Like most assets, the value of cars depreciates over time. It is even worse with a car as it starts losing value from the first day you drive it off the dealer. While most people believe that the most significant expense associated with vehicles is fuel, it is not. Depreciation is.
Car Depreciation
A rough estimate shows that cars lose about 30% of their value after the first three years and then 50% after three years. Of course, the actual values here depend on its model and how well you take care of it. Even so, you can't escape this reality. The best you can do is learn to manage this inevitability.
Top Tips to Keep Your Car's Value Up
In this article, we shall give you tips that will keep your car value up. Some of these ways need to be implemented as soon as you’ve acquired the car, so don’t shove them aside for later.
1. Aftermarket upgrades
Aftermarket upgrades offer an easy solution to transform an old car into a good-looking car. What's more, it doesn't cost you a lot. The replaceable auto parts and accessories include outdated steering wheel, car stereo, and seat covers.
2. Observe regular maintenance of auto parts
Manufacturers throw in a maintenance schedule when you buy the car. It is vital to follow this schedule right from the first day. Don't ignore signs that your vehicle needs repair; otherwise, it will only get more expensive the longer you put it off. Make it a habit to regularly visit the mechanic for service because maintenance will help you avert car issues.
3. Inspect, clean and replace tyres
Maintaining the tyres is just as crucial if you are looking to add to your car's value. The tyres are the parts that make contact with the ground; hence, they take the most beating. Well maintained and inflated car tyres give you good gas mileage. Besides, it doesn't cost a lot to inflate, and in some fuel stations, it is free.
Regularly rotate and balance them for even wear. Replace the tyres if you notice that the threads have worn out completely. Not only does it give your car a fresh appearance and a higher value, it also adds to your safety.
4. Mind your mileage
Mileage is arguably the first thing that will determine your car's value. The more distance your car covers, the faster its depreciation. You might, therefore, need to keep this in check. Avoid using your car when travelling long distances, such as trips across multiple states.
5. Keep it clean
A clean vehicle reflects better value compared to a poorly-maintained one. Note that cleaning applies to both the interior and exterior of your car. By default, we tend to associate cleanliness with care. Aesthetic looks are a bonus in car valuation. Paint and fabric protection are particularly effective in giving your car a renewed overall look. You can also use floor mats as they are removable and washable. Don't fill the side and glove compartments to the brim that you can't lock them.
6. Personalise it
A personalised car effortlessly stands out on and off the road. Customising doesn't necessarily mean splashing out dollars to improve your car's look. Custom seats and other car parts are enough to boost its value.
7. Use sheltered parking
Harsh weather conditions such as the extreme sun can damage your car and fade its exterior fast. Cold weather, on the other hand, can create issues for the engine and battery. In short, you need to find shelter for it, like a garage or a car park. Finding shade under a tree is okay, but it poses some risks, too, unless falling branches and bird droppings don't bother you.
8. Fix dents to your car
Sorry to break it to you, but scratches, dings, and dents come with the territory if you own a car. Lucky for you, there are quick remedies. You can correct dents at a repair shop, while for a scratch, painting over it will do the trick.
9. Be a conservative driver
You probably spent a large chunk of your savings on buying your car. It is only fair to be careful when driving it. Avoid slamming the car door, aggressive braking, and speeding on bumpy roads. This way, your car will remain in good shape. Also, it will save you from unnecessary expenses due to damaged auto parts. Collisions and accidents badly hurt the value of your car, especially if you are considering putting it up for sale later. It's hard to avoid the minor scratches, but we recommend keeping them at a minimum.
Wrap Up
The depreciation of your car starts right from the first time you drive it off the dealer shop. It is crucial to ensure that it has the best possible valuation at any time from this point. As such, you need to plan how you'll take care of it. Don't ignore any signs of a problem or postpone repairs as it'll only get worse. Also, make sure you adhere to the maintenance schedule of its highly-wearable auto parts and the other tips we have highlighted.
By:
Sam O.