The moment you drive a new vehicle off the lot, its value begins to depreciate rapidly. On average, cars lose around 20% of their value within the first year, with depreciation rates climbing as high as 40% over the first five years. However, there are ways to slow this decline.
Staying on top of regular maintenance is crucial for keeping your car in excellent condition, which can help maintain its value over time. Tasks like oil changes, tire rotations, and regular inspections play a significant role in prolonging your car’s life and reducing depreciation. Following your mechanic’s recommendations can make a noticeable difference.
It’s also wise to keep detailed records of all maintenance, including dates, mileage, and repairs. Having a well-documented history not only proves that your car has been well-cared for but can also increase its resale value in the future.
Given that purchasing a vehicle is a significant financial commitment, it’s worth considering its trade-in or resale value early on. Partnering with a trusted car auction company can offer valuable insights into your car’s current market worth and ensure you get the best deal when it’s time to sell or trade.
For more tips on maintaining and increasing your car’s value, check out the infographic below.