Date: July 19, 2022
A car’s value decreases quickly as soon as you drive it off the lot. If you buy a new car, you can expect its value to drop by 20% in the first year alone. Follow these four simple rules to make sure your car retains its value and doesn’t go down in value as most other cars do.
Don’t buy a brand new model
Every year, new models of cars are released that comes with updated features, styling, and technology. Every year, eager car buyers snatch them up right away. Even if you don't intend to trade your car in anytime soon, and want to get the most out of its resale value, you'll need to avoid buying a brand new model for these reasons The newer models depreciate more quickly than the older ones. Consider the following example Based on 2018 data, a used 2018 Honda Accord LX (retailing for $26,645) is worth about $14,000 more than a used 2017 Honda Accord LX (2017 prices). Keep in mind, this calculation assumes there are no major price differences. If you buy a new 2019 Honda Accord LX, it will be worth $4,000 less than a used 2018 Honda Accord LX after one year, so that you have to spend twice as much to buy a new car!
Don’t abuse your vehicle
You might think that driving your car hard will make it more valuable, but the opposite is actually true. If you abuse your car, you’ll end up doing damage that will significantly lower its value. So, if you want to keep your car’s value high, avoid doing the following:
1. Don’t race your car
2. Don’t take it off-roading
3. Don’t neglect maintenance and repairs
4. Don’t smoke in it
Keep it clean inside and out
A car's value is based on its condition, which is why it's important to keep it clean both inside and out. A dirty car will not only be less appealing to potential buyers, but it will also fetch a lower price when looking for car dealerships near Ithaca NY when you do eventually sell it. Here are some tips for keeping your car clean:
1. Vacuum the floors and seats regularly.
2. Wipe down the dashboard and other hard surfaces with a microfiber cloth.
3. Remove any trash or debris from the car on a daily basis.
4. Wash the exterior of the car at least once a week.
5. Wax the car every few months to protect the paint job.
Take care of basic maintenance
One of the best things you can do to keep your car's value high is to take care of basic maintenance. This means oil changes, tune-ups, and regular washes. By keeping up with these simple things, you'll ensure that your car stays in good condition and retains its value.
If you're looking to keep your car's value high, there are a few things you should avoid doing. First, don't miss service appointments or neglect routine maintenance. Second, be careful about aftermarket modifications - they may not increase the value of your car like you think they will. Third, resist the urge to over-personalize your car with things like decals or paint jobs - remember that you'll have to undo these changes if you ever want to sell the car. Finally, try to avoid accidents and keep your car in good condition both inside and out. By following these tips, you can help ensure that your car retains its value for years to come.
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