 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.PH.
When you get your car insured, any damage from a collision 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.
If you are searching for the best deals, look no further than in Assurance.PH! We offer the best insurance policies in the Philippines, ranging from home insurance up to auto insurance policies. We also provide financial protection against COVID-19, perfect for the whole family.
While you're at it, you can look at the cars we have for sale at Automart.PH.
We offer a wide selection of used cars at great prices, ranging from compact cars to pick-up trucks, that suit your needs.
And if you’re looking for the finest used cars, check out Automart.PH Certified Used Vehicles. These are restored until they feel like new again. They also come with a three-day money-back guarantee and, for Gold Certified units, a one-year warranty.
Automart.PH Senior Content Creator VJ Bacungan contributed to this story.