3 August 2017

Improving the resale value of your car

The best way to ensure that you will eventually get the best possible resale value for your car, is to keep it well maintained. Ensure that you service your vehicle on time, and that the service books are kept up to date. Also avoid excessive kilometres – anything over 30 000 km per year for a large car or SUV, or 20 000 km per year for a small, sports or prestige car will negatively affect your potential resale value. If possible, try to sell your vehicle before reaching 100 000 km or just before the end of
the new-car factory backed warranty expires, as this can give the buyer peace of mind.

Another thing to consider, if you are buying a new car and want to ensure that your resale value is protected as far as possible, is the colour of the vehicle. Avoid loud or fashionable colours – stick to the basics. A purple or pink car could be worth a lot less than an identical model in a more
conservative colour.

Also, if you are buying a new vehicle, try to avoid optional equipment – rather go for the next model in the range which will have a higher book value. Buyers will normally ignore those additions that are not visible, so, if you must, go for extra items that will be hard to miss, such as alloy wheels, spoilers or a sunroof. Having said this, be careful about adding a sunroof to a regular family car as this probably won’t add anything to the potential resale value, while if the vehicle is a BMW or Mercedes Benz, it would be expected.

Don’t allow anyone to smoke in your car! The smell of smoke is virtually impossible to eradicate in a vehicle. There are many buyers who will not consider buying a smoker’s car, and will not even view such a vehicle.

Another big deterrent is the presence of animal hair in a vehicle. Animal hair is very difficult to remove, even with an industrial vacuum cleaner.
When the time comes to sell your vehicle, remember that holiday months such as December/January and April could be a bad tine to sell. If your car is a convertible, rather put the car up for sale in summer.

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What To Do If Someone Hits Your Parked Car

Coming back to find your parked car damaged is never fun, but knowing how to respond correctly can save you time, money and stress.

Firstly, understand that getting upset is natural, but taking a deep breath will help you make better decisions. Examine your car thoroughly and document any visible damage, taking multiple photos from different angles, including close-ups of dents, scratches or broken parts, and capturing the surrounding area, such as road signs and markings, for context.

Next, see if you can locate the driver responsible. Sometimes, people leave a note with their contact information and insurance details. If there’s no note, look for witnesses nearby who may have seen what happened. You can also check for CCTV from nearby businesses, homes or on the street, as some areas have coverage. If you’re unsure, consider contacting the local council to find out whether cameras are in place that might have captured the accident.

If the driver didn’t leave a note, or if they did but are unresponsive or the information they provided seems incorrect, contact the police to report the accident and provide all the information you have, including photos, footage and witness statements. Be sure to request a copy of the police report, as it can be useful when dealing with insurance.

If you’re still having a hard time getting a hold of the at-fault driver and therefore cannot claim directly through their car insurer, it’s time to lodge a claim with your own insurance provider, if you have one. Provide them with as much information as possible, including the police report. From there, your insurer can determine whether your coverage, along with the information you have, will cover the damage to your car.

If your car insurer happens to find information about the at-fault driver and is able to have them lodge a claim so the costs of the damage are recoverable, you can contact Carbiz for a replacement car while your car is being repaired or until it’s been deemed a total loss. This ensures you’re not left without a car during this time, giving you peace of mind and the ability to keep your life moving.

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What It Means When Your Car Is Declared A Write-Off After An Accident

If your car has been involved in an accident, you may hear the term “write-off” from your insurance company or repairer. But what does it actually mean when your car is declared a write-off? Understanding this process can help you make informed decisions about your car, repairs and costs.

A car is considered a write-off when the cost to repair it after an accident is too high compared to its market value. Insurance companies often calculate the repair cost and compare it to the car’s value prior to the accident. If the repair cost is more than a certain percentage of the car’s value, typically around 60–75%, the car may be classified as a write-off. This doesn’t always mean your car is completely destroyed; sometimes the car could technically be repaired, but the cost would outweigh the benefits.

There are different types of write-offs. A total loss write-off is when the car is so badly damaged that repairing it is not financially viable. A repairable write-off is when the car can be fixed, but it requires significant repairs. In either case, the insurance company will usually pay out the car’s value at the time of the accident, minus any applicable excess or deductions.

The cost implications of a write-off can vary. If your car is declared a write-off, you may need to consider the cost of replacing it with another car. Some car owners opt to keep a repairable write-off, but this comes with the added repair costs, which can be substantial depending on the extent of the damage. Repair costs can quickly add up, especially if the accident involved structural damage or expensive parts.

It’s also important to understand that a car that has been written off may have a lower resale value even after repairs. Future buyers often view written-off cars as higher risk, which can affect the cost of insurance and overall value.

If your car is declared a write-off after an accident, speak with your insurance provider to understand your options. You may receive a payout for the car’s value, and in some cases, you can negotiate repair costs or even retain the car if it is repairable. Knowing what a write-off means, how it affects repair costs, and how it impacts the car’s value can save you time, money and stress after an accident.

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