4 Ways To Maintain Your Car’s Resale Value
For some people, buying a car can easily pass as a rite of passage into adulthood. According to a recent Statista survey, 76% of US households permanently own a car. And while auto ownership can be expensive, there are justifiable reasons it is necessary, including convenience, freedom, and time-saving. Every vehicle loses a percentage of its value yearly due to natural and man-made factors. However, you can do a few things to minimize the wear, especially if you plan to sell later. Here are the four great ways to maintain your car’s resale value.
- Prioritize regular maintenance
Maintaining your vehicle is critical even if you don’t intend to sell it, and regular inspection m is a sure way to reduce its depreciation. Everybody wants to buy a dependable car, whether it’s new or used. Used car buyers are less likely to trust your car if you don’t keep proper records of the repairs and maintenance services you have received. Therefore, you want to keep a maintenance schedule. A well-maintained car is worth more than one with only the bare necessities to keep it running. Regular washing and car detailing can keep its interior and exterior looking perfect, which will positively impact its resale value.
- Avoid excessive wear and tear
Many people use their vehicles for purposes other than transportation. For instance, people use their cars for towing boats, recreational cars, and other excessive weights. These contribute significantly to wear and tear. Additionally, start-and-stop habits and driving in poor or unpaved conditions can take a toll on your four-tired buddy. Treating your car fairly can allow it to age gracefully and improve its resale value.
- Proper vehicle storage
It is common to see garages stored with old furniture and sports equipment. However, its main purpose is for parking your vehicles. Ensuring proper storage for your vehicle is also crucial if you live in a particularly hot or cold environment. Too much exposure to the sunlight can fade its exterior, including body paint, trim, and moldings. On the other hand, colder temperatures can wreck your vehicle’s engine and other related components. You can avoid costly repairs and keep your car’s value by keeping it in a climate-controlled environment.
- Sell when the stocks are still high
It is useful to assess the market before listing your vehicle. Some cars sell better at particular times of the year. For instance, many people purchase sedans during spring or fall, while others prefer trucks and larger SUVs during the colder months. Additionally, your car can lose some resale value when the manufacturer discontinues the model, merges with another brand, or goes bankrupt. While it is near impossible to prepare for some of these events, they can cause your car values to decrease significantly.
Indeed, every car loses its value over time. But it is possible to get some value from even old and well-used vehicles. The above are a few ways to get as much value while owning it.
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