Many people still ask how they might maximize the value of their present vehicle.
There are different responses to this question, but they are all connected by the reality that depreciation occurs year after year.
Depreciation began the moment your vehicle left the showroom, whether you bought it new or secondhand.
Some argue that changing your car every three to five years is preferable, while others argue that the longer a vehicle is driven, the more worth it gains when valuing it financially.
However, the latter is only applicable if you plan to maintain the vehicle for more than ten years (which then also depends on maintenance, wear and tear costs).
What factors go into determining the worth of your car?
First, let's look at how your automobile's worth is evaluated in order to determine how quickly your car will degrade and how you may mitigate the impact.
The popularity of your car's make and model, vehicle specs, trim levels, physical look, mileage, consistent maintenance, and functional condition are all aspects that influence its worth.
Here are 5 more steps you can take to maximize the investment of owning your own vehicle in Malaysia:
Buying at a discount (or at the right places)
Just a 15% discount on the purchase price might result in a 27 percent rise in three-year net profit!
Of course, many hosts utilize Moovby just to offset the high cost of owning the car they already have, but for adventurous hosts looking for a new car with a profit motive, there are various aspects and channels to examine in order to maximize your return on investment.
When it comes to buying a car, dealerships are the simplest and most obvious route to take, but they also provide the smallest potential discounts and the largest risk of depreciation.
Moovby hosts with intermediate car-buying acumen might check out online marketplaces like Mudah, Carlist, and Carsome; with a little diligence, you can find a terrific deal.
Keep your car in excellent condition
When the worth of your used car is determined, it will be classified as being in excellent, good, fair, or bad condition.
Your vehicle will most likely fall into the good or fair category, indicating that it has been properly maintained and may just require minor servicing and repair. If your car is in bad shape, you might be able to get more mileage out of it by donating it or selling it for components.
This can mean performing routine maintenance on your tires, for instance.
Properly inflated tires will help you maintain good gas mileage, and in some situations, can even boost it by up to 3%.
Using the air pump at a petrol station costs a little more than $1, or it can be done for free at some tire shops.
To reduce needless wear on your car, rotate, balance, and align your tires on a regular basis. Invest in new tires if your tire tread is looking a little bald since this can help you get a better trade-in value for your car if you decide to sell it later.
Check on your car’s warranty if you decide to sell it
If post-warranty anxiety isn't already recognized as a condition, it should be. It's only normal for individuals to be concerned about purchasing a faulty used car, especially if they're doing it privately. As a result, an automobile with a valid warranty is worth a lot more than one that isn't.
Most warranties used to be restricted to three years or 100,000 kilometers, but newer companies like Kia are now giving factory warranties that last up to seven years.
Generate passive income while your car is not in use
If your car is not in use for a certain period of time, you might want to rent it out on car rental applications in Malaysia like Moovby to earn some extra cash.
Using peer-to-peer networks that connect car owners with car renters, some car rentals generate well over RM1,000 per month per automobile.
Cars are a necessity, and renting a car (whether or not that may be for a certain time period or monthly car rentals) for long-distance travel is often less expensive than hiring an e-hailing car. The latter has fluctuating prices according to traffic jams, weather, demand surges, and other factors.
Increasing the worth of your car necessitates considerable attention to detail. The more you pay attention to your car, the more likely you are to be able to sell it for a greater price. On the other hand, maximising the investment on your car can also mean paying off your loan even faster through the passive income earned via car hosting!
Even if you have no intention of selling your automobile, taking care of it means it will someday take care of you. After all, wouldn't you rather buy a secondhand car that has been well-maintained by the previous owner?
Download the Moovby app and sign up to begin your car-sharing journey today.
Just like airbnb-ing your home, turn your personal car into income by renting it out
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