When you buy a new vehicle, its value begins to depreciate immediately, with a loss of around 20% right after you drive it off the lot, and up to 40% within the first five years. However, there are ways to slow this depreciation.
Routine maintenance is key to maintaining your car’s value and ensuring it stays in top condition. Regular tasks such as oil changes, tire rotations, and inspections should be essential parts of your upkeep. Additionally, following your mechanic’s advice can further reduce the depreciation rate.
It’s also crucial to keep thorough records of all maintenance and repairs, including dates, services completed, and the mileage at each appointment. These records not only prove that your car has been well-maintained but can also make it more appealing to potential buyers by showcasing its care and upkeep.
Owning a car is a significant investment, not just a way to get from point A to point B. To maximize your investment’s return, consider its resale or trade-in value. Partnering with a reputable car auction company can offer 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 additional tips on how to maintain and enhance your car’s value, refer to the infographic below.
