When you purchase a new vehicle, its value starts to decline as soon as you drive it off the lot, often dropping by around 20% initially and up to 40% within the first five years. However, there are strategies to help slow this depreciation.
Regular maintenance is crucial for preserving your car’s value and ensuring it remains in good working condition. Tasks such as oil changes, tire rotations, and inspections should be key parts of your maintenance routine. Following your mechanic’s recommendations can also help mitigate the depreciation process.
Keeping detailed records of all maintenance and repairs is equally important, including dates, services performed, and mileage at each visit. These records not only show that the car has been well-maintained but also make it more appealing to potential buyers by highlighting its care and upkeep.
Owning a car is a significant financial commitment, not just a means of getting from one place to another. To maximize the return on your investment, consider its resale or trade-in value. Partnering with a reputable car auction company can provide valuable insights into your car’s market value and help you secure the best possible deal when it’s time to sell or trade.
For more tips on how to maintain and enhance your car’s value, refer to the infographic below.
