Tips to Slow Down Car's Depreciation
While depreciation is unavoidable, there are ways to minimize depreciation of your vehicle. Here are the tips you can follow to minimize depreciation.
If Possible, Drive Less
Reducing a car's mileage helps maintain its resale value, as high mileage is a key factor in depreciation. You can use public transportation, carpool, or work remotely to avoid unnecessary wear and tear on your vehicle.
Keep up With Maintenance
Routine servicing, including complying with the maintenance schedule, ensures the vehicle stays in good condition. A well-maintained vehicle not only runs better but also holds its value longer.
Choose a Reliable Car
Some cars depreciate lower than the other makes due to their durability and performance. Before purchasing, research models known for strong resale value, such as Toyota or Honda, as they often retain their worth better over time.
Avoid Unnecessary Modifications
Custom paint jobs, extreme tuning, or aftermarket parts often depreciate the car faster since most buyers prefer the original-built car without any modifications. Keeping your car as it was makes it easier to resell the vehicle. Sell at the Right Time
Depreciation happens in stages, with significant drops occurring at major mileage milestones. Selling before hitting benchmarks like 60,000 or 100,000 miles can help you get a higher price for your vehicle before depreciation accelerates.
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