Although some assets may gain value over time, a car is not one of them with new cars losing between 15-20% of their value as soon as you drive it off a dealer’s lot. However there are several ways to improve the value of your car and keep it in the best condition, even if you’re not planning on selling it.
Complete regular maintenance
To keep your car in its best condition over time, it’s important that it receives regular scheduled maintenance and checkups. Without these checks, not only will you be leaving your car at risk of serious problems, but you’ll also be significantly depreciating its value. Resolving small problems as soon as they arise, whether mechanical or cosmetic, will also assist in retaining the market value of your car.
Keep all service records
By keeping all of your car’s records together in a service logbook, including receipts for any maintenance or repairs it has received over time, you are showing prospective buyers that you have looked after it when you sell your car. Among other things, it demonstrates that you care about your vehicle and have done all the work to keep it in good condition.
Clean it inside and out
Simply keeping your car clean can add to its value, again showing that the vehicle has been properly looked after. Ensure that your car is thoroughly cleaned, with regular washing and detailing to protect the paint surface. Don’t neglect the interior of the vehicle either, as both its appearance on the inside and out will affect its market value.
Add more features
If you really want to improve your car’s market value, it may be time to upgrade it with additional features. By adding power windows, tinted windows or new speakers for the stereo, you can significantly increase your used car’s resale value.
By keeping your car in good condition, you are able to retain or even improve the value of your car, proving worthwhile when you eventually plan to sell it.