A vehicle is an asset. In most cases, it’s an asset that goes down in value over time. This happens for a number of reasons, many of which are out of your control. But there are some things that will decrease your vehicle’s value faster than normal. Here are seven of them:
Ignoring your vehicle’s maintenance schedule is a fast track to reduced resale value. Skipping oil changes, delaying repairs, or ignoring wear and tear leaves signs that mechanics (and buyers) can easily spot. A well-maintained vehicle always commands more value.
If the manufacturer of your car goes out of business, your car's resale value usually takes a hit. Brands like Pontiac, Saturn, SAAB, and Hummer are no longer in production—and vehicles from discontinued makes typically drop faster in value due to scarcity of parts and low demand.
Even a newer car with high mileage can see a major dip in trade-in value. The industry benchmark is about 12,000 miles per year. If you’re significantly over that, expect depreciation to accelerate.
Cosmetic flaws matter. Visible damage, even if minor, makes your car less appealing to buyers. Taking care of bodywork and protecting your paint can make a noticeable difference when it’s time to sell.
Some cars are just harder to sell. It might be an odd color, a discontinued body style, or an unpopular model. If your vehicle falls into the "hard to move" category, expect a lower offer.
Few things reduce a vehicle’s appeal faster than the smell of smoke. Odors are hard to eliminate, and buyers today are far less tolerant. Smoking inside the car will almost always hurt resale.
Aftermarket wheels, suspension kits, engine mods—they may be fun, but they rarely add value. In fact, most buyers (and dealers) subtract value due to concerns over reliability, insurance, and limited appeal.
If you're wondering what your current vehicle might be worth—or what upgrades are worth keeping—text 1-978-822-7737 or call 1-978-8-CASPER. I’ll help you get the most from your trade.