Got a car? Worried it’ll lose value? Here are four easy steps to retain car value for the time you own it. Make a few minor tweaks and you’ll have a valuable asset when you decide to sell your car or trade it in. Check out this article and find out what to do to retain car value over time!
As a car owner, there are certain things to do if you wish for your car to keep its value. Avoiding these four errors will help keep the value of your car up as well as make it easier to sell. Having these four points in mind when taking care of your car can save you cash and make sure you don’t lessen its value. Read on to see what they are so you can have a car that lasts longer and is worth more when it’s time to resell.
The four errors that depreciate a vehicle fast are:
- Excessive mileage
- Lack of maintenance
- Bad modifications
- Collisions (remember, an accident means no one is at fault)
Reasons Why Your Car Loses Value
Having a car is a great way to get around. But it’s also an investment, so you should protect it. To keep its value, avoid these things:
- Don’t skip maintenance. Neglecting your car will reduce its value. So do tune-ups and oil changes to keep performance and condition.
- Drive safely. Accidents can significantly lower your car’s value. Be safe when driving to minimize risk of an accident.
- Don’t customize too much. Customizing can reduce resale value. If you must, go for wheels and mild bodywork.
- Monitor who drives. Damage from bad driving can lower value. Know who’s behind the wheel to help when trading in.
When buying a new car, the purchase price is often more important than the future values. But, if you don’t take measures to maintain its value, you could end up with a depreciated asset. Here are 4 steps to avoid depreciation:
- Get a Reliable Car: Off-brand cars depreciate faster due to lack of resale value and low trustworthiness; choose reliable brands that hold their worth.
- Do Regular Maintenance: Invest in regular maintenance like oil changes, tune-ups, tire rotations, etc. This ensures the car runs smoothly and looks close to new.
- Fix Issues Quickly: Ignoring small issues can create bigger problems; address any needed fixes right away, before they turn into expensive replacements.
- Keep it Clean: Consumers devalue used vehicles with stains, unpleasant odors, or dirt; keep your car clean for greater resale value.
Don’t Neglect Regular Maintenance
Maintaining your vehicle is essential for keeping its value. The resale value relies on its condition and not doing required maintenance such as oil replacements, tire rotations, and tune-ups can cause a rapid decrease. Keeping up with maintenance not only preserves the resale worth of your car, but also ensures it runs smoothly and safely. Ignoring this could be expensive in the long run as lack of maintenance results in costly repairs.
Don’t Modify Your Car
Modifying cars can be bad for resale value. Bigger tires, engine swaps – any big changes you make can be off-putting for buyers. It’s best to keep the car in its original form. Unless you keep exact records of mods and prices. When it’s time to sell, these records will help explain the higher price due to the changes.
Don’t Overuse Your Car
To keep your car’s value high, don’t overuse it. Doing so can decrease its resell value by 10-20%. Try to drive your car less than 15,000 miles a year. If you can, alternate between two vehicles.
If you use your car for business, keep records of how many miles you drove and the destinations. Also, note the dates of oil changes (not just the mileage). When you sell the car, include all service notes to show it was cared for properly.
Don’t Ignore Signs of Wear and Tear
Check for signs of wear and tear right away if you want to keep your car’s value. Catching small problems early can save time and money.
Scratches, tire treads, oil levels, brake pads, interior damage, window tinting, regular cleaning – all matter.
Preventative measures, like waxing/sealant and driving carefully, also help reduce depreciation. These require effort, but can make a huge difference.
Maintaining the worth of your vehicle is not just about fixing and servicing it. Even small lapses in upkeep over time can be worse than an enthusiastic flurry of attention once in a while. To make the most out of your car, abstain from these bad habits. It’s worth it to invest less now for a greater return later!
- Avoid skipping oil changes.
- Don’t forget to check the tire pressure.
- Keep it clean.
- Don’t neglect the brakes.
- Be mindful of fuel efficiency.
Frequently Asked Questions
Q1. What are the 4 things that I should not do if I want my car to retain its value?
A1. The 4 things that you should avoid doing if you want your car to retain its value are: modifying the exterior of the car, neglecting regular maintenance, using low quality parts and fluids, and not keeping track of the service history.
Q2. How often should I have my car serviced to retain its value?
A2. You should have your car serviced according to the manufacturer’s recommended service schedule. This will help ensure that any potential issues are addressed in a timely manner and will help retain the car’s value.
Q3. Can modifying the exterior of my car affect its value?
A3. Yes, modifying the exterior of your car can affect its value. This includes custom paint jobs, decals, and any other modifications that are not in line with the manufacturer’s original design.