When purchasing a new vehicle, it starts losing value almost immediately, with depreciation of around 20% as soon as it leaves the lot, reaching up to 40% within the first five years. Fortunately, there are strategies you can use to slow this process.
Regular maintenance is key to preserving your car’s value and keeping it in excellent condition. Tasks like oil changes, tire rotations, and routine inspections should be a vital part of your vehicle’s care plan. Furthermore, following the advice of your mechanic can help lower the rate of depreciation.
It’s also important to keep detailed records of all maintenance and repairs, including dates, services performed, and the mileage at each appointment. These records not only demonstrate that your car has been well looked after but also increase its appeal to potential buyers by highlighting the attention it has received.
Since a car is a significant investment, you should also think about its resale or trade-in potential to get the best return. A partnership with a reputable car auction company can provide valuable insights into your vehicle’s market value and help you secure the highest offer when it’s time to sell or trade.
For further tips on how to protect and boost your car’s value, refer to the infographic below.