6 Tips To Help Your Vehicle Retain Resale Value

While any vehicle depreciates once you’ve got the keys, there are ways you can help your ride maintain its resale value throughout its lifetime. Here are six tips for ensuring that your vehicle retains as much value as possible. 

1. Know Which Vehicles Retain Their Value

Not all cars preserve value equally. If that is something you want to protect, take that into account when purchasing a vehicle. Gain an understanding of which vehicles lose their value over time faster than others. Called depreciation, this value concept heavily influences the price of your vehicle down the road. Factors determining the depreciation rate include mileage, quality, design, and general consumer preferences. 

It might surprise you that luxury vehicles depreciate the most, particularly luxury sedans. It’s because high-end automotives have tech and features that are not particularly valued by average consumers and have higher maintenance costs. 

Vehicles that hold their value in terms of depreciation are ones that are popular in the current market and have more manageable maintenance costs. 

2. Keep It Clean

Think of your vehicle as a long-term investment. Keeping that investment in good condition is a great place to start for keeping the resale value. Clean the inside and outside of your vehicle at least once a month. Washing your car not only makes it shimmer, but it limits the amount of corrosion caused by dirt, bird droppings, and grime. On the inside, cleaning helps minimize the amount of wear and tear on upholstery and carpets. Having a good set of floor mats reduces the chances of excess mud, water, or snow damaging the carpet. Avoid smoking in your car, as this heavily adds to depreciation. 

3. Wax On, Wax Off

Just like in Karate Kid, there is a particular lesson to be learned from the seemingly mundane task of “wax on, wax off.” Instead of teaching some martial arts moves, for the purposes of this article, the lesson is that keeping the vehicle’s paintwork in good condition is important to resale value. Over time, paintwork can fade and discolor if it’s not properly maintained and cared for. The effects of paint discoloration are difficult to remedy, so it’s important to wash, polish, and wax regularly to retain your car’s ideal appearance. 

4. Watch Your Miles

Today, cars are made for the long haul, but they have a general life expectancy that plays into the value. Most cars are expected to run for around 200,000 miles. The closer you are to that milestone on the odometer, the less the car is worth. We aren’t saying you shouldn’t drive your car–that’s its purpose. However, there are some ways you can cut down on the number of miles you rack up. 

Take vacation travel, for instance. Instead of driving straight to your destination, do some research on taking alternative modes of transportation such as flights, trains, or buses. If available, these alternatives can considerably reduce excess mileage by having you drive to a hub rather than the full round trip. 

Whether or not you use planes, trains, or automobiles, the mileage saving options don’t stop once you get to where you’re going. While in the area you’ll be visiting, utilize public transportation, taxis, or ride-sharing services to get you around. The little trips add up just as much as longer drives. 

5. Keep Up With Maintenance 

Car maintenance, such as changing your oil, checking your tire pressure, and changing your air filter, is essential to keeping your car running for as long as possible, without expensive and extensive repairs. It also works wonders when it comes to slowing depreciation.

6. Maintain Service Records

Keep meticulous records detailing what services were performed, why they were performed, and who performed them. The easiest way to do this is by keeping the physical or digital service receipts.

Do You Wonder What The Resale Value of Your Car Is?

Now that you’ve been keeping your ride in top-shape, do you want to know how much it’s worth? Reach out to us at Team Auto Group, and our professional staff will evaluate your vehicle's overall value and trade-in value. 

We’ll also pay top dollar for your vehicle. We’re always looking to diversify our pre-owned inventory and offer a premium price to buy your current car; we’ll even buy out your existing vehicle lease! Team Auto Group will purchase any qualifying vehicle make and model. With our sizable inventory, you can also confidently trade in your vehicle and upgrade to a new or other pre-owned model. Fill out our online form to get started, or email ken@teamford-lincoln.com!