It’s a common piece of knowledge that a new car loses its value the moment you drive it off the dealership’s premises. This unfortunate reality rings true, with the value of a new vehicle potentially dropping over 20% in the initial year, and by the time five years have passed, the depreciation could hit 40%. While this might not be an immediate concern, there are strategies to preserve your car’s worth over time. Here are some guidelines to help ensure your car holds its value.
Top of the list is a no-brainer: proper maintenance is crucial. Adhering to a consistent maintenance regimen is the single most vital action you can take as a car owner, whether or not you plan to sell your car without a significant loss.
Regular inspections of your vehicle are just as important as changing the engine oil. This proactive approach allows for the timely replacement of various fluids and filters. Neglecting these maintenance tasks can lead to more severe, expensive issues and diminish your car’s longevity. It’s also wise to follow through with any repair or service suggestions your mechanic makes during these inspections.
Keep the vehicle’s service history up-to-date, including records of maintenance, mileage, and other key details. This record is invaluable when it’s time to sell, providing potential buyers with a comprehensive and factual account of the car’s condition. Paired with the corresponding receipts, a well-documented service history can simplify the selling process and potentially lead to a better selling price.
Remember that our vehicles are integral to our daily lives, taking us wherever we need to go. But if you’re considering selling or auctioning your car in the near future, it’s beneficial to treat it not just as a mode of transportation, but as an asset. For additional advice on preserving your car’s resale value, refer to the resource provided.
Infographic created by Capital Auto Auction, featuring a huge selection of cars available at our Arlington car auctions
