What can you do to help slow the depreciation of your car?
When we buy a car, both new and pre-owned, it will almost certainly depreciate in value as time goes on. This is an inevitable part of owning a car and one that is widely accepted by vehicle owners; however, many will do all they can to keep this depreciation to a minimum.
Whilst there is no way to halt the value depreciating entirely, there are some tactics you can use that can slow this down. We take a look at some of these tactics below:
Slowing car depreciation
Choosing the right car
Many people opt to buy a ‘nearly new’ car as opposed to a brand-new car. This is due to the fact that one of the biggest drops in a new car’s value occurs immediately after it has been driven off the forecourt after purchase. Therefore, by buying a ‘used’ car that is relatively new, you will get yourself a newer car at a significantly lower cost.
Keep up with the maintenance
Car maintenance is obviously a crucial aspect of car ownership. It ensures that your car is safe to drive at all times, but it can also play a key role in slowing depreciation. Of course, this will include timely MOTs and the associated maintenance required, but it also means regular services from a qualified mechanic. Not only will this maintenance mean that your car is driveable for much longer than if you neglected maintenance, but it could also mean that you can could get a higher price when it comes to selling.
Keep up with appearances
This will require you to go much further than regularly cleaning your car (although this is vitally important), but rather fixing any bumps or scrapes that your car may have as these could potentially lead to further problems down the line that could result in costly repairs. When it comes to selling your car, appearances are (almost) everything. Therefore, in addition to maintaining the inner-workings of your car, make sure you are looking after the exterior of your car also.
When it comes to slowing down the depreciation of your car, one of the main things you can do is to be a conscientious car owner. Ensure it is appropriately maintained throughout your ownership and you will find that it will not only last longer but it is worth more than a similar car that hasn’t been cared for in the same way.