Modifications can slash £300 off the value of your vehicle & push up car insurance costs
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Just one simple car modification can see overall values dip by over £300 in a major blow to those looking to sell their car on later down the line. Wonky wheels were revealed by Carwow as the one upgrade which had the highest impact with road users set to lose £310,71.
More than 40 percent of drivers said the dodgy wheels would put them off buying a vehicle completely.
Carwow warns that the wheels are a possible safety issue and even have the potential to invalidate your car insurance.
The wheels can make your car look lopsided so drivers may be cautioned for driving a vehicle in a dangerous condition.
Lowered suspensions were the second most unpopular upgrade with the simple toolset to knock £286 off the value of your vehicle.
Modified exhausts would take £239 off the overall price with a custom paint job or wraparound setting drivers back £233.
Carwow warns the wheels are a possible safety issue and even have the potential to invalidate your car insurance.
They warn that installing a new lowered suspension and modified exhaust alongside a custom paint job and novelty decals would knock £985 off the car’s value.
Installing custom rims could see drivers lose £196 while racing seats, colourful alloys and spoilers would reduce values by more than £180.
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Popular upgrades such as custom interiors would see drivers lose £175 while tinted headlights would see values fall by £165.
Christmas antlers can reduce prices by up to £160.72 on average with 23 percent of motorists saying this was their most hated upgrade.
Carwow spokesperson Iain Read warned some upgrades can be an instant “turn off” for prospective buyers which can slash car values.
He said: “For many people, their car represents their individuality. Personalising your car can show the world your personality.
“But you’ve got to remember that what is a turn on for you can be an instant turn off for others and our research shows that you can slash hundreds of pounds from your car’s value by modifying it – even only slightly with the addition of the likes of Christmas antlers.
“When it comes to selling on your pride and joy, to maximise its value it’s probably best to depersonalise your car, leaving it a blank canvas for someone else to make their own mark on.”
Quotezone says that modifications were “likely” to have an impact on car insurance premiums and possibly invalidate motorists cover.
This is because any new upgrades change the vehicle’s overall perceived risk from when it was first assessed.
Any new parts could increase the risk of a driver being involved in an accident or make the car more likely to be targeted by thieves.
Specialist car insurance broker, Keith Michaels, warns that standard insurers could hike premiums by up to 132 percent for a simple turbo upgrade.
A new body kit could increase insurance by 57 percent while installing a new transmission could see costs rise by 63 percent.
However, not all car updates are bad with some even adding value to a car if they are highly sought after among consumers.
Air conditioning and parking sensors can add almost 37 percent to a car’s overall value while parking cameras, sat navs and heated seats will also be a benefit.
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