Think twice before you pimp your ride
29 June 10
As a leading motor trade insurance broker Staveley Head saw a report from a top vehicle auction company warning people of adding modifications in a ‘pimp your ride’ style as this could affect the value of your vehicle when you come to sell it.
The British Car Auctions (BCA) warns car owners to think very carefully before customising the look and performance of their vehicle. They claim the biggest impact on the resale value to some cars is poorly fitted body kits and aftermarket alloy wheels, a combination of the two could reduce the resale value by as much as £1,000.
“Boy racer bling may be appealing now, but retro-fittings can put the average buyer off, so it may be better to go for something with universal appeal, such as a good in-car entertainment system”, said Tim Naylor, PR Manager of BCA.
Amongst a number of facelifts for cars the most popular tend to be alloy wheels, phone kits, lowered suspension, and body modifications. BCA’s views on the impact of common mods are:
Alloy wheels -If on the right car can add value however, non-standard wheels can reduce the cars value.
Phone kits – Are desirable and can add value however, aftermarket phone-specific kits should be removed and damage to the dashboard repaired.
Lowered Suspension – Lowered cars can be undesirable to all but a few drivers due to the vast number of speed bumps on Britains roads.
Body modifications – If professionally done body kits can attract certain buyers however, poorly fitted body kits rate highly on the devaluing your car list as it’s possible to loose as much as £500 on the resale price.
The message from BCA appears clear, think twice before you make any modifications and if you can’t resist doing them, do them properly.
Also bear in mind modifications need to be reported to your insurance company.
Staveley Head is a leading provider of Motor Trade Insurance in the UK.
For more information regarding this article, or to compare Motor Trade Insurance quotes, contact Staveley Head on 0845 017 9991.
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