Besides your home, your car is probably your next biggest investment. Some cars these days cost even more than some homes! Vehicles are a lot of money but sadly, the second you buy once and drive away from the dealership, it starts to depreciate in value. The secret to car ownership success is taking good care of it – treat it like an investment and it will last longer and be worth more when you decide to sell it or trade it in. Here are 5 tips to maintaining your vehicle’s value.
- Pay Attention to the Mileage. When you decide to sell your car (or trade it in) the first two questions you’re likely to be asked are: “Has it been involved in any accidents?” And “How many miles does it have on it?” The number of miles on a vehicle plays the biggest factor when determining how much it’s worth. The average number of miles on a vehicle is around 12,000 a year. The more you drive, the less valuable your car will be when you are ready to get rid of it. It’s pretty simple. Also, be careful with your car, because like we mentioned above, no one wants a vehicle that has a record of being involved in wrecks.
- Respect It. Even though vehicles aren’t technically investments, you should still treat it like one. That means no eating, drinking, or smoking inside. The cleaner you keep the car the more it will be worth in the end.
- Keep It in the Garage. If you live in a hot climate, a garage will protect the car from the sun, if you live in a cold climate, a garage will protect it from the snow. Extreme weather conditions can wreak havoc on a vehicle. The hot sun can fade the interior and paint on the exterior. Over time, exposing your car to the snow, slush and salt that winter brings can cause rust and other problems. So, keeping your car in the garage is good way to extend its life and maintain its value over time.
- Get it Serviced. Regular service on a vehicle is vital. Getting your oil changed regularly, rotating tires, maintain fluids, and keeping up with routine inspections under the hood is always a good idea. Identifying any potential problems can keep your car out of the shop and help maintain its value. Keeping a record of the car’s maintenance will also help when it comes time to sell. Check out some of our previous blogs for important maintenance tips and see how Protect My Car can provide peace of mind when it comes to costly repairs.
- Fix the Imperfections. If your vehicle has any visible scratches, dents or damage to the exterior – get it professionally fixed. Even a quick coat of paint won’t cost you much – but will make the car look like new! The better it looks, the more value it will hold.
If you’re curious to see what your current car is worth, visit Kelley Blue Book for an estimate. Whether you’re hanging on to your current car or thinking about buying a new one, visit protectmycar.com to see all the services we offer. Find out how we can save you from expensive repairs, give you peace of mind, and offer great discounts and rewards along the way. If your car has less than 124,999 miles, you’ll want to look at our Selective Plans. If it has over 125,000, our Comprehensive Plan options are for you.