It’s no secret that when you purchase a vehicle, that is the highest valuation it will ever be at, due to depreciation. Depreciation is the rate at which a vehicle loses it’s value, which is said to begin the minute the vehicle is driven off the lot. While car owners can’t stop depreciation completely, there are things they can do to slow the process and maintain, or even increase, their car’s value.
For starters, it is crucial to follow all routine maintenance, in order to preserve your vehicle’s trade-in or resale value. Having your vehicle serviced on a regular basis can help to avoid costly, preventable repairs in the future. It’s also important to keep all receipts after every service, including oil changes, tire replacements, tune-ups, and any other service that displays long-term vehicle care. Providing a verified record of routine maintenance helps maintain your car’s value and could give you more room for negotiation when it comes time to sell.
Secondly, keeping the vehicle clean and in good condition, inside and out, will maintain your vehicle’s appearance and help it’s value. This includes frequent car washes and a thorough interior detailing every few months, or as regularly as possible. Using removable floor mats is an inexpensive way to help protect the interior of your vehicle. Avoid eating, drinking, or smoking in your vehicle, when possible, to avoid stains or hard to remove odors. Having any dents, scratches, or nicks repaired or touched up, along with polishing faded headlight covers, will also increase the resale or trade-in value.
Lastly, while it’s not always possible, properly storing your vehicle and avoiding unnecessary wear and tear will be incredibly beneficial in the long run. If you can, try to always park indoors or under a covered carport, especially if you live in harsh climates. This will prevent fading from the sun or any damages from extreme cold temperatures. While many people purchase their vehicles with the purpose of towing, it does lead to extra wear and tear to their vehicle. If possible, avoid towing excessive weight, along with driving in places with faulty road conditions.
While several factors involved with determining a vehicle’s value are out of your control, these are all within reach. Taking the steps to maintain the value now can make a huge difference when it comes time to sell or trade-in. First impressions are lasting, so take the time to give your potential buyers a good one.