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How to Minimize Car Depreciation in Mississauga

How to Minimize Car Depreciation in Mississauga

Whether you want to sell your car to a dealership or want to preserve as much of its value as possible for a future trade in, there are a few practical steps you can take to minimize car value depreciation.

 

You cannot stop it as that’s out of everyone’s control but you can keep it at a sensible rate and sometimes even slow it down.

 

Our Mississauga auto loans team outlines a few ways to minimize car depreciation so you can get the most for it when it comes time to sell.

 

Maintain records

 

Your car’s service record and receipts for any work you have done are the only ways a new owner or dealership has to assess its condition. Records show how well, or not, a car has been looked after and whether it requires a service, urgent maintenance or just an oil change.

 

Every time you have something done on the car, keep receipts to prove it. You may overload the new owner with paper, but it’s always better to have too much than not enough!

 

Avoid modification

 

The vast majority of modifications reduce a car’s value to a dealer. They may elevate it for certain parts of the private market or specialist buyers but for a dealership, it means extra work removing those modifications and checking for damage.

 

Minor modifications like changing the wheels or adding minor window tinting is fine. When it comes to body kits, spoilers, hood scoops and more extreme modifications, you’re limiting its resale potential with everything you bolt on.

 

Keep mileage sensible

 

If you commute a long way to work or use your truck or car for work, keeping the mileage down may be impossible. In all other situations, minimizing unnecessary journeys can help preserve its value.

 

Low mileage cars are more valuable as there is usually less wear and tear on the vehicle and it will be longer before more involved maintenance is required to keep the car on the road.

 

Repair damage quickly

 

Ding or scratch the car so you can see metal underneath? Get it fixed quickly. You can have it touched up by a professional for cheap or buy a touch-up pen for even less.

 

Never leave bare metal exposed, especially if you live close to the ocean. While most cars now use galvanized steel, which is protected against rust, the longer you leave the damage, the more expensive it becomes.

 

Rust also spreads.

 

Buy a popular make and model

 

Buying a popular mainstream make and model of cars can go one of two ways. They can be so common that values are kept relatively low and choice is plentiful.

 

Or, they are common because they are popular and fulfil a definite demand in the market. Parts are cheap for common cars and every garage knows how to fix them.

 

We recommend buying a popular make and model of car for those latter reasons. The used car market is incredibly strong right now so there is plenty of demand across the board.

 

And, people are looking for cheap to run, low maintenance cars, which that latter group fits into perfectly!

 

If you need help or advice on anything to do with auto loans in Mississauga, contact Car Nation Canada today, we can help!

 

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