Everyone likes to make their property look better. The same can be said for car owners as well. Some of them like to make upgrades to their car, adding components that afford them extra option and comfort. The question is; how do these modifications affect your car value estimates Southern Oregon?
While many might think that making upgrades to their car will definitely increase its market value should they decide to sell sometime in the future, that might not always be the case. For some of the reasons below, you might have to part with your beloved car at a price lesser than you expected.
• Loss of Warranty
It is now standard practice for car manufacturers to offer warranty on all of their products. Many also offer the options of free service plans and sometimes even more. These benefits might however be lost if upgrades are made to a car. Such loss might make buyers less interested in your car or at best make them lower the amount they intend to spend purchasing it.
• Insurance Risks
Everyone knows how insurance companies do everything possible to avoid paying the full compensation to entitled policyholders. A modified car that wasn’t well declared in the policy might give them more power to do so. One might thus not be indemnified in the event that a modified car is involved in an accident.
On the other hand, fully declaring the modifications made on the car might result in you paying a higher premium that might not be worth it.
• Safety Concerns
There is a sort of safety assurance that comes with a car that has not been tampered in any way. The driver feels safer knowing that the car is exactly as the manufacturer intended. After upgrades are made to the car though, such a feeling of safety might not exist anymore. Now there is a fear that the altered engine, suspension, or rims amongst others opens one up to dangers. This might negatively affect a buyers’ willingness to go through with a transaction and thus reduce the car value estimates Oregon.
• Lack of Buyers
When car owners make custom changes to a car, they are only thinking of one thing, and that is, what is best for them personally. They might decide to tint the windows so as to maintain a certain level of anonymity or install a hi-fi system because of their love for music. In essence, modifications are made to meet the current owner's needs. Prospective buyers may not have such needs and thus might not need the upgrades. Thus, in cases where you’ve made some really radical upgrades, you might just have to sell the car at a lower price so as to get a buyer.
You must note though that upgrades do not necessarily always reduce car value estimates Oregon. For better chances, it would be wise to make upgrades that might appeal to a prospective future owner. You should also have them professionally made. This way, you can always attract more buyers, and also put to rest many safety concerns or insurance concerns that might exist.