Few things you own will depreciate in value as rapidly as your car. Even if you're never in an accident, normal wear and tear causes its value to start going down the minute you take possession and start driving. Age, mileage and condition will all have a significant effect. But there are things you can and should do to slow this inevitable process.
If you are planning on keeping your car for a fairly short time rather than driving it into the ground, you will want to protect your investment and maximize its eventual resale value. At City Lending, we are often involved in trade-in scenarios. Even though we recognize that certain makes and models retain their trade-in values better than others, and there's nothing you can do about the age or mileage, we also understand that the better condition your car is in, the more it will be worth at trade in.
Here are a few tips you should follow to keep your car in top shape:
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Make sure your car is serviced regularly. The most important thing you can do to protect your car is to make sure the oil is changed at recommended intervals. Keep up with all servicing under warranty. If you keep your car properly maintained, the benefit is two-fold: your car will run better and last longer, and it will be worth more when you sell. Keep all of your maintenance and servicing records, because the potential buyer will want to see them to make sure the car has been kept in good running order.
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Don't neglect your vehicle's appearance. The car's appearance will go along way toward determining its value. Keep it washed and wax it regularly to protect the finish from the elements. If you get a scratch or a dent, have it fixed by a qualified body shop as soon as possible. A professional detail job may also help the car sell more quickly.
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Avoid putting off any repairs. Most potential buyers will not want to deal with any repairs. Any new brakes, tires or other mechanical repairs will help the car sell faster. Again, make sure you keep the paperwork as proof. If a light goes out, make sure you replace the bulb. Above all, make sure all damage is repaired before you attempt to sell your car.
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Keep your car in a garage if possible. Keeping the car in a garage will reduce weather damage. A car cover can provide some protection if you don't have access to a garage.
In the end, the better you treat your car, the better it will treat you when it's time to sell or trade it in!
