Ghostwritten by Elliot Chan. Formerly published by Unhaggle.com
Seeing Red in Resale Value
It’s always on the back of your mind, even when you’ve just bought the new ride. Sooner or later, you’ll have to sell it. Yes, driving off into the sunset with a guitar solo blasting on the radio doesn’t last forever. On average, Canadians only keep a vehicle for 6.4 years and approximately 116,797 km. That means it’s important to think two steps ahead and consider the value your car has in resale, and surprise, colour is a large factor.
New research conducted by the valuation expert CAP showed that regardless of a car’s make or model, colour is consistently an aspect that deems whether the vehicle is worthy of a new owner or not.
Not so long ago, white vehicles were undervalued in the resale market, because there was this idea that white gets dirty fast; that could cost owners to lose anywhere to a $1000 just because of the colour. Now, white is the hue that holds its value best, mainly because of fashion—white is classic and it’s worth 5% more than other colours. White is innocuous and it keeps drivers cool in the summer, in addition to being easier and environmentally friendlier to repair should any mishaps occur. The reason is because white parts are more common and white paint is made from less-damaging substances.
The car colours that lose the most value over time are blue, gold, green, turquoise and maroon. These colours are neither popular nor sporty, unlike indigo, purple or pink, which rank high in resale value. Sport car fanatics won’t mind choosing a fancy car colour for their fancy car. But there just aren’t many car owners who want a used-green sedan. That being said, those seeking deals and don’t care much about looks may be able to find a nice turquoise car for a bargain.
(Bird) Dropping in Value
Accidents happen and so do bird droppings. You might think those flying defecators are tracking you around town and targeting your sleek new red car, but the fact is, it might actually be your car’s fault. The colour red causes birds to instinctually panic or gain alertness; kind of the same way matadors use a red cape to rile the bull. Unfortunately this colour shock causes the birds to loosen their bowels. Red is the colour of vehicles most commonly pooped on, attracting 18%, followed by blue with 14% and black with 11%.
Bird droppings might seem like a minor ordeal, not worth trading a car just because you don’t want to wipe a stain off once in awhile, but it can be rather damaging to your vehicle, tarnishing its resale value. After you’ve received an unwanted gift from above, clean it up as soon as possible, especially during the summer. Bird droppings contain graininess, and if a car is sitting in the sun, the paint’s lacquer expands. When it cools down it’ll contract around the graininess of the dropping. The result is a duller reflection.
Insuring the Best Deal
Let’s say you’re a safe driver without any infractions or accidents and that you want a red car over a white car; you’d ask whether that choice would affect the price of your insurance. According toRateCity.com, it sure does—and it’s a significant difference. Although each driver and each car will yield different quotes from different insurance companies, the results can be staggering, often costing owners over a $100 more simply for the colour. Red and other flashy colours should be avoided if finance is important to you. Instead, choose neutral colours, such as gray, black and blue.
Although there are no legitimate proof that flashier cars cause more accidents, a study conducted byMonash University suggests that there is a trend.
Insurance companies don’t judge solely on the colour. In fact, they say it’s one of the last aspects they look at when offering premiums of any kind. The make and model and the driver’s history are far more important than the vehicle’s paint job.
Appeal to the Whole Spectrum of Dealerships and Drivers
Appearance is important. The same way you dress yourself in the morning in your own style and fashion to express who you are, same goes for your vehicle. People make snap decisions and first impressions are important. Believe it or not, your car can tell people a lot about you. You don’t want others to get the wrong impression just because you pulled up in a rainbow hot rod. So choose wisely—a car will be an extension of who you are.
Odds are, you are a just decent person looking to get from point A to point B in the most efficient way possible, but that doesn’t mean you can’t get there in style. Fashion is always evolving and so are you, so why not try new things? Like I’ve mentioned, Canadians swap rides every 6.4 years, so if you are like 21% of drivers who chose white in 2013, why not try something different this year or next?