Cars have become an inseparable part of people’s lives in NSW. While some people may be pretty happy with the new car they just bought, other vehicle owners may not find their new pride and joy sufficient. It is essentially why they get their rides modified, to make them more comfortable, enhance the visual appeal, and/or raise the vehicle’s performance.
We believe these reasons and understand they are genuine too. Still, they need to put some thought into their decisions before proceeding with the modifications. Vehicle owners need to know two critical things on which changes potentially have a high impact. First, your car insurance NSW premiums; ask your best car insurance provider for more information. Second, your vehicle resale value. For now, we discuss how modifications may affect your car’s resale price in this article.
How easy is it to sell a modified car?
You might have spent thousands of dollars from your savings to get your ride upgraded. However, you may find that the whole affair was more sentimental than economical if you had altered your car using non-standard modifications by the end of the sale. It is best to think about the consequences before implementing car modifications.
Some car modification companies cash in by selling cars that are modified way beyond what the manufacturer intended doing with them. Although they make the vehicles look incredible and seem irresistible, the audience looking to buy such cars is pretty narrow when finding buyers. The critical point here is the more significant the modifications are, the more limited will be your audience. So think twice before getting your vehicle altered.
Will aftermarket modifications affect the resale value?
The bottom line is you got your vehicle altered for your benefit. Suppose you picked aftermarket modifications to have a better car at affordable costs – a better car according to you rather than the market. In that case, you might find it considerably challenging to sell it if you wish to anytime now or in the future.
The replacement components that the equipment manufacturer didn’t initially include probably won’t be considered “standard” even though your vehicle is undoubtedly a beast with it. The potential buyers may question your ride’s mechanical integrity now you have incorporated a part that the vehicle wasn’t designed to have. They also think about how safe and durable your now non-standard vehicle is before considering sealing the deal.
So, not only will aftermarket modifications make your task of selling the car more challenging, but they may also not fetch a reasonable resale value.
What are the modifications that reduce car value?
Giving in to fleeting moments is not good practice with any financial decision, especially with implementing car modifications. Some alterations will significantly reduce your vehicle value, and others may decrease your vehicle price negligibly.
Some modifications that potentially reduce your car value
These may also make your car uninsurable with a wide range of providers, or raise your insurance premium significantly:
· Aftermarket Super/Turbochargers
· Suspensions
· Loud exhausts
· Nitrous oxide systems (NOS)
· Race upgrades
· Body kits
· Illegal mods
· Custom paint job
What are the modifications that don’t affect car value?
Some modifications aren’t over the top and may contribute to your vehicle’s aesthetics or comfort, so they have a minor role to play in making the resale price go up or down. In addition, these tasteful upgrades pose minor threats to your car value, so you don’t have to be too anxious about the price your vehicle will fetch in the market. For instance, the below-mentioned modifications probably won’t affect your vehicle’s sale price negatively:
· LED/Laser/Xenon headlights
· Leather seats
· Sound system
· Suspension
· Tires
· Alloy wheels
· Pain jobs
· Window tints
It is always best to buy components for upgrading your vehicle from the manufacturer itself and get the modifications executed by skilled professionals. That is if you wish to sell your vehicle at a reasonable price and be able to have it insured. However, you need to know that even with comprehensive car insurance, some modifications are illegal. So, check the policy disclosure statements or talk to your insurer to know which ones are permitted and how they affect your car insurance NSW premiums. Once you know what is allowed, you have little to lose through the usage of a cleverly modified vehicle.
