While most cars depreciate over time, some cars will increase in value due to factors like desirability of model, how rare a car is, or how well-maintained a car is. We’ve put together some of the reasons a cars value could increase plus top tips to help your car maintain its value.
A car’s value could increase if:
· There is limited availability of a model, or it is highly desirable.
· It is well-maintained.
· It is in high demand.
· It has updated safety and performance features.
· The manufacturer has a good reputation.
Cars with limited availability or highly desirable models
Used cars that have limited availability and are highly desirable among enthusiasts can increase in value over time. As the models become older, they are harder to come by and achieve ‘classic’ status which helps to preserve and eventually increase their value.
Not all limited-edition cars will increase in value, it depends on popularity and how many people are willing to pay a premium for it.
Only 399 models of the 2003 Ferrari Enzo were made which has meant its value has only increased over time as they’ve become incredibly hard to come by. In fact, it is now valued at around $3.4million but back in 2003 was worth $659,330.
Well maintained cars keep value more.
This may seem obvious, but the more you maintain your car, the more likely it is to retain its value over time. Having a full service history also helps as this provides evidence that the car has been well looked after. Proof a car is regularly serviced helps to reduce depreciation.
Regularly check your oil, tyre pressure and condition, and make sure to fix any bumps and scratches immediately so they don’t become worse.
Keeping mileage lower helps too, most cars with under 12,000 miles on the clock are deemed low-milage and tend to command a higher value.
It is in high demand
Right now, electric and hybrid vehicles are the flavour of the month as the automotive industry goes electric. As such the demand for such vehicles has increased over time.
Ultimately, car value comes down to supply and demand, if a vehicle is in high demand, it’s value will remain high.
Updated Safety and Performance Features
If your car has updated safety and performance features, it may hold more value to potential buyers. This could include features such as blind-spot monitoring, lane departure warning, and any other advanced safety technology.
New performance features, like an upgraded engine or transmission, can also contribute to an increase in value. Keep in mind that these features may depreciate over time, so it's important to research and stay up to date on market trends.
Reputation
Manufacturer and model are factors in how a car maintains its value. Manufacturers with reputations for designing durable, dependable cars tend to keep value more than those with a reputation for being unreliable.
Brands like Ford, and Volkswagen hold their value very well because they are trusted brands who have pedigree for long lasting cars.
When buying a car opt for manufacturers with a reputation for reliability if you want to maintain value.
As you can see, there are a variety of factors that can contribute to a car's value increasing over time. Limited availability and desirability, rarity and collectability, well-maintained cars, increased demand for EV and hybrid cars, and updated safety and performance features are all potential factors that can increase the value of your car. By keeping your car in good condition and staying up to date on market trends, you can position yourself for a higher sale price. Looking to sell your car in the UK? Consider using an online car-selling platform, such as Sell 2 Swansway, to streamline the process and help you get the best value for your car.