How Quicky Do Vehicles Lose Their Value?
It's said that vehicles lose half their value the moment you drive them off of the lot. While that might be an anecdotal estimate at best, the truth is that cars devalue every time the odometer clicks past another number.
Managing Your Vehicle's Depreciation To Minimize Loss Over Time
Just because your car will constantly depreciate doesn't mean that you can't manage its depreciation and help to minimize the loss of value over time. Here are some tips to do that effectively.
- Keep the inside of your vehicle clean. You probably keep the cup holders wiped clean of coffee rings, but a key area where cars can deteriorate on the inside is completely unseen: Carpets in the foot-wells build up with dirt and debris. It's often wet and it tends to get ground into the carpet, damaging the carpet fibres and deteriorating the metal below. Rubber floor mats help but vacuuming out your interior regularly will significantly preserve the floor of your vehicle
- Keep the engine tuned. This might seem like a "no brainer" but the cost of not doing it is even higher than you might think. Keeping your engine tuned will not only improve gas mileage and ensure that your vehicle runs longer, but it also helps to keep your engine working less. The less efficient your engine operates, the harder it has to work to travel the same distance; and the harder it has to work, the more wear-and-tear will degrade your engine
- Slow down and pay attention on the road. We live in a time where everyone is in a hurry and there are so many distractions (in the car and on our minds!) that keep us from giving 110% to the road ahead. By checking your speed slightly, and putting your problems aside during the trip, you'll increase your chances of arriving to your destination safely and with an intact car
- Watch for wear on your paint job. Your vehicle's paint helps to protect the metal body of your vehicle. When that protective barrier is breached, you will start to get rust. Wash your vehicle and take a close look for door dings, scratches, and paint chips, and deal with them immediately. From time to time, have your vehicle detailed and waxed to help add to the protective barrier
- Watch for trouble spots. Use a site like www.lemonaidcars.com to find out some of the typical top concerns for the vehicle you drive. Deal with those problems right away
- Rent a vehicle for other uses. Sometimes you need to tow a trailer or haul something heavy or messy. Rent a vehicle for those uses to help maintain your vehicle as a people-mover only.
You may never be able to increase the value of your car but you can improve it, or at least preserve it, to slow its depreciation.