When you own a vehicle you have to deal with depreciation – it’s as certain as death and taxes. However, just like taxes, there is a way that you can help limit the damage to your wallet from depreciation. Luckily, this doesn’t mean taking your money to some far-flung island or finding hidden loopholes in the law!
Here are a handful of ways that you can ensure your money doesn’t drain away as you drive around in your van:
Buy Used
The largest part of a brand new vehicle’s depreciation happens the minute it is driven away from the showroom. Simply by buying a used vehicle you can ensure that you never lose that much value in such a short amount of time (unless you have a serious crash). Another benefit of going for a second-hand van is that you get a much cheaper initial price.
Drive Less
This may not always be a practical solution, but if you can keep your mileage down to around 10,000 miles per year, you will experience much slower depreciation. You will find that depreciation is brought on much quicker by high mileage than old age – in fact the older the car is, the less this becomes a factor. Keep the mileage to a minimum and you will get more bang for your buck when it comes to selling it on.
Picking the Right Van
Vans that are cheaper to run tend to depreciate more slowly, as these will always be in high demand. Choosing a van like this will help to save you money while owning it, as well as giving you a greater return upon point of sale at a later date. Similarly, new model vehicles tend to keep their value better than models which are being phased out, unless of course the model being phased out remains in high demand. If you manage to find a vehicle that is in high demand then you may find the depreciation is absolutely minimal.
Get it Serviced
With servicing it is a case of spending money to save money. This may cost you a couple of hundred quid each year, but when it comes to selling, a full service history can add a small fortune onto the price of your vehicle. This is great for when you are clocking up a lot of miles every year, as it ensures that the vehicle is in good working order and hasn’t been neglected or driven with faulty parts.
Regular Clean and Upkeep
Nobody wants to buy a dumpster or a vehicle that requires dents, scratches and tears in the interior to be fixed. Simply by giving your car a regular clean and fixing any bumps and scrapes you have, you’ll keep the value up. It is important to remember that any areas with damaged paint are prone to rust, which can seriously lower the price of your van – get these fixed as soon as you notice them!
Feeder Commercials is a Bristol based dealership specialising in used vans and commercial vehicles. For more than 20 years we have been providing a dedicated service, delivering high quality vans and trucks to people across the UK. Visit us online to see the full range of vehicles in stock.
Emma Ward
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