How to Minimize New Car Depreciation in Hamilton

How to Minimize New Car Depreciation in Hamilton

Posted on August 17, 2021

Got a new vehicle and want to minimize new car depreciation? Want to protect your car so you can sell it to a dealership once you trade up? Want to keep your car looking good for as long as you own it?

Our Hamilton auto loans team are car fanatics and have some actionable tips for helping you minimize depreciation in your car. Here are some suggestions they came up with.

Selling your car to a dealership

Selling your car to a dealership is now the default way to raise cash or dispose of your old car. Whether you’re trading up, buying another, or not, it’s a great way to sell a car quickly and painlessly.

Your car does need to look its best though, just like it would for a private sale.

Which is where these tips come in.

Use a ceramic paintwork product

Protecting your car’s bodywork not only makes it look good for the longest time, it also protects it from dirt, grime and some road debris. It won’t protect against stone chips or larger impacts but for everything else, it works.

The better your paintwork looks, the more the car will appeal to buyers, which means it’s worth more.

Use floor mats

Not all new cars come with them and few used cars have them included, yet they are the unsung heroes of minimizing depreciation. They keep the carpets clean, protect them from wear and from the majority of damage.

Carpets are fiddly and expensive to repair but mats can be changed in seconds. They also allow you to present a car with carpets in great condition, one less thing for a buyer to worry about.

Fix dings and scratches immediately

If you ding or scratch your car that exposes bare metal, get it fixed immediately. That’s especially true if you live near water, especially the ocean, or where there’s a lot of road salt in winter.

Rust is the enemy of all cars and even galvanized steel will rust eventually. A ding is usually cheap to fix if you address it right away but can get expensive if you leave it.

Look after your wheels

If you have alloy wheels, taking a little more time and effort when parking can help save money and make them more attractive to buyers. There’s nothing worse than going to see a used car only to see damaged alloys.

Alloy wheels can be repaired but it’s time consuming and can be expensive. Spending a little time parking with care and washing the wheels as well as your paintwork can keep them looking lovely.

Minimize modifications

There’s nothing wrong with adding privacy glass or painting the brake callipers but anything more needs to be done carefully. There is a huge car modification scene out there but that’s not a scene dealerships work in.

If you want to sell your car to a dealership, it needs to be as close to stock as possible.

If you follow some or all those tips, you should not only minimize depreciation but also keep your car in great condition while you drive it, a double benefit!

Contact Unique Chrysler for help, advice and competitive Hamilton car finance and leasing.

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