The automotive industry in India is among the fastest recovering industries. Despite the global pandemic and the economic slowdown, people are buying cars as social distancing still remains the need of the hour and the public transport remain unsafe. When you go out to buy a car, one of the most important factors you should consider is depreciation. In today’s article, we discuss how you can fight car depreciation. You can do this easily by modifying your car buying decisions a little bit and caring for your car throughout its journey. Read on to find out!
Don’t just buy “any” car
The science is simple. Buy cars that have a good reputation in the market. We know new brands might interest you but you should carefully study the brand’s presence in other countries like India to assume how a brand would do in a developing nation like ours. The safest bid is to own a car which has already gained a good reputation in the country. Cars like the one shown above are a sure shot method to gain a good resale value and a super smooth ownership experience of course!
Go for a neutral colour
We know Polo has a different set of audience who like it in this red shade and are ready to buy it anytime! Well, the case is not the same as all the other cars. People usually tend to buy neutral colours like white or silver from the used car market. If you own a neutral coloured car, you will have more buyers for your car and therefore will get more resale value too. An outrageous colour shade will get you a lesser price in comparison to neutral colours.
Don’t go for ultra-luxurious cars
If you are buying a car to use it for a long period of time, you can go for what you like. The simplest way to fight car depreciation is to invest in a car which can get you the maximum number of buyers in the near future. If you buy cars such as the one shown above, it will depreciate much faster than a normal vehicle which has got more demand. Majority of Indians go for affordable cars with high fuel efficiency. If you own a luxury vehicle, it will depreciate faster than a normal one.
Routine service schedule is a must!
Coming to the ownership experience, the first thing you can do to fight car depreciation is getting it serviced REGULARLY. We know, it’s a hassle to visit the workshops often and at the same time maintaining the service schedule is also not an easy task. If you choose GoMechanic, you can get your car serviced from the comfort of your home and track all your previous orders details in a single click too! Win-win! What’s more? get 10% OFF by using the code b. Click on the image above to download the app now!
Maintain paperwork & service history
You should always maintain your car’s paperwork in the best condition. Talking about the service history, if you get it serviced from GoMechanic, you can have a full-service record in a single click! We are a tech-enabled car servicing brand and maintain a proper log for your car’s periodic services.
Pro Tip: Don’t lose your car’s keys. Cars with 2 original keys yield a better resale value.
The odometer reading matters
Another major factor that can help you fight car depreciation is the odometer reading. If your car is above 1 Lakh kilometres, it will yield certainly less resale value. No, we are not saying that you should roll your odometer back. We are trying to say that you should try to sell your existing car before it hits the benchmark. Less driven cars are more desirable and therefore gain good value in the market. High mileage cars depreciate more rapidly.
Look after your car well
Another really simple technique to fight car depreciation is to maintain the bodyline. No matter how less you have driven your car if the body has rust or the panels are dented, your car will definitely have a lower value than the one with relatively better panels or bodyline. You should always take care of your car’s panels and bodyline in order to gain more resale value.
High fuel efficiency helps
When you are buying a car, the best way to fight car depreciation is to be a part of the crowd. See and analyse what an average customer is looking for. All of us want high fuel efficiency from our car and the sales report also show that Indian customers are interested n fuel efficiency over anything else. If your car is having a high fuel efficiency, it will attract more customers and will therefore depreciate less.
Say no to modifications
You might like to modify your car the way you want. Note that modifications tend to narrow down the audience who would want to buy your car. Not everyone has the same taste as you do. If you have done some really outrageous mods like spoilers or bar lights, be ready for a drop in your car’s resale value. The best way to fight car depreciation here is to maintain its original shape with factory fitted accessories.
Extended Warranty is a bonus!
All the new cars in India come with a manufacturer warranty. You should always look for a car that comes with the longest warranty period so that when you plan to sell your car, you can get some additional money in the name of the warranty. This way, you can fight car depreciation by just doing a simple study in the market. Go with the brand that offers the maximum warranty.
These were the 10 ways by which you can fight car depreciation. This will help you have a good car ownership experience and get a good price when you plan to sell it. Comment down below if you have something other than this in mind and we will love to mention it here!