When you buy a new vehicle, the value starts to depreciate the moment you drive it off the lot. It’s a fact of life. But, did you know that there are things you can do to slow down this depreciation? Today, we’ll explore five proven strategies to maintain your vehicle’s value over time.
1. Choose a Vehicle with Low Depreciation
Picking a vehicle that holds its value well is a smart move. These vehicles often have a reputation for reliability, high safety ratings, and overall quality. Vehicles with high safety ratings from IIHS and NHTSA also tend to depreciate less.
2. Maintain Your Vehicle Diligently
Regular maintenance not only extends the life of your vehicle but also keeps its value high. Keeping a detailed record of all your maintenance activities is a bonus when you decide to sell your car. Buyers appreciate knowing that the car they’re purchasing has been well-maintained. You can learn more about how to protect your car from external damage and theft, which can also lead to depreciation.
3. Keep Mileage Low
The higher the mileage, the lower the value. Mileage is a key factor buyers look at when purchasing a used vehicle. If possible, limit your vehicle’s mileage by using public transport or carpooling for long commutes. Consider SUVs with the best fuel economies, which can also help you save on fuel costs.
4. Buy a Trendy Model
Vehicles that are popular or in-demand tend to depreciate slower than those that aren’t (but not always). Take a look at the most popular large SUVs for inspiration. Buying an electric SUV or a PHEV can also be a good investment as these are gaining popularity due to their eco-friendliness and cost-effectiveness.
5. Keep the Vehicle Looking Like New
Keeping your vehicle clean and scratch-free can significantly reduce its depreciation. A well-kept car inside and out shows potential buyers that you’ve cared for the vehicle. Regularly washing your car and keeping the interior clean can go a long way in maintaining its value.
Now that you’re armed with these tips, you’re ready to slow down your vehicle’s depreciation. Remember, a vehicle is an investment, and like any investment, taking care of it can pay dividends in the long run. Safe driving.