It is no secret that an important downside of buying a new car is depreciation. Depreciation means that the vehicle loses its value over time. Of course, there’s also the normal wear and tear that the car suffers with constant use. However, it is well known that a new car loses significant value the moment it’s taken from the dealership. In fact, Edmunds.com states that a brand new car can lose up to 11% of its value once it’s driven off the lot. The information we’ve gathered here will help you increase a car’s value with simple actions.
Increase a Car’s Value Easily
Keep in mind that even if your car is in pristine condition, its value will still decrease over time. In general, cars will lose 15% to 25% of their value after five years of ownership. This means that if you want to resell your car or trade it in, the value will be much closer to its wholesale price. Definitely good care and maintenance will help increase a car’s value and keep it in good condition for many years. There are some things you can do to maintain your car and won’t cost you much money or time.
The routine maintenance for your car will definitely cost you some money. The amount always depends on the type of car you have. There are some more reliable cars like Toyota or Honda that will cost less than others that tend to be more expensive like BMW or Audi. However, there are some simple tasks that you can take care of yourself and will help you save some bucks. Remember that the more you drive your car, the more frequent your maintenance should be.
A good way to start your to-do list is to add the pressure of the car’s tires. Make sure you always have them properly inflated as this will help improve gas mileage and avoid quick wear and tear on your tires and car. You can do this at a very low cost at any gas station or even for free at some tire shops. Tire rotation and alignment is also recommended to avoid unnecessary wear and tear. Even investing in new tires if necessary will increase a car’s value exponentially.
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Easy Minor Car Repairs
As we mentioned before, there are plenty of minor repairs that can be done at home with a very low budget. These repairs will be very helpful to keep your car in excellent condition and increase its value for resell or trade-in. Of course it will also help if you have mechanical knowledge and are car-savvy.
Change The Battery
Batteries usually last for a fair amount of time, however, you should always be attentive of the date. This will allow you to estimate when it will need to be replaced. You can find batteries at a lower price by yourself than at any dealership or mechanic shop. If you have the knowledge, you might as well save some money by changing it yourself.
Check and Change your Own Oil
Learning how to change your own oil can make a huge difference with your budget. Keep in mind this needs to be done to your vehicle every 3,000 to 7,000 miles. Oil and oil filter changes are crucial in order to keep the engine of your car lubricated. Not doing so can lead to irreversible engine damage and, of course, spending much more money.
Keep Your Car Clean
The way you treat your car will also determine its value. We know it’s sometimes hard to take some time off our busy schedule to clean up our car. As we’re always on the run, many things can get spilled causing stains or even damage. Make sure you avoid coffee stains, ripped seats, or a nasty cigarette smell inside your car. Keeping it clean both inside and out will be helpful to increase a car’s value.