How to look after your bakkie to protect its resale value
It is not uncommon that when you buy a bakkie (new or pre-loved), you will be told that it will depreciate the second you drive it off the showroom floor. However, there are ways to protect and maintain the value of your car for resale.
Common Terminology Used by the Motor Industry
Before we get into it, it is important for you to understand some of the common terminology used by the motor industry.
Retail Price: This is the recommended selling price, excluding any optional extras. Dealerships incur costs such as marketing, insurance, vehicle reconditioning and repairs, facility overheads and staff remuneration. Dealerships need to factor some sort of profit into the vehicle price therefore retail value is normally on the higher end of the spectrum.
Trade or Market Price: This price is usually lower than the retail value. This is the value that you need to consider when trading in or reselling your vehicle.
Depreciation: This term refers to the reduction in the value of an asset over a period due to factors such as mileage and wear and tear.
Research
It is important to do some thorough homework before fully committing to purchasing a vehicle. Some points to consider include:
Used car websites are a great place to browse when doing this research. This will provide you with information such as which vehicles are most popular right now, which vehicles sell the fastest and which vehicles have held their resale value over time. The best time to trade your car in is when the trade value is somewhat in line with the settlement amount owed to the bank.
Mileage and the general condition of a vehicle are important factors to consider, as this could affect the resale value. Keeping your car in the best possible condition and being mindful of where you park it will help retain value over time. Vehicles with high mileage could prove to be costly down the line. A vehicle needing ongoing maintenance may also be worth far less when the time comes to selling it.
4 Tips on How to Maintain Your Vehicles Resale Value:
Something to note is that over-embellishing your car with aftermarket accessories can negatively impact the resale value. The next buyer of your car may not have the same taste as you.
We hope that you keep these helpful points in mind when you are considering purchasing a new vehicle or selling your bakkie.
Still in need of a canopy? Find your perfect one today: https://beekman.co.za/canopies/
How to look after your bakkie to protect its resale value
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