Buying a car is an investment, giving you and your family independence and freedom. But, conversely, it’s a depreciative asset, meaning cars lose value from the moment you drive out of the dealer’s parking lot.
However, there are some tips and tricks to help your car keep its value so when it comes time to upgrade, you’ll still have some bargaining power:
- Buy a reliable car: cars like Subaru’s and Toyotas hold more value over time. That’s because they tend to be more reliable, are more fuel efficient, have more safety features, and boast low maintenance costs. Be sure to do your research before making a purchase. Websites like Kelley Blue Book (kbb.com) and Edmunds (www.edmunds.com) will provide good comparison information.
- Keep up appearances: wash and wax your car regularly to maintain the paint work and prevent scratches. Keep the interior clean by vacuuming and removing any stains from the upholstery, and changing your oil regularly. A well-maintained car will also command a higher asking price.
- Keep records: always keep receipts from repairs, and maintain service logs, so that the buyer has a full history of the car. Check your CARFAX report to see what’s on record about your car before you sell (carfax.com/vehicle-history-reports).
- Avoid odors: allowing pets in the car is going to eventually make the car smell, especially if they get in while wet. Ensure you keep smells to a minimum by toweling off dogs before they get in the car and using seat protectors or cargo liners where your dogs travel.
- Maintain tires: follow the manufacturer’s instructions to maintain the correct air pressure in your tires, have them rotated regularly to ensure even wear, and be mindful of the tread when selling the car. You may want to buy new tires before selling, as a potential buyer will feel like they’re saving money and be more likely to pay your asking price.
