As soon as you drive a new car off the lot, its value begins to decrease quickly. On average, vehicles lose about 20% of their value within the first year, and over the next five years, depreciation can rise up to 40%. Fortunately, there are ways to help slow this process.
Regular maintenance is key to keeping your vehicle in top shape and preserving its value. Essential tasks such as oil changes, tire rotations, and routine inspections play a big role in extending your car’s life and minimizing depreciation. Sticking to your mechanic’s advice can make a real difference.
It’s also beneficial to maintain detailed records of your car’s service history, including dates, mileage, and repairs. Not only does this demonstrate that your vehicle has been well taken care of, but it can also enhance its resale value when the time comes.
Given that buying a car is a significant financial investment, it’s smart to think about its resale or trade-in value early on. Working with a reputable car auction company can provide you with insights into the current market for your vehicle and help ensure you get the best deal when you decide to sell or trade it.
For more tips on maintaining and boosting your car’s value, check out the infographic below.
