Keep Your New Car's Value: A Guide to Car Depreciation
Published Date: 29th Mar 2023
Buying a new car is a big investment, and it's important to understand how depreciation will affect the value of your vehicle.
When considering purchasing a new car, it is essential to understand how depreciation affects the vehicle's value over time. Depreciation refers to the decline in a car's value, and several factors, such as age, mileage, condition, and market value of similar cars, influence it.
While it is impossible to eliminate depreciation entirely, there are a few tips to minimize the amount of money lost when selling your car in the future.
Here are a few tips on how to positively manage the depreciation of your car:
- Buy a New Car. New cars, if looked after, can depreciate more slowly than used cars, so buying a new car is a good way to minimize depreciation.
- Buy a car with low mileage. Cars with low mileage depreciate less than cars with high mileage, so it's important to find a well-maintained car that has been carefully driven.
- Service and Maintain your Car. If you regularly service and maintain your car, it will retain its value far better.
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- Buy a car in good condition. Cars in good condition depreciate less than cars in poor condition, so it's important to find a car that has been well-maintained and has no major damage.
- Buy a car that is in demand. Cars that are in high demand depreciate much less than cars that are not in demand, so it's important to find a car that is popular with buyers and sought after in the used car market.
- Keep up with regular maintenance. Regular maintenance is important for keeping your car in good condition and minimizing wear and tear. This will help to keep your car's value high when you sell it.
By following these tips, you can minimize the amount of depreciation your new car experiences and keep more of your investment when you sell it.
Here are some additional tips on how to choose a car colour that will hold its value:
- Choose a neutral colour. Neutral colours, such as white, black, and silver, are always in demand and will hold their value better than more cutting-edge or fashionable colours.
- Avoid bright colours. Bright colours like yellow and green are more likely to fade over time and lose appeal. There are exceptions to this rule, as some colours suit a particular car, so be sure to ask us about the vehicle you are considering buying.
- Consider your climate. If you live in a cold climate, you may want to choose a colour that is less likely to show salt stains and scratches, such as light colours or Silver Cars.
- Think about your lifestyle. If you have young children or pets, you may want to choose a colour that is easy to clean.
By following these tips, you can choose a car colour that will retain its value better and look great for many years to come.
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The top 5 best-selling new car colours in the UK are:
- Grey (25.7%)
- Black (20.1%)
- White (16.7%)
- Blue (16%)
- Red (8.5%)
**according to Society of Motor Manufacturers and Traders ( SMMT) data from 2022 car sales.
You can read more new car Jargon explanations by following this link.
UK Car Discount can assist in finding a new car that meets the buyer's needs, including the best colour choice. Our team of experts can provide detailed advice on your chosen vehicle's colour, standard equipment, and safety features to help you make an informed decision. Contacting UK Car Discount at 0161 946 3500 can help buyers confidently purchase their next new car.