When you buy a new car, its value starts to decline immediately—losing about 20% of its value as soon as it leaves the dealership. This depreciation typically reaches up to 40% within five years. Despite this trend, there are effective strategies to mitigate this depreciation.
Consistently following a regular maintenance schedule is critical. Regular servicing prevents excessive wear and tear, helping to preserve both the car’s condition and its resale value. Tasks like oil changes, tire rotations, and inspections should be part of this routine. Following your mechanic’s advice can significantly slow down your car’s depreciation.
Keeping a detailed log of all maintenance work is equally crucial. This record should detail every repair, the mileage at each service, and other relevant events. This not only proves the vehicle has been well-maintained, which can boost its resale value, but it also makes it more attractive to potential buyers.
A car is more than just a mode of transportation; it’s a significant financial investment. To maximize your return, consider the resale or trade-in potential of your vehicle. Working with a reputable car auction company can offer valuable insights on how to prepare your vehicle for sale and may help you get a better price.
For more advice on how to maintain and maximize your car’s resale value, consult the infographic below.