How to Maintain the Value of Your Car
Vehicles are one of the most quickly depreciating assets you can own. Depending on the type of car, depreciation can range from 30 to 60% over five years. Buying a car is not a small investment, so you want to make sure that you maintain the value of your car as much as possible. From purchasing a BMW extended warranty to simply being a good driver, here are a few things you can do to help maintain the value of your new car to ensure a good resale price.
Purchase Extended Warranty
When you purchase a car, most dealerships offer an extended warranty for a small additional cost. An extended warranty can help cover the cost of repairs or replacement if certain parts or systems fail over time. Many drivers opt for this so that they can have peace of mind if something goes wrong with their car. It will be easier to sell your car if it is still covered under an extended warranty. Furthermore, your car and its parts are more likely to be kept in good condition if you have extended warranty coverage as any parts that are not working well can be quickly replaced or fixed.
Follow Maintenance Schedules
A well-maintained vehicle will always retain its value better than a poorly maintained one. Follow the maintenance schedule that is included with your owner’s manual to make sure that your vehicle gets serviced at the correct intervals and that all the necessary repairs get taken care of in a timely fashion. You should also make sure that all service records are kept in detail. This is so that when the time comes to sell the car, you will have all the documentation you need to prove that maintenance was performed as recommended by the manufacturer.
Stay Clean
Keeping a clean car is not only good for your health and safety, but it can also help to preserve the value of the vehicle as well. You should clean the interior and the outside of the car regularly to get rid of any dirt or debris that might damage the paint or other components of the car. If you notice any scratches or dents on the exterior, you should get them repaired right away to avoid further damage to the car’s appearance. Similarly, mud or debris that is stuck to your tires should be promptly removed to prevent them from wearing the tires down prematurely and causing damage to the wheels or other parts of the suspension system.
Park It Inside
Leaving your car exposed to the elements can result in damage. For instance, falling branches can break window glass and bird droppings can stain the paintwork. Even something as simple as exposure to the sun can cause the upholstery to crack and the dashboard to fade over time. Parking your vehicle in a covered or enclosed space can help to protect it from the elements as well as from theft or damage by vandals. Should you only have access to outdoor parking, try to keep your car covered with a tarp. If your car will not be used for a long time, be sure to move it to a secure location that will prevent unwanted people or animals from gaining access to it.
Drive Responsibly
Bad driving habits can greatly decrease the value of your vehicle and make it more vulnerable to theft or damage. Things like aggressive driving, speeding, and hard braking can quickly wear out your vehicle parts and cause expensive repairs that take a toll on your budget. It can also put you at risk of getting into a serious accident that can cause extensive damage to the car and even result in personal injury. Likewise, leaving your car unlocked or running the engine unattended can allow thieves to gain access to the vehicle. They may steal your valuables or, even worse, take your car for a joyride and damage it.
Avoid Modifications
Modifications may increase the value of your vehicle to a certain audience, but make your car less attractive to the majority of buyers who are looking for a car that is close to stock or showroom condition. In addition, modifications such as tinted windows or custom body kits can increase the risk of vandalism and make the bodywork more difficult to repair in the future. In some cases, modifications can also void the manufacturer’s warranty and make it harder for you to sell the car in future. Most insurance companies do not cover damages caused by modifications unless you add a modification endorsement to your policy.
Cars are an important part of our everyday lives and one of the most expensive items that we will ever buy. As a result, it is important to take good care of our cars to ensure that they run efficiently and retain their value. By extending the warranty, scheduling regular cleaning and maintenance, and being careful when parking and driving, we can keep our cars in top shape and recoup some of our investment when it comes time to trade in or sell.