Preserve Your Car's Value: Key Strategies
Every year a car spends on the road, its value gradually diminishes. Factors such as wear and tear, increasing mileage, age, and modifications all contribute to this depreciation.
On average, a vehicle loses approximately 15% of its value each year after the initial year of ownership. This figure can vary, but there are steps you can take to help your car maintain its resale value. Discover how to enhance the long-term worth of your car or truck below.
Mindful Mileage Management
Keeping your vehicle's mileage in check can be challenging, especially if you frequently travel for work. Unfortunately, specific mileage thresholds can significantly impact a car's value. These crucial milestones are typically at 30,000-40,000 miles, 60,000-70,000 miles, and beyond 100,000 miles. They often align with the vehicle's initial scheduled service, the onset of major component wear, and the point at which costly maintenance becomes more frequent (beyond 100,000 miles). Consider renting a vehicle when traveling to curtail mileage and safeguard your car's resale value.
Routine Maintenance Matters
Prospective buyers want assurance that your car was well looked after. A consistently maintained vehicle tends to have a longer lifespan and requires fewer repairs. Adhere to the manufacturer's recommended maintenance schedule and retain the receipts as evidence.
Steer Clear of Modifications
While you may be tempted to customize your vehicle with tinted windows, an upgraded audio system, or a stylish spoiler, these modifications can rapidly erode its resale value. Not all buyers share the same preferences for upgrades, potentially limiting your market.
Choose the Right Vehicle
Certain vehicles inherently retain higher resale values than others. Research brands, models, and body styles known for preserving their value. If you're eyeing a specific car or truck, examine its projected resale value over three, five, and seven years before making a purchase.
Numerous factors can influence a vehicle's resale value, such as its exterior color, lingering cigarette odors, and fuel efficiency. For more insights on preserving your car's value, explore the accompanying infographic.
Infographic created by Capital Auto Auction
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