Owning a car can bring a certain sense of pride and showcase your personality. Maybe you’ve chosen a make and model that would be fun on the open road, or perhaps circumstances insist that you sport a car for hazardous conditions. Regardless of whether you own a sedan or SUV, it’s important to maintain the value of your automobile.
Many assets may depreciate over time, cars and trucks tend to drop in value as soon as you drive off the lot. That’s the unfortunate reality of owning a vehicle. While the amounts may vary by model, a car may depreciate about 30% of its value during the first three years of ownership and about 50% of its value after that. However, several variables can affect a car’s value. It’s smart to address these issues earlier rather than later when planning to sell your vehicle.
For example, proper maintenance helps keep the car running smoothly and catches issues before they become more serious. You should also try to keep the mileage decent; the more miles driven, the more it depreciates. According to the Department of Transportation, the average annual mileage is 13,500 miles. This number may range depending on your driving habits, but the more you drive the car, the lower your resale value will be.
Cleaning your car regularly lets you remove stains and other issues that could become permanent. The same applies to the outside. Wash the vehicle regularly to remove grime, and fix even minor dents and dings immediately. Consider also getting a detail on the car, as that could boost the market value of your vehicle to 15%. Storing the car in a garage can also help maintain the resale value.
Whenever you decide to sell the car, it’ll be incredibly helpful to have all your documentation on hand. Keep all of the records related to your car, including records of checkups and repairs. It can demonstrate that you’ve taken special care of the automobile and could help maintain a higher value.
Finally, consider the impact of your driving. Your driving habits tend to affect the condition of your car. Aggressive driving — such as suddenly shifting from reverse to drive — can stress the drivetrain, which negatively affects its value. For more information about how to keep your car’s resale value high, consult the accompanying resource.
Courtesy of Chrysler Factory Warranty