Cooper Solutions Poll Reveals 58% of Car Buyers Don’t Think Fuel Type Will Impact Resale Values
A new poll[1] from Cooper Solutions reveals that 58% of car buyers don’t understand that their fuel preference could impact the future resale value of their vehicle. The survey suggests that environmental impact and fuel prices are driving the decline in diesel not future retail sales. Depreciation is the biggest cost in car ownership, so resale values should play a large part for car buyers when deciding whether a petrol, diesel or hybrid car will be a better investment for the long-term.
When asked about driver behaviour, 72% of motorists don’t realise that the damage caused by hard braking could have an effect on their car’s part exchange price, and only 18% change the tyres if it’s suggested after an MOT. The good news is 45% of consumers say they conduct regular servicing on their vehicle, with more men (51%) than women (41%) claiming to do so. Over half (51%) of all people surveyed recognise that delaying repairs could impact resale values
Over a third (36%) of car owners like to keep up appearances by occasionally taking their car to the car wash, with men taking more pride in their car than women; 44% of men surveyed said they keep the car clean inside and out, compared to just 28% of women. Worryingly, only 23% of everyone surveyed recognise that the interior’s stains and smells as a result of regularly eating and drinking in the car could dent the resale price, almost half (49%) admit that they do this. Women are more likely to let children play with toys and crayons on long journeys in the car (21%), compared to just 17% of men.
Interestingly, 28% of consumers don’t think the time of year is important when considering resale values, despite the March and September plate changes for newly registered cars. People planning on selling their car should do so before a plate change, as how recent the number plate is does affect the appeal and subsequently the value of cars.
Whilst 12% of people polled choose a car colour to reflect their personality, 19% know that choosing a statement colour could harm their resale price
Kate Shakesheff, used car buyer’s champion at Cooper Solutions explains: “With the wealth of motoring advice available to consumers, often at their fingertips, it’s surprising to learn how cavalier car owners are when it comes to driving habits and how little consideration is given to preserving the vehicle’s value whatever the fuel type. The bane of many of a motor dealer’s life, is the smell of cigarette smoke on upholstery, which is almost impossible to get rid of and deters a good number of potential new owners.
“Dealers can play a key role in preserving resale values by helping customers to understand that careful driving and keeping the car clean and well-presented is of equal importance to regular servicing and making repairs.â€
