How to Maintain the Resale Value of Your Car as You Drive ItFebruary 26th, 2023
Owning a used car can be a responsible financial move that will help save you money if you maintain the vehicle correctly while you are the owner. By doing things such as frequently cleaning your vehicle, maintaining the oil, and preventing rust, you will have a better chance of reselling your vehicle in the future at a reasonable price.
We all know that the value of any car goes down over time. A brand-new vehicle will depreciate when you drive it off the lot. You can expect the value of a used car to be much lower, even when it is still new to you.
A car’s value typically goes down between 20 and 30 percent by the end of the first year you own it. Between years two and six of ownership, the depreciation can range from 15 to 18 percent each year. The rapid decline in the overall value of a vehicle may seem like a lot, but fortunately, there are some things you can do to help manage or reduce the depreciation of your used car.
How to Maintain Your Used Car to Keep Its Resale Value as High as Possible
Your vehicle is an investment whether you bought it new or used. And while you can get more money from a new vehicle when you are the first owner, that does not mean you cannot get a reasonable amount from a used car if you decide to sell or trade it.
Here are some helpful tips on maintaining your used car to ensure your car’s resale value is as high as possible.
Choose a Vehicle That Has a High Resale Value
If you are still in the market for a used car but intend to purchase one you can resell in the future, choosing one with a high resale value is in your best interest. Remember this the next time you are at a used car sale.
Although all cars will lose value over time, not all vehicles depreciate the same. Some makes and models are well-known for having exceptional resale values, while others will lose their value faster. Take the time to research different automobile brands, models, and styles to determine which retains their value best over the years.
Be a Safe Driver
There are several great reasons to practice safe driving, including that doing so will help you maintain your car’s resale value. Even one crash can drastically decrease the resale value of your vehicle.
That is because repair costs add to its depreciation. Crash reports are also retrievable by searching for your car’s VIN and will appear on future auto history reports from potential buyers.
Keep Your Mileage Down
If you are committed to keeping your used car’s value as high as possible, you should consider using your car only when necessary. Every kilometer you put on your odometer will contribute to your car’s depreciation. If you are planning a major road trip, you may want to use a rental car instead to help preserve your mileage.
Do Not Add Any Aftermarket Modifications
Aftermarket add-ons such as audio systems and non-OEM accessories will not add any value to your car, and in some cases, they may even add to its depreciation. A buyer in the market for a used can may not be willing to pay a lot for the modifications you added. Therefore it is best to keep your vehicle as standard as possible to keep it appealing to more buyers.
Sell at the Right Time
Before you place your used car up for sale, you must research the current market trends. Placing your vehicle on the market at specific times of the year can increase your chances of getting the amount you are hoping for.
It is best to avoid selling your vehicle during the holidays if you want to make as much money as possible. For instance, if you own a sedan, coupe, or crossover, it is best to sell it between spring and fall. Larger trucks and SUVs often do well during the winter season.
Clean Your Vehicle Frequently
Keeping your car clean at all times is often easier said than done. While we may understand the importance of keeping our vehicles clean inside and outside, it can be challenging to manage this task, especially for families with small children.
Still, a dirty interior and exterior can lead to issues such as faded carpets, seat stains, and even body corrosion, affecting the car’s value and performance. Aim to give your vehicle a deep interior cleaning at least twice a year for the best outcome.
Take Caution to Avoid Rust
Rust can take over a vehicle and cause damage like a severe disease can affect our bodies. Therefore, you should do everything possible to prevent rust from forming or spreading. If you live in a cold climate where severe winter storms are frequent, wash your car often to remove all the salt deposits that can cause rust.
Doing so will help stop salt deposits from seeping into the car’s frame and underside of your fenders and panels. It would help if you also got your used car undercoated using a rust-proof spray.
Store Your Vehicle in a Proper Location
If you have access to a garage, we recommend you use it to store your used car to protect its resale value. It is especially a good idea if you live in an area with either a very hot or cold climate. Too much sun exposure can cause damage to the exterior of your car, while frigid temperatures will cause issues with your car’s engine and other components.
By choosing to store your vehicle in a garage that is climate controlled, you can avoid many costly repairs and help maintain its resale value.
Keep Track of Your Car Maintenance
The oil in your vehicle is its lifeline. If you do not change it as needed, it can cause severe and costly issues. The same goes for the tire pressure. It may not seem like a big deal, but maintaining the correct pressure in your tires will ensure your car runs smoothly.
Changing your oil on time will help guarantee that the engine performs as it should. And maintaining the proper tire pressure will improve your car’s mileage. These two factors will also help maintain your used car’s value over time.
Use Floor Mats
And finally, it is essential to use floor mats especially in the winter. It may seem unnecessary, but when you consider all the dirt and grime that gets inside your car daily, you learn to appreciate just how valuable floor mats genuinely are. They can make a huge difference in your vehicle’s appearance, especially during the rainy or winter months.
Using floor mats that are easy to remove and can be changed out is an excellent way to ensure the interior of your used car is protected and can help you get the top dollar amount when you choose to resell.
At Duliban Insurance, we offer highly competitive auto insurance rates in Ontario. We understand how important it is to save money and what a significant investment a new or used vehicle can be for you and your family.
That is why we want to help you protect your investment by maintaining its resale value and providing you with the best options for automobile insurance policies. If you have a question about auto insurance and want to speak to one of our helpful representatives, give us a call today.
The Duliban Hometown Advantage
We Work For You
Our team of insurance professionals ensures that YOU receive the best coverage possible at the very best price.
We partner with over 25 different insurance companies that fight to earn your business.
With multiple provincial and national recognition awards, it’s no wonder why our clients rave about us.
We make sure that you understand your policy without confusing you with complicated insurance jargon.