While other assets like real estate appreciate over time, your car takes on a different route. As time moves and the odometer ticks, your car’s value depreciate over time. Though there’s no stopping your car’s natural depreciation, you can slow it down and throw a few add-ons and improvements along the way that can somehow salvage its value. Here are some of the recommended ways on how you can retain your car without having to worry about extreme depreciation.
Learn where to splurge and limit purchases on car extras
For many car owners, the best in-car investments come in the form of hi-fi and top-rated stereo systems, new car shades, fancy leather trims and a responsive climate control systems. While all these heighten the aesthetic value of the car and help boost comfort levels, keep in mind that all these don’t contribute to overall car value in the long run. Instead of these flashy (and non-substantive) expenses, car owners can invest in Bluetooth, basic park distance control (recommended on 4×4) and other safety accessories. Also, a neat bed liner for your pick-up can also add value, provided the pick-up is often used in hauling cargoes and packages.
Follow recommended check-ups and maintenance requirements
It pays to be pro-active as a car owner, and it all starts by following the recommended check-ups and maintenance procedures. For example, a 2012 Toyota Camry should undergo a routine maintenance every 5,000 miles. Maintenance is required even though the car is not acting up or showing engine or performance problems. Car owners can also pay attention to the ‘MAINT REQD’ light that will flash at start-up, and should serve as a red flag for immediate action. A basic oil change should be considered as well every 3,000 miles, and strictly follow the recommended brand by the manufacturer. Car filters should be regularly changed as well. Leading manufacturers recommended the changing of filters every 15,000 miles. Don’t forget your tire pressure. Tires should be properly inflated; otherwise these can affect gas mileage. On-time maintenance and checks will help keep your car performing at optimum level, and can prepare your car for the scheduled sale in top condition.
Access VIN Reports
Responsible car ownership means understanding its history, including repairs and maintenance procedures made. Car buyers and dealers will normally ask for a copy of the VIN Report to assess your car’s ‘marketability’ and to arrive at an appropriate price range for a car for sale. This will normally show the car’s full history- changes in ownership, servicing and even accidents. If you know your car, then you’ll be confident showing it off at the lot the next time you offer it for sale.
These three steps can help you boost your car’s overall value even in the face of natural depreciation. These may not bring back your car to its original price level, but it can sure make it more competitive, value-wise, in a highly competitive second-hand car market.