3 Ways to Slow Down Your Car’s Depreciation

While buying a brand-new car is exciting and an excellent way to treat yourself, it’s important to remember that your vehicle starts to depreciate as soon as you drive it off the lot. Fortunately, you can take steps to slow down your car’s depreciation. Here are the three top tips to slow down your vehicle’s decrease in value. 

1. Research Resale Values

You should always research any vehicle you plan on purchasing, and resale values are a factor to include when reviewing data. Cars with historically high resale values tend to depreciate more slowly. If you choose a vehicle that is known for fetching an excellent resale price, you’ll lose less money. It would help if you also considered vehicles that are popular where you live. For example, if pickup trucks and SUVs are prevalent in your town, you’ll have an easier time reselling a truck or SUV than if you purchase a sports car and try to trade it in later.

It might also make more sense to buy a pre-owned vehicle to eliminate the biggest depreciation period, which is two years after the car’s manufacture date. When you purchase a certified pre-owned vehicle, the dealership ensures that it’s in great shape and backed by a warranty. Plus, most certified vehicles aren’t that old, so they come with a lot of the features included in newer models. 

2. Maintain Your Car

Make sure you perform vehicle maintenance according to your owner’s manual timetable and keep all of your maintenance records. Don’t ignore any warning lights, strange noises, or other signs that your car needs repairs. You can get more money for a vehicle you’ve taken care of than a car you’ve neglected. 

If possible, try not to put too much mileage on your car yearly. Putting less-than-average mileage on your vehicle will help it depreciate slower than similar vehicles with many miles on the odometer. You should also park your car in a garage instead of on the street, if possible, to avoid cosmetic damage. There aren’t any downsides to maintaining your vehicle because if you decide to keep it, you’ll have a car that’s in great shape, and if you choose to resell it, you’ll get a better price. 

3. Keep Your Car for a While

Most of a car’s value is lost in the first five years, with depreciation slowing after that. That’s why it doesn’t make sense to trade in your car every three or four years. You’ll just keep losing money frequently purchasing and reselling cars. Studies show that the average age of cars on the road is 12.2 years old, so you’re not alone if you decide to drive an older vehicle. 

Maintaining your vehicle and keeping it clean will make your car feel like new, even if it’s a few years old. You might even enjoy your car so much, you may not want to get rid of it. 

These are just three of the many steps you can take to slow your car’s depreciation. By helping your car keep some of its value, you won’t lose too much money on such a significant investment, and you’ll feel more confident when you want to resell. 

When you’re ready to sell your car, visit Kelly Grimsley Kia to assist you in the process!

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