As we have explained in an infographic about the true cost of vehicle ownership in Malaysia, many still wonder how they are able to maximise the value of their current vehicle. There are various answers to this, however all of them are still bound by the fact that depreciation still takes place year on year.
Whether you purchased a new or used vehicle, depreciation has taken place the moment it left the showroom. The only difference between the two, is that the used vehicle, depending on its age, brand and popularity has probably depreciated at least 10 to 55 per cent of its original price within year one to five. Because of this, there has been a debate about selling your vehicle and how it has depreciated in value significantly after five years.
So the question is: when should you sell? Well, some say that it is better to change your car every three to five years; while others say that the longer the vehicle is used, the more value you gain when evaluating it from a financial standpoint. However, the latter only applies should you decide to keep the vehicle for over 10 years (which then also depends on maintenance, wear and tear costs).
This is where most say that the five-year period is generally a good indication to sell your vehicle. Here in Malaysia, it is the general benchmark of the used car market to evaluate car prices as the following sixth year depreciation tends to level off.
Ensure Your Vehicle Is Maintained Regularly
…and when required. Always remember ‘TOWBIF’, which stands for tyres, oil, windows, brakes, interior and fluids is always in check.
A well maintained vehicle with proper recorded scheduled service is considered to be complete when it comes to the resale of your car. Also remember that keeping your car interior clean helps to upkeep the original look over time. Apart from vacuuming corners and seats, you could also go the extra mile to protect your interior surfaces from fading and cracking with car care products. As for the exterior, the elements of sun, rain and bird droppings will affect the coat. Owners that are truly meticulous about their paintwork ensures that they wash their cars with various cloths, keep note about the car body temperatures and will never send their vehicles to the five-minute corner car wash.
This is rather contradictory. How is it possible to maximise the value of your car when mileage is a factor and you have to drive it? It is all a matter about care and fair use. The truth is, a car needs to be moved, mechanical parts need to work in order for things to keep at its best. So on average, a good average mileage is 15,000 to 20,000 km per year travelled.
What can you do?
Maximising the value of your car requires some care for the details. The more attentive you are to your car, the higher the chance you will be able to fetch a higher price when you sell. Even if you do not intend to sell, taking care of your car means that it will eventually take care of you. After all, wouldn’t you prefer to purchase a used vehicle that has been well taken care of by its previous owner?
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