5 Ways You Can Retain Your Car’s Value

Did you know that your car started depreciating as soon as it left the lot?

While it’s easy to get swept up in the excitement of buying a new pre-loved car, you should start thinking about what you can do to ensure it retains its value right from day one.

Although your car won’t appreciate in value, there are a few things you can do to retain your car’s value and keep the depreciation of your asset to a minimum.

1. Consider Purchasing an Extended Warranty

By purchasing a cheap extended car warranty when the manufacturer’s warranty expires, you will be covered for mechanical and electrical failures before they become a bigger problem.

When you decide to sell your car, having an extended warranty in place can also increase the resale value of your vehicle because prospective buyers will know you took good care of it.

2. Choose Your Parking Wisely

Whether you’re out and about or at home, thinking about where you park your car can save you a lot of money in the long run.

At home, you should try to park your car undercover – preferably in a closed garage that will protect your vehicle from criminals and the elements. If it’s impossible to park your car undercover, you should avoid parking under trees because sap and bird droppings can wreak havoc on your car’s paint. If you see bird droppings on your car, clean it immediately.

But it’s not just natural the elements and birds you need to worry about – the most common cause of damage to cars is other drivers maneuvering in parking lots. So, instead of parking in a convenient but tight space, drive a little further to an area that’s less crowded.

3. Clean Your Car Regularly

Don’t wait for your paintjob to sustain damage from tree sap and bird droppings before you clean it. Cleaning your car frequently will keep the paint in good condition, and you’ll also be alerted to scratches and dents earlier.

When you clean your car, don’t neglect the interior. If you get a stain on your upholstery or carpet, dealing with it earlier can prevent it from becoming permanent.

4. Keep Up With Services and Maintenance

If your car still has its original manufacturer’s warranty, taking it in for scheduled services is an investment that will help your car retain its value. Performing proper maintenance at regular intervals, although costly, will be worth it in the end.

Don’t forget to keep all your service, repair, and maintenance receipts to show prospective buyers that you have kept your car in good condition.

5. Drive Carefully

Driving carefully by accelerating gently and avoiding sharp turns and brakes will mitigate the strain you put on your car’s engine, steering wheel, tires, and brakes.

While there’s no denying that you need your car to take you from point A to point B, try to keep the mileage as low as possible. Cars with lower mileage get better prices when their owners decide to sell them.