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Your house. Your business. Your vehicle. If you have one--or even all three—then you know that these are some of the largest investments that you will ever make in your life. They are all considered investments because their value can appreciate or, in some cases, decline. They are risks that you take in order to achieve certain goals, such as a more comfortable lifestyle, a secure environment for your family, additional money, or for pure enjoyment.
The Ignored Investment
While many choose to pour money into their house by remodeling or adding a pool while others religiously track daily business operations to optimize their profits and grow their company, vehicles tend to receive the least amount of attention unless it is a special play toy or an owner is an auto aficionado that enjoys tinkering with cars or trucks.
For the rest of us, a vehicle’s sole purpose is to get from Point A to Point B and back again. This philosophy lies in the age of the commuter where cars, trucks and SUVs are driven to an early grave or traded in for the next best model. Others believe that once you drive that vehicle off the showroom floor, its true value has already been lost. Outside of those vehicles that are purchased by collectors as "classics," most vehicles become financial liabilities due to their depreciation.
Defining and Quantifying Value
Before learning how you can boost the investment value of your vehicle, you first must understand the criteria around what value really means. Value can be measured in terms of quantifiable amounts but there is also an intangible quality involved. The quantifiable aspect involves a specific worth or dollar amount placed on something. In relation to vehicles, this usually shows up on the window sticker.
Then, there is an intangible factor with value that connects to how much desire or importance placed on something whether it is a product or a service. If this factor was to be applied to a vehicle, a classic Mustang would have more value than a Pinto because the Mustang results in a certain amount of emotion and desire connected to how it looks and feels as well as to its rarity whereas a Pinto was never known for its good looks or muscle-power and there still seem to be a lot of these hobbling down the road. When Ford released the new Shelby Mustang, they knew that they could mark up the price considerably because the demand was at an all-time high. This meant that vehicle owners placed a higher value on both this particular make and model over other ones that could not bring the same asking price because their value was much lower. Because of these types of value attributes, many vehicle owners realize the benefits of taking care of their investment to reap increased value.
A Financial Advisor
And to maximize this investment portfolio, you usually turn to an advisor that can suggest the best ways to increase the value of your assets over time. Companies, such as Ownersite Technologies, can work as your vehicle value advisor by helping you to maintain--and even boost—the value of your vehicle. As car lovers and creative business people, the talented team behind Ownersite has developed Web-based solutions, including Ownersite, which is the first comprehensive vehicle maintenance reminder and expense tracking system that serves as your advisor by looking after your vehicle’s best interests.
This type of service provides a comprehensive range of benefits destined to boost your vehicle’s value that will pay off while you drive it as well as when you go to trade it in or sell it. As one of the most trusted sources for vehicle resale and trade-in value information, Kelley Blue Book determined that you can increase your car's value by 10% or more just by keeping a well-documented service history. This data would include such things as oil changes, tire rotations, recalls performed.
Additionally, Ownersite can help you in other ways:
- A reminder service sent to your email, PDA, or cell phone about upcoming vehicle maintenance services or recent manufacturer recalls.
- Reports that help you gauge the current performance of your vehicle so you can pinpoint issues that can be resolved before they affect its value.
- A resourceful library of consumer-friendly articles and industry research that educates you on how your vehicle works and tips to maximize its safety, reliability, and value.
Case Studies on Vehicle Value
You do not have to own a European luxury car to maximize your investment in a vehicle. After all, not all of us can pour large sums of money into a car or truck. Whatever we choose to drive, we can discover ways to retain that value that came with it when we spotted it on the showroom floor.
Consider these two case studies on how vehicle value can make a difference in your investment portfolio:
- One Ownersite customer recently listed their 2002 Nissan Altima for sale at a price that was more than others listed in similar want ads. One interested party wanted tot buy it for less even though the owner showed her an easy-to-read printed maintenance history from his Ownersite subscription. Once she took the report with her and checked it out against comparable cars, she came back and took the Altima for the full asking price--$1,200 more than any of the other cars she looked at. The reason: none of the other vehicles had complete service records that could be verified. The owner felt that Ownersite was well worth the twenty minutes of his time that it took to load information and the $45 he had invested over three years as a subscriber.
- Another example is to take a 2002 Ford Explorer 4 x 4 in the 30075 zip code of Atlanta, Georgia. With all other factors being equal--mileage, paint condition, tire tread, etc.--Kelley Blue Book's private party value for this vehicle with service/maintenance described as "some done" and records as "some available," the sales price estimate is $13,465. However, if the results were changed to "on time and current" service/maintenance and "all available" records, the value jumps to $14,380. The increased retained amount of $900 adds 8% additional value to this vehicle.
These are just two of the hundreds of examples that Ownersite has on record from clients. Looking at the numbers in these two case studies, it makes dollars and “sense” to utilize an advisor like Ownersite that understands how to help you achieve the most value for your vehicle in an easy and efficient way.
Value Can Be Cost-Effective
Realizing increased value in your vehicle does not have to impact your wallet. It also does take a lot of resources in terms of time or considerable effort. Since it only takes a few minutes to enter your service records on Ownersite and only costs $14.95 per year, this service provides substantial leverage for you to maximize the value of your vehicle. This cost-effective, proven solution costs less than fifty cents a month for up to four vehicles per subscription.