3 Common Mistakes That Lower Your Car's Resale Value

Thinking of selling your car in the future? Perhaps, you're thinking of buying something new in a few years' time, but whatever the case, selling your car at its best possible price is something you should always keep in mind. Remember that cars depreciate fast, but  you might be unknowingly making a few mistakes that would make your car lose its value even faster. Here are some ways:

Choosing the wrong car make and model

Most new vehicles lose actually lost a third of their value within five years from when they're purchased. There are some cars that hold a higher resale value compared to others.

This means that even if they get old and depreciate, you can still sell them at a competitive price. Some of the top brands that are consistently placed in this category are Lexus, Toyota, Subaru, and Honda.

Still, don't dismiss the other cars. There are some that have high resale values just because they're in demand, or they're known for their reliable features. Others, are a class of their own--such as luxury car brands. Many of them maintain their value well, such as Acura, Audi, Mercedes, and Chevrolet.

Whenever possible, avoid buying models that are first introduced in the market. The reason? First-year or first-generation models often need a lot of improvements, and many of these changes are often made in their succeeding generations.

Irregular or improper maintenance

Maintaining your car only takes a bit of common sense--and lots of discipline. Truth is, it's so easy to get lazy and neglect things like cleaning your car (which we hope you don't do often), and hiring professional mechanics to do regular tune-ups and servicing on your vehicle. But believe us--keeping a good maintenance routine regularly will be worth it in the end.

Make sure that the car's exterior and interiors are clean. Cleaning your car regularly not only makes it look good and pleasant to ride in, but it also is a good preventive measure as well. For instance, bird poo, tree sap, and other stuck dirt can lead to chipped paint and minute scratches. You can easily avoid them if you clean your car regularly.

It may be a bit expensive, but try to place your car inside a garage to prevent exposure to sun. All these factors can slowly affect your car's paint, and can add wear-and-tear to plastic interiors, such as the dashboard. What's more, sunlight can fade your car's upholstery, which includes leather and other kinds of fabric.

Maintaining your car also involves troubleshooting. This is especially true when you're selling your car. Replace your lights, repair any chips and cracks on your windshield, replace worn tires, and get rid of eye-catching dents.

And while you may argue that they’re optional requirements, having these small problems can be a good excuse for the buyer to ask for huge discounts.

And by the way: don't forget to prove you're doing all of these things by keeping all your receipts in a "Car Maintenance and Repair" folder. Nothing makes a good impression than seeing a chuck-full of receipts and car logs that show you've been very good to your vehicle.

Using your car too much

Cars depreciate faster when you use them often. And how will you know if they've been through that? By checking its mileage. In the Philippines, a car's average, yearly mileage stands at around 10,000 to 16,000 kilometers. If yours is higher than this, then expect your car's resale value to dip lower.

Still, there are times you can't avoid using your car all the time. If that's the case, follow the common sense rules of driving to lessen car mileage, such as:

• Keeping the tire pressure correct;
• Avoid pushing down hard on the accelerator and brake pedals;
• Combining trips (like carpooling);
• Lessening weight in your car;
• Avoid idling;
• Organizing your trips;
• Cleaning clogged filters; and
• Shifting to a high gear whenever it's possible

All these practices can go a long way to lessening your car's mileage, which helps lessen its chances of getting a lowered resale value in the market when you sell them.