When buying a new car, sadly the realization sets in that you will get a lot less than you paid for it when you decide to sell it on. This difference – depreciation is a big factor to take into account when looking at a cars total running cost. As we care about our customers cars as much as their wheels, The Wheel Specialist run through what to look for in cars that will hold the most value.
Let’s look at say a car with very attractive low economy figures with a promising asking price. However the car is worth £20,000 when you buy it, but only £5,000 when you come to sell it. Suddenly the total cost of ownership equates to a lot more than you originally expected.
However all is not lost, some cars are much better at keeping their value once on the used car market, maintaining a high percentage of their list price when it comes to selling them.
Car Depreciation; what should you be looking for
When it comes to depreciation, SUVs and 4x4s are top, practical and trendy these models stay highly desirable on the used car market. SUV’s retaining on average 46.6% of their new price, following a typical 3-year ownership with 36,000 miles clocked up.
Also known to retain their value well are; sports cars, luxury cars, and executive cars, especially certain models such as; Morgan Roadster and Lotus Exige, as they are low volume cars but with an enthusiastic fan base. Therefore there is high demand but limited supply, meaning depreciation is kept at bay.
The best power option (although there’s not much in it) is a petrol/electric hybrid, which can retain 39.3% of their value, in comparison to diesels with 38.9% and standard petrol cars at 38.3%.
Now for the worst depreciating models, by far are electric cars, which only retain 17.1% of their new price on average. MPVs and family cars also tend to do quite badly, although they do retain their value much better than electric cars.
The Top 10 slowest depreciating cars
- Porsche Cayenne 2. Audi Q3 3. Range Rover Evoque 4. Morgan Roadster 5. Toyota Land Cruiser 6. BMW X3 7. Kia Sportage 8. Lotus Exige 9. Land Rover Discover 10. Audi A1
Increase your selling price in just one day
One major factor that can influence selling price (but isn’t as much as you’d think to fix) is your alloy wheels. Corroded, damaged, or scuffed wheels can lower the value of your vehicle, however alloy wheel refurbishment is a fraction of the cost of replacement wheels, and will have your wheels looking better than new. The Wheel Specialists powder coating service can be completed in just one day and in any finish you desire, and just to add to its value – comes with a 12 month guarantee.