Vehicle ownership is nothing short of a necessity for many in the UK. Over 25 million of us own at least one car, with millions of us relying on car travel for essential work commutes or transporting family. But owning almost anything has become an expensive practice in recent months.
The cost-of-living crisis continues to bite, and doubly so for those weathering heady increases in ongoing costs relating to their car. Between fuel, insurance and tax, ongoing costs are increasingly troubling for monthly budgets. With many cars being a money-sink in more ways than one, it stands to reason that motorists are thinking more about retaining value through their cars. What are some key considerations for you as a driver looking to make shrewder moves regarding your next vehicles, cost- and value-wise?
Strong Resale Potential
The first and foremost consideration, naturally, would be the resale potential of a given car. In order to maximise the resale value of your next vehicle, you need to ensure you choose one that someone is likely to buy. This may sound like a basic thought, but it is worth bearing in mind; if you see an approved used Vauxhall Astra for sale at your local dealer, you are more likely to spring for that than the Daihatsu next to it – even if the Daihatsu is cheaper.
Understanding why that might be the case is key to unlocking the vital philosophy behind properly flipping your next vehicles. Vauxhall Astras have reputation above and beyond Daihatsu, and a great many other hatchbacks for that matter. Plumping for vehicles with a big reputation (and that are still a common fixture on UK roads) is a good starting point.
Maintenance and Long-Term Value
Of course, make and model are not the only variables here. Vehicle condition is also a crucial factor, and most often the sticking-point for would-be buyers. As such, it is incumbent on you to take the utmost care of your car while it is in your care, from elective repairs to preventive maintenance, to keep it in good enough nick to pass the sniff test when it comes time to sell.
Considering Future Trends
There is also the matter of shifting trends – something which usually happens quite slowly in automotive circles, but which has picked up speed as 2035 fast approaches. The climate crisis, and the damaging impacts of fossil fuels, have heralded the end of the internal combustion engine; electric vehicles are already everywhere, and likely to be hot property from now on. If you are in a position to go electric, future you might find themselves better off.
The roll-out of EVs goes hand-in-hand with other key technological innovations, many of which are now standard in even slightly outdated vehicle models. Such technologies include parking cameras, braking and proximity sensors and smart onboard computer systems to enable granular control of everything from the music to the suspension. If your car is of an older persuasion, it may be missing some modern conveniences; adding them back in for a nominal fee could dramatically increase interest in your vehicle.