Although some assets appreciate, most people know that a car’s resale value starts to diminish as soon as you drive it off the lot. Depreciation is the biggest cost that you face as a car owner, and the rate of depreciation will vary based on which make and model you have.
A car typically loses about 30 percent of its value if you own it for three years and 50 percent if you own it longer than that. Luckily, you can do a few things to minimize this loss. With that in mind, here are tips for boosting the resale value of your car.
Maintain Any Vehicle You Own
The most crucial tip for preserving your car’s value is to maintain it properly while you own it. If you don’t maintain the vehicle consistently, it could lead to expensive repairs down the road that might also put you in danger if you drive with a car that’s malfunctioning.
Thankfully, if you maintain your car regularly, you will be able to identify glaring issues before they turn into emergencies. Even if you think you know everything about cars, you should still take it to a mechanic so that you service your vehicle correctly.
Keep Your Mileage Low
Traveling long distances in your car will put extra miles on the odometer, but it also adds extra wear and tear to your vehicle. A higher mileage count on the dashboard will depreciate your car fairly quickly, even if there are no visible signs of damage or problems with the car.
Depending on how often you drive your car, you might drive between 5,000 and 15,000 miles this year, but the more you drive, the less your car will be worth when you want to sell it. If you are planning a long trip, try to fly, take a bus, or catch a train to your destination to avoid putting miles on your car.
Any minor scratch or stain on your vehicle’s finish can lead to significant depreciation. If you want to get the best price for your car, then it needs to look its best.
Start by cleaning your car regularly and taking it in to your local car wash on a consistent schedule. Investing in paint protection or ceramic coating might cost money upfront, but it can lead to huge savings when you consider how much your car will depreciate in the next few years.
Overall, you buy a car if you want to get from point A to point B, not to see your financial investments appreciate. However, by following these tips for boosting the resale value of your car, you can enjoy fair compensation for your vehicle when it’s time to upgrade.