It’s common knowledge that brand new cars lose value as soon as you take them off the forecourt. Many people love the thrill of driving a car that has come straight off the production line, but it’s always beneficial to consider the financial implications of buying new cars. If you’ve purchased a brand new model or you’ve bought a second-hand car, this represents an investment. Although you’re likely to lose money on most cars, you want the vehicle to be worth as much as possible when you come to sell or exchange. If you’re thinking about the future, here are some tips that may help your car hold its value.
Image source: https://www.flickr.com/photos/127619525@N05/15261010832
Drive carefully
It’s not always possible to avoid accidents, but if you drive carefully, you’ll reduce your risk of scrapes and scuffs. Pay attention to the speed limit, go steady on the clutch and try not to slam the brakes on unless you absolutely have to. If you’re a diligent driver, there’s a lower risk of damage, and you should stand a better chance of preserving the car and keeping it in good condition.
Limit your mileage
The mileage can affect the resale value, so it’s a good idea to restrict the number of miles you cover unless you have to drive long distances for work, for example. The age of the car can play a role, but buyers will also want to see how many miles are on the clock. If you’ve done a lot of miles, this may indicate that the car has a shorter life expectancy, and a buyer may prefer to opt for a similar car with lower mileage.
Look after your car
General maintenance can save you money in terms of repairs, but it can also boost the value of your vehicle. If the car is in good working order, it has a sound service record, and you’ve learned how to remove scratches from car paint, your car will be worth more than a vehicle that hasn’t been serviced for years that has scrapes all over the bodywork and bald tires. Keep up to date with recommended checks and keep an eye on your tire tread and pressure and your oil levels. If you do hear odd sounds or you feel like the car isn’t quite right, it’s worth contacting a mechanic before the issue gets worse and ends up costing you more.
Invest in the right makes and models
Some makes and models hold their value much better than others. If you’re on the lookout for a new or used car to replace your current vehicle, it’s worth taking a look at which models hang onto their value best. Examples include the Porsche Cayenne, the BMW X3, the Land Rover Discovery and the Audi Q5.
Are you looking to invest in a car that will hold its value or are you hoping to sell your vehicle for as much money as possible? It’s very difficult to make money from cars unless you have a sought-after classic in your collection, but there are ways to reduce depreciation and protect your investment.
