Depreciation of your car’s value begins the moment you take it on the road. While depreciation is impossible to avoid, there are ways you can slow it down and preserve more of your car’s market value. Forethought and good ownership habits will help you make sure your car depreciates as slowly as possible.
Amenities
A car that is equipped with all the common convenience and safety features most drivers require will depreciate slower than one that is not. The rate of depreciation is affected by how likely it is your car will be easy to sell. A car without amenities like power windows and locks, ability to connect to an MP3 player, antilock brakes and cruise control will take longer to sell and can expect to bring in less upon resale.
Fuel Economy
Higher fuel prices have increased the importance of a car’s fuel economy in terms of its rate of depreciation. A car that gets more driving miles to each gallon of gas will depreciate slower and be worth more when you choose to trade in or sell your car to a dealership. You should pay attention to the fuel economy of cars you are thinking of buying if you are concerned about the depreciation of resale value.
Routine Maintenance
Another determining factor in the depreciation of resale value is how well a car is maintained. Routine maintenance not only keeps your car running well, it also helps to preserve the resale value. The more repair work a car needs due to neglected maintenance, the less money someone will be willing to pay for it. Never opt to skip important maintenance like oil changes, wheel alignments, and filter replacement.
Also be sure to clean the car regularly. A well-groomed car will be more attractive to buyers. Clean cars give the impression of being well cared for and maintained. On the other hand, a messy car comes off as neglected, no matter how well it runs.
Vehicle Color
You may love a certain shade of bright green and always dreamed of owning a car in that unique color, but if you are concerned about depreciation, you should choose a more common paint color. Simple colors like black, silver, and white will depreciate slower because they will be more in demand.
The most important factors that affect the resale value of a car are the features and details that will make the car attractive to its next owner. Keep up with maintenance and buy a well-equipped car in order to slow the rate of depreciation.
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