Boosting your Vehicle Value
Most vehicle owners are aware of the fact that buying a new car isn’t exactly a solid investment. As the saying goes, your vehicle’s value drops by 10% as soon as it leaves the lot. Depreciation on vehicles is unavoidable unless you manage to hit the rare case of purchasing a vehicle which becomes collectible later on. On average, per the car value assessor ALG, the average five-year-old vehicle is worth only 28.5% of its original value.
When it comes to boosting that return value, studies have shown that essentially any addition to your vehicle beyond the standard package will increase its worth. However, depending on what your vehicle is equipped with, you may be able to fetch a higher value.
Highest Percentage Return Vehicle Add-ons
- Cruise Control (125%): Cruise control comes standard on most new vehicles, making it highly valued and expected by consumers.
- Power Windows/Locks (110/113%): Despite their tendency to break, power windows have also become standard in newer models, making vehicles which lack them less competitive in the sellers’ market.
- Air Conditioning (95%): There is no substitute for air conditioning and depending on your area, it can be a make it or break it feature for buyers.
Lowest Percentage Return Vehicle Add-Ons
- Moon Roof (44%): Older models of vehicles with sunroofs tended to have problems with leaking or breaking. Today’s vehicles have fixed those issues, rendering many older models of moon roofs obsolete.
- Engine Upgrade (37%): Vehicles which provide consumers with the option to get more cylinders, say six instead of four, you are not looking at a very large boost in resell value. This can by highly dependent on the vehicle and engine however.
- Third Row Seat (36%): Although you won’t lose money by investing in this add-on, it will depreciate at a value similar to the vehicle itself. If it makes sense for you, by all means get it.
While it is good to understand the respective values of each add-on, your decision should still focus on whether or not it makes sense for you. Most dealerships have moved away from allowing you to select add-on by add-on and instead sell vehicles equipped with certain ‘packages’ (e.g. luxury, sport, standard). Evaluate each package according to the values above and your personal needs before making a selection.
How to use this information
At Accurate Auto Body, we are committed to helping you keep your vehicle in good shape so that its worth depreciates as little as possible! After all, a broken add-on is sure to drop the value of your vehicle rather than raise it. If you need any repairs done, be sure to give Accurate Auto Body a call at 303-344-2122 or contact us through our website for more information and we will be happy to help!
Which add-on do you find indispensable?
