Most people believe that fueling the car is the biggest expense of owning a car but that is not the whole of it. The truth is, depreciation is the biggest expense of owning a car. You already know that cars drop in value the moment you take it off the lot.
The depreciation rate will depend on the make and model of the car but typically it loses at least 30% of its value on the first three years of ownership. After it hits the three-year mark, the depreciation will drop to further 50%.
Unfortunately, you cannot avoid depreciation. It is something that car owners should live with. When it is time to sell your car for an upgrade, there are several ways that you can do to increase its resale value despite the depreciation. Here’s a guide to increasing the resale value of your car:
Observing proper maintenance of the car
This is basic. If you want to keep most of the car’s value by the time you sell it, you need to properly maintain the vehicle from the first day. Remember that without proper maintenance, you are neglecting repairs until the problem is way worse and more expensive.
With a regular maintenance schedule, you will be able to identify issues early on before things get out of hand. Even if you are an expert, it is prudent to take the car to regular services with a mechanic. When you visit, make sure to point out several issues so the mechanic could take preventive measures.
Minding your mileage
You must be aware that if you put more miles into the car, the faster it will depreciate. If you drive long-distance across many states, you might want to reconsider. The average annual mileage for a car should be 13,500. If you drive more than this, your car will be worth less than the average market price.
Keeping it clean
One of the easiest things you can do is to keep the car clean before you sell it. A clean car is aesthetically pleasing. This means more potential buyer. The good thing is you do not need to spend a lot to achieve a neat-looking car. With the right cleaning products and hard work, your car should come out presentable.
Picking a sheltered parking
When the car is out, it is exposed to many elements like extreme weather conditions. This can wear out the paint making your car look faded. It can also cause disruptions to the engine.
If you consider parking it in the shade, there are bird droppings you need to take into consideration. Bird droppings are acidic, which can cause damage to your car paint. Also, there’s a possibility of branch falling, which can also damage your car. With this, it is crucial that you park the car in the garage or covered carport to protect it from such elements.
Keeping your paperwork
It is not too much work to take note of every repair and maintenance work performed on your car. This is important when you consider used cars in waipahu because it will totally sum up its condition. The records will speak for themselves.
