Protect Your Investment - 4th April, 2016

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Our cars are going to be one of the biggest investments we make in life yet we often treat them like they are worthless. I guess this is because they tend to lose money when we sell them and cost money when we drive them. And it’s true, they are a depreciating asset and they require even more money to run. But we need them and with a bit of effort they could hurt us financially a bit less.

We have to accept that a car will lose money when we sell it but how much will depend on how well we look after it.

1. Servicing: By keeping your car serviced at the manufacturers prescribed intervals your car will last longer and give you less trouble. It will also pay dividends when you come to sell it. Skipping the servicing is a short term saving but a longer term loss when things start to fall apart through neglect. And nobody wants to pay good money for your neglected car when it comes time to sell.
2. Keep it tidy: A tidy car feels better when you get in to drive it. If it’s dirty you don’t like being in it and you start to neglect it even more until you decide it’s best to sell it and buy another. By keeping it tidy and not smelling like stale KFC you will feel better about it and probably be happier to keep it. The alternative equals a sad car and a big money loss.
3.  Wash it more often: Most of us are probably guilty of washing the car about once every second year even though it doesn’t take long. Show it a bucket of water and some soap and it’ll repay you by looking great. Driving around is incredibly dirty work and the grime, dirt, oil etc take its toll on paintwork and make the prospect of rust more likely. Imagine if you showered as much as you washed your car...urgh.
4. Buy a good car to begin with: Don’t buy the cheapest car you can find, buy the best car you can afford. Saving $500 when you buy it will seem like a poor choice when the first mechanics bill comes in. $500 doesn’t buy you much in a mechanics workshop as I’m sure you know.

Love your car and it’ll love you back by costing you less money to own and hurt you less when you sell it.