A financial asset is a piece of your wealth. It’s something that retains value, such as property, vehicle, jewelry, etc. let’s focus on your car. Being an independent woman means you don’t have to rely on anyone else to create your wealth. This has to occur with savvy decision-making and it can involve your car. Vehicles have value naturally because they can get you to work, give you enjoyment and give you the freedom to travel the world. There are some easy things you can do to retain the most value so when you’re ready to upgrade you can get the most value out of the car. Then there are some complex things you can do to satisfy those that want a niche vehicle.
Keep all the records
Every single time you go to get something fixed, keep all the records. It doesn’t matter if your car had to have its oil changed, you keep the receipts and the records. Why? Well, you can justify a higher price when it comes to selling your car if you have a list of all the things that you have done to it.
A healthy car to improve your wealth
This is especially important when it comes to its health. Spark plugs, exhausts, running belts, valves, pistons, etc. literally anything, if you have had it repaired, improved or replaced, make sure that you have the paperwork to show for it. Customers who may try to haggle with you will be on the back foot because you have proof that the car is running just fine and you have taken care of it.
The best insurance
You never ever know when someone else is going to damage your car and therefore your wealth. It’s imperative that you have the best car insurance so if you are involved in an accident that isn’t your fault, you can have your car repaired for no extra charge. This particular company can get your car insurance as low as £91. Cheap doesn’t always mean rubbish, and if you explore your options, you could get comprehensive cover for a very reasonable price. If you intend on selling your car, the insurance policy will play a big factor in the price you can sell it for. Customers will be willing to pay a higher price if you have a great policy which can be carried over to the new owner.
Keep it classic
Do you have a classic car? Maybe it’s beaten up and it doesn’t look like it has any real value. You’re wrong! It does! The thing is, classic cars need to be restored so they can fetch the price that they normally would get. Speak with your grandad or someone from an older generation and see if they know what kind of things to do to it. Polishing, waxing and sanding the car parts could make them work better.
Standing up on your own two feet requires you to be creative when it comes to wealth creation. Consider your car as an asset and you will invest in it as you would your property.