Keeping your car in great shape is great for safety and for the resale value of your car. The issue is that while many assets such as a house may appreciate over time, vehicles tend to drop in value as soon as you drive them off the lot. That’s the unfortunate reality of purchasing a vehicle. More specifically, the amount may vary by the model, but a car may lose about 30% of its value during the first three years of ownership. A variety of factors can affect a car’s depreciation rate, and it’s smart to be aware of these issues early regardless of when you plan to sell your automobile.
For example, servicing your vehicle regularly helps keep the car running smoothly and catches problematic parts before they become more serious and impact the safety and value of your car. The more you drive your car the more it depreciates, keeping the mileage reasonable is another way to maintain its value. For reference, the Department of Transportation states the average annual mileage is 13,476 miles. This number may range depending on your lifestyle, but consider the more you drive the car, the lower your market price will be.
Cleaning your car regularly lets you remove stains that can become permanent. The same applies to the exterior of the vehicle; wash the car regularly to remove dirt, grime and bugs. If you have access to storing a car in a garage whenever possible this could help increase the resale value when it’s time to sell.
Whenever you decide to sell your car, it’ll be incredibly helpful to have all of the documentation on hand. The paperwork including records of maintenance and repairs will demonstrate that you’ve taken good care of the vehicle and could help increase the resale value.
Lastly consider the driving habits you have. Aggressive driving and speeding tend to impact the condition of your vehicle and can stress the brakes and engine, which negatively affects its trade-in value. To learn more about how to keep your car’s resale value high, consult the infographic below.
Courtesy Of Chrysler Factory Warranty