As soon as you drive your new car off the lot, its value begins to drop, typically plummeting by about 20% initially and up to 40% within the first five years. However, there are effective strategies to minimize this loss in value.
Adhering to a strict maintenance schedule is crucial for preserving your car’s value and ensuring it operates smoothly. Regular maintenance such as oil changes, tire rotations, and routine inspections should be integral parts of your upkeep routine. Following the advice of your mechanic can help reduce the rate of depreciation.
It’s also vital to keep comprehensive records of all maintenance and repairs, documenting everything from the type of repair to the mileage at each service. These records not only verify that the car is well-maintained but also enhance its appeal to potential buyers by proving its upkeep.
Owning a car is a significant financial undertaking, not just a means of transportation. To enhance the financial return on your vehicle, consider its resale or trade-in potential. Partnering with a reputable car auction company can offer valuable insights into maximizing your car’s market value and help ensure you receive the best possible price when selling or trading it in.
For more guidance on how to sustain and increase your car’s value, refer to the infographic below.
