Unlike other major investments you make throughout your life, your automobile significantly loses value the minute you sign on the dotted line. Therefore, it’s important for you to maintain and care for your car to limit this loss when it comes time to trade in for a new ride. Here are three simple and affordable ways to keep your personal vehicle from depreciating quickly.
Regular Maintenance and Servicing
Are you the type of car owner who ignores a check engine light or messages from a service department reminding you of an overdue oil change? Consistently missing these regular maintenance requirements severely reduces the quality of your engine and vehicle overall. This remains true for car washes and detailing—a neglected, dirty automobile is more difficult to clean and sell for a high value. If you want to ensure your personal vehicle is in top condition when it’s time to trade it in, always fulfill your scheduled servicing appointments and address indicator lights as soon as possible.
While it’s imperative for you to protect your engine and other sensitive vehicle components, it’s equally essential to prioritize the condition and quality of your interior. Arguably half of your automobile’s value lies in the state of your seating material, cabin accents, console technology, and other interior amenities and features. Damages such as tears, stains, faulty electronics, dents, and burns all significantly lower your final profit.
During the lifespan of your vehicle, ensure you put extra effort into protecting your interior and cabin accessories. Avoid eating and drinking while inside your car, regularly detail your console and interior components, and maintain an orderly cabin. In addition, weather-protection mats are one of the many ways to keep your vehicle clean throughout the winter.
Assuming you maintain a clean, functional, and accident-free vehicle, it’s time to make a sale. There are a few considerations you must make before selling your personal automobile to maximize your profits. For instance, pursuing a private sale is often more financially rewarding than trading your car in at a dealership. Private car sales demand more effort and responsibility, but they usually net the most pay. Additionally, it’s entirely worth a few hundred dollars to have a full detailing done before showing your vehicle off to a prospective buyer. Full detailing increases the visual appearance and overall value of your car. Also, if you sell your car online, it will increase your potential number of buyers tenfold or more, you will just have to have the car transported to a buyer from a long distance away.
Follow these simple ways to keep your personal vehicle from depreciating in value to maximize your investment return. Along with the above tips and tricks, it’s highly recommended that you purchase your automobile from a reputable brand known for quality manufacturing and parts. Many German-made and Japanese-made cars are well-regarded for their long-term value and dependability. Research which types of vehicles are most popular on the secondhand market to identify the trendiest options and the right fit for you.