Your brand new car loses as much as 20% of its value the moment you drive it off the lot. As the years pass by, it will only continue to lose its value and by the time it reaches its five-year mark, it will be worth roughly 37% of what you paid for it.
Of course, it could be far worse depending on how you use your car and how you maintain it. So, what more could be hurting your car’s value?
Find out the things that further depreciate the value of your vehicle.
Smoking Cigarettes Inside - Cigarette smokes not only permanently stink up your car, they can also cause discolouration that may be difficult to remove. Either give up the habit or simply pull over to smoke.
Neglecting Regular Maintenance - Those who are looking to buy used cars in Singapore tend to look for the car’s service history. So, they’ll know if you’re neglecting maintenance as the manufacturer requires.
Delaying Repairs - The same goes for ignoring or delaying repairs when you already know that there’s a problem in your car. It will not only hike up repair costs but will also depreciate your car’s value.
Driving Beyond Mileage Milestones - Reaching the mileage milestones 30,000, 60,000, and 100,000 miles can dramatically reduce your car’s value. So, it would be best to sell your car before hitting them.
Tinting the Windows - Tints, particularly those that are dark or not installed by professionals tend to ward off potential buyers. They also often bubble and blister as time passes by, affecting the car’s value, too.
Modifying the Car - You probably love the look of a subwoofer in your car, but you should know that the more you personalise your car, the more you reduce its value and make it less attractive to potential buyers.
Maintaining your car’s value is important particularly when you decide to sell your car in Singapore in the future. Whether you’re selling your car on consignment or on your own, it’s best that you know how much it’s actually worth so you know how far you can negotiate for it.
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