When you drive your new car off the lot, its value immediately starts to decrease, often by around 20% initially and up to 40% within the first five years. However, there are strategies to help minimize this depreciation.
Sticking to a regular maintenance routine is essential for maintaining your car’s value and ensuring it runs smoothly. Regular tasks like oil changes, tire rotations, and inspections should be core components of your maintenance plan. Listening to your mechanic’s advice can also help slow down the depreciation process.
It’s also important to keep detailed records of all maintenance and repairs, including dates, services performed, and mileage at each visit. These records not only prove that the car has been well cared for but also make it more attractive to potential buyers by demonstrating its upkeep.
Owning a car is a major financial commitment, not just a mode of transportation. To maximize the return on your investment, consider its resale or trade-in value. Partnering with a reputable car auction company can provide valuable insights into your car’s market value and help you secure the best possible deal when it’s time to sell or trade.
For more advice on how to preserve and enhance your car’s value, refer to the infographic below.