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All Glitters Is Not Gold
Eurotaxglass
The tuning and personalisation of vehicles is a multi-million pound industry, and can range from performance-enhancing exhausts on a family saloon through to chrome alloys on an SUV. Customising cars is an unlimited entity, and with the variety of products on the market seemingly endless, so too is the spending of many enthusiasts as they strive to achieve what they see as their ?perfect? car.
The tuning movement is an area of the industry largely supported by young males who lavish every last penny of their hard-earned cash upon their pride and joy. However, what many forget is that adding all these aftermarket accessories does not necessarily enhance the overall value of the car. A ?1,500 styling kit will not automatically add ?1,500 to the price of a car, and in some instances it can even have a negative effect, with values less than those of similar cars in original, unmodified condition.
Modifications also present an added complication for dealers as the personalisation of a car will frequently only reflect an owner's individual taste, making it more difficult for motor traders to find a willing buyer. As a result, many dealers are simply not prepared to buy a modified car even to trade on, let alone put it on the forecourt.
Insurance companies are similarly sceptical of modifications and will often not perceive that the vehicle has any added value whatsoever. Payouts in the event of an accident often take no account of the money spent on tuning or styling the vehicle, much to the frustration of their owners.
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However, EurotaxGlass's reports that some cars benefiting from the attention of certain marque specialists can fare better in the market. The combination of a sympathetically modified vehicle, maintained or upgraded by a respected specialist is far more likely to achieve a higher value on the used market.
John Glynn, Editor of Glass's Older Car Guide says: ?Such a large emphasis is placed on having the shiniest car in town, that the financial implications are often overlooked. Careful choice of modifications and using the best-regarded names in the industry is the best way to guarantee a return when the time comes to sell.?
-ENDS-
About EurotaxGlass's
William Glass first published Glass's Guide to Car Values in 1933 and July 2003 marked 70 years of the motor trade's ?Bible?. In 2000 Glass's merged with Eurotax, forming EurotaxGlass's - Europe's leading supplier of automotive business intelligence across 28 countries. The merger has created a group with unrivalled resources and knowledge.
Today, EurotaxGlass's offers products and solutions that are essential at every stage of the vehicle lifecycle ? from valuation, technical and fleet management data, through to estimating, bodyshop and dealer management systems and web-based services. Recent developments include valuation data for consumers ? offered via the Glass's Motoring Guide website (www.glass.co.uk) ? and the pan-European Market Intelligence Service that provides bespoke data and analysis for the industry at large.
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