Depreciations effects every car on the road—if you don’t take the proper steps, your car’s value could drop significantly. Michael Calkins, manager of technical services at AAA says, “a new car loses about 25% of its value as soon as you drive it off the lot.” So, when the time comes to drive your car back onto the lot and sell or trade it in, you’ll want to know its financial worth. Unfortunately, more often than not, you’ll end up getting back less than you originally thought. Thankfully, we offer some tips on how to increase your car’s value.
Before you start putting money into your vehicle, take the time to research the make and model of your car. According to USA Today, Toyota and Subaru proved to be top car brands in 2019 in all categories. Still, luxury brands such as Porsche and Audi remain strong competitors. Once you obtain some background information, you’ll be able to determine if it’s worth trying to increase the value of your car.
If you want to increase your car’s value, keep the mileage as low as possible. Every year, the average person puts a total of 13,476 miles on their car. If you can, avoid long road trips and daily commutes; opt for public transportation whenever possible.
To increase your car’s worth, you should plan on investing some money into maintaining it. You can perform simple upkeep, such as oil changes and rotating tires; however, it’s important you employ a mechanic to fix the more complex issues. You want to ensure that everything is running smoothly.
While this is not a necessity, refurbishing your car could increase its value. These changes can be as minor as repairing scratches, door dings, and dents. In this instance, you should look into purchasing repair accessories. For example, if you drive a luxury vehicle, a Porsche touch up paint kit will best match the preexisting paint on your car.
From snow and rain to sunshine, the weather can cause a lot of damage to your vehicle. That is why you’ll need to safely store it away. Keep your vehicle in a garage if possible; however, if you don’t have a garage, invest in a car cover so it can brave the elements.
It is crucial that whatever work you put into your car, you keep all the documents. It is important to have the papers to prove that you invested a lot of time and money into your car. Collect receipts for all cars repairs and any work performed by a mechanic.
Aside from regular checkups and repairs, you should also strive to keep your vehicle clean. Make sure you are getting your car washed at least once per month. Additionally, clean out the inside via vacuuming, removing any garbage, and keeping the interior smelling nice. You could even consider getting a detail done every now and then.
Another way to increase your car’s value is to not beat it up while you’re on the road. Avoid potholes and driving it in bad weather conditions at all costs. Be smart as you drive—don’t let your car pay for your mistakes.