The value of second-hand cars has been a something of a roller coaster over the last couple of years.
One minute we are hearing about how prices have rocketed as cars appreciated in value in a post-Covid boost. The next we are hearing that many second-hand vehicles have plummeted in value as the market changes again.
According to reports, in general, used vehicle prices are around 35 per cent higher than they were pre-pandemic. That’s good news for sellers.
But we are now also finding that the value of some models has plummeted, some by more than a fifth.
So, what’s going on?
It seems that the models that have suffered the biggest drop are mainly large, diesel-fueled SUVs.
This could be one consequence of the massive shift towards electric vehicles that we have seen in the UK in recent months as people move to a more environmentally-friendly way of travel and try to avoid the rising prices of fuel and the costs of driving in clean air zones.
So, the good news is that if you are looking for a big car – there are a few decent bargains to be had, but if you’re selling, the news isn’t ideal.
However, there are ways that you can help keep the value of your car as high as possible when you come to sell it.
Even if you have no immediate plans to sell your vehicle, it’s worth taking a few simple steps to make sure that when you do, you get the best price for it.
You could be diminishing the value of your car every time you’re using it without even realising it.
One of the biggest things that can damage the value of a vehicle is smoking. This can leave smells that will put many buyers off immediately as the odour lingers and can require a deep clean to get rid of it.
The same goes for pets – obviously you will need to transport your pet at some point but you can take measures to protect the car from odours and scratches by using seat protectors and cleaning regularly.
It’s important to keep up with the maintenance of the vehicle; regular, logged servicing is important and a quick 10-minute check every now and again can highlight potential issues and avoid bigger problems developing that may need costly repairs.
If you need bodywork carried out, make sure the repairer’s paint job is top notch. Mismatched paint is a surefire giveaway that work has been done and can massively affect the car’s value.
As can using sub-standard, cheap imitation parts – make sure any replacement bits and pieces are good quality and manufacturer-approved.
It’s a fact that simply using your car for the purpose it was intended for can depreciate it simply as you put miles on the clock. So look at limiting mileage wherever possible and, for short journeys, weigh up the cost of walking or cycling – this can have other benefits!
Whether you’re buying or selling, Find & Finance can offer you expert, impartial advice on getting the best price possible.
Get in touch and see how we can help.