March 2022 officially marks two years since the start of the global pandemic. And although life seems to finally be returning to normal (touch wood), the knock-on effects are still being felt across all industries, and more alarmingly, the economy.
Up and down the country, car manufacturers, including big names such as Mini and Volkswagen, have been forced to slow production and even temporarily close their factory doors due to the ongoing microchip shortage.
The microchip shortage within the automotive industry, which was sparked by the pandemic, was also caused by a series of bad decisions and bad luck. In the early months of 2020, car manufacturers started to cancel their microchip orders under the assumption that the economy was about to take a prolonged downturn. So, chip manufacturers made the decision to redirect their focus onto consumer goods such as mobiles, computers and TVs.
But what does this really mean for the automotive industry?
With the production of new cars taking a big hit, consumers were being expected to wait longer and longer for their latest orders. Without an end in sight, customers began to become impatient and unwilling to wait months or even years for their new car, so unsurprisingly they started to take to the second-hand car market. But as predicted, with increased demand came inflation. The second-hand car market saw the average asking price for used cars rise by 15.2% year on year!*
James Fairclough, Chief Executive of AA Cars, said some popular cars were growing in value “even as they sit on the driveway”.
With the focus shifting onto the second-hand car market, the importance of regular car maintenance has never been more paramount.
5 ways to retain the value of your car
1. Regular maintenance and servicing
A car’s service history can tell you a lot about the overall condition and value of a car. Regular servicing can not only benefit you, to ensure a safe drive and avoid hefty repair bills in one go, but it also helps the resale value. According to KwikFit, who surveyed over 2,000 car owners, they found that almost half said that an incomplete service history would be a deal-breaker. What’s more, those who would still buy without a service history expect a hefty discount – on average 19% – to take on the extra risk of a vehicle with an unknown past.*
2. Keep it appealing – Avoid modifications and customisations
As tempting as customisations can be, they may not be for everyone. Keeping the car in its original condition will allow for wider customer appeal. Plus, modifications can be expensive, and they won’t always retain their value.
3. Keep a record of receipts
Maintaining your car and being able to prove that it has been well looked after are two very different things.
4. Regular cleaning
Just giving the car a thorough clean before preparing to sell it won’t suffice. Whether it’s external issues such as bird poo, tree sap or abrasive dirt, or internal imperfections such as an odorous smell (which may require a more specialist ozone odour treatment) be sure to keep your car clean and fresh at all times.
Bird poo and tree sap can cause permanent damage to your car’s paintwork if not dealt with sooner rather than later. A fortnightly or monthly car wash, with products containing car wax, can help protect your car and avoid the dulling of paintwork. Why not try a car wash service at home, like Dropless, to make it even easier and more convenient for yourself.
5. Repair small scratches and dents
Not only do scratches and dents look unsightly, but they can also decrease the value of your car. First impressions really count when it comes to buying a car and any dents and scratches can undoubtedly represent neglect, which can leave potential buyers feeling wary and questioning the condition of the rest of the car, including the engine, brakes, or more.
How can Dropless help you maintain your car?
Need a car scratch repair or dent removal? Want to set up a Dropless valet subscription to ensure your car is regularly cleaned? Or think it’s about time you get your car serviced again? We’ve got you covered! Just head to our website to see how all our services could help you retain the value of your car!