retain your car value
Saving Money

Avoid These 4 Things If You Want to Retain Your Car’s Value

Depreciation is a thing you hear all too often in the automotive industry. But for consumers, it’s not always the first thing that comes to mind. When you fall in love with a particular make or model, it’d be hard to admit that any loss isn’t worth the reward. Driving behind the wheel of your dream car tends to have that affect on you.

At the same time, there are consumers who want to lessen the impact of depreciation as much as possible. Some have found there are ways to retain your car’s value all while adding a bit of flare and personality. Others simply limit their drive time to keep mileage at bay. However you wish to approach car ownership is up to you, but here are 3 circumstances you should always avoid in consideration of car valuation.

How not to retain your car’s value

On average, a new car loses at least 15% of value per year after the first year. This means the moment you drive off the lot, depreciation starts hitting you square in the face. And though depreciation is a necessary evil, there are many car’s nowadays that not only retain their value well, they actually cost more used than new.  That’s because depreciation in car value is affected by a number of things, including make, model, odometer readings, maintenance problems, and wear and tear.

Despite the obvious reasons for properly maintaining your vehicle, we know there are some drivers who can’t resist the urge to do the following 3 things:

Skip out on routine maintenance

Routine oil changes are the key to maintaining your vehicle’s engine and overall health. In fact, there are a list of fluids that your car functions on and also require regular maintenance checks ever so often. Now imagine what it’s like when you skip out on these easy maintenance tasks. Not only do you cause your engine to run on dirty motor oil, you create an increased risk for more problems down the line. In short, give your engine the gift of longevity and make sure it has clean and sufficient oil at all times.

Accessorizing to the extreme

Aftermarket modifications might sound like music to your ears as a car enthusiast, but in most instances, it’s a losing investment. If you plan to sell your vehicle at some point in time, don’t expect costly engine upgrades, interior accessories, or modifications in general to win over potential buyers. Since shoppers often know the market value of a car they’re interested in, your modified version won’t always win the hearts of others. All and all, be mindful about who your prospective buyer is when making these decisions.

retain your car's value

Forget about appearances

Several auto enthusiasts will admit they are all about the looks. They want their vehicle to shine from the interior to the exterior and them some. But for some car owners who don’t have a particular interest in the car they drive, the upkeep is not the same. If you willingly let dirt build up on the inside of your car’s interior crevices or fail to get your carpets cleaned every once in awhile, then your interior will start to look dingy. This attributes to the gradual wear-and-tear of your car and even deters future buyers from purchasing. Appearances are important if and only if you want to retain your car’s value.

Want to retain your car’s value? You know where to start

Although depreciation is a part of car ownership, it’s definitely worth it to soften the impact on your wallet. By avoiding the 3 things mentioned above, you’ll find that your car’s valuation will hold steady over time at the average depreciation rate. Perhaps you’ll even be lucky. Now that the used car market is booming, you might just be able to see your well-kept model sell a bit over asking.

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Linzi Martin
Linzi Martin has worked as a content manager, consultant, and writer for the past six years. She's handled everything from blogs and articles to e-books and social media content. Her work has been featured in various publications including Apartment Guide, The Startup, and Voyage Magazine. Outside of work, Linzi enjoys staying active, frequenting new restaurants around South Florida, and spending time with her family.

    1 Comment

    1. Very informative article. I’ll keep this in mind when purchasing/selling a vehicle.

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