Although many assets appreciate as they age, a car is not one of them. Edmunds estimates that a new car loses 11% of its value as soon as it is driven off the lot. But car owners can improve their car’s resale value by keeping it in good condition. Read on for 6 useful tips to maintain the value of your car.
Keep the Car in the Garage
Your garage may be good for your household storage but it can also protect your car’s value. Parking your car in the garage protects it from the elements of cold, heat, sunlight, wind, hail, rain, and storms. It’s also protected from other debris that may fall out of nearby trees.
If this is not an option, here are a few tips:
• Park in the shade. This will protect your car from regular sun exposure, which can fade the outer surfaces of your car.
• Park your car away from other vehicles to minimize the likelihood of damages (i.e. door scratches and bumps) to your car.
Maintain Your Car Regularly
Every vehicle manufacturer has a different recommendation for scheduled maintenance. This schedule depends on your driving conditions and other factors. Some cars need oil changes every 3,000 miles while others at intervals of 5,000 to 10,000 miles, depending on the type of car and its driving conditions. Regular, on time maintenance will help keep your car in healthy condition.
Additional Tip: Save your receipts from car washes, oil changes, tune-ups, tire rotations, and other maintenance services. This will provide you a history of maintenance to help maintain the value of your car.
Fix Small Problems in a Timely Manner
Many drivers often ignore small problems as long their car still runs. Unfortunately, small problems are typically warning signs of a more serious problem. Even if it isn’t severe, taking care of problems in a timely manner can save you money and frustrations of larger issues.
Keep It Clean
Seems like common sense but very true. Have your vehicle detailed on a regular basis – inside and out – and wax your car a few times a year. This will protect the surface and help to maintain the color of your vehicle longer.
This is superficial but looks matter. When it comes to the resale value of your car, the paint job and visual condition of your car is the first thing that a buyer will notice.
Keep Mileage to a Minimum
Mileage is one of the key factors that affect the resale value of your car. It’s simple: more miles equal lower value and fewer miles equal higher value. To keep your resale value high, consolidate trips, carpool where you can, consider commuting a few days a week, and rent for longer road trips. This all adds up.
Don’t Eat, Drink or Smoke in Your Car
In terms of tips to maintain the value of your car, this is the easier. Your vehicle is not a restaurant or dining room so avoid eating and drinking inside your car. This could result in a mess with wrappers, stains and spills.
Don’t smoke and don’t let anyone smoke in your car. Cigarette smoke leaves a car with a distinct odor and stains the interior surfaces to a dull and yellowish-brown shade.
Check Your VIN Report
Your vehicle identification number (VIN) report discloses the history of your car including changes of ownership, accidents, servicing, etc. This is usually the first document prospective buyers often pull before even looking at your car.
Check your VIN report from time to time to be alert of all the activities. This will help you identify any urgencies or incorrect information. If you see anything suspicious, contact the company that reported the incorrect information to correct the error.
Be Prepared and Drive Well with Allstate
Allstate Burbank can help keep you on your feet if you ever deal with any questions about your car or more tips to maintain the value of your car. Get in touch with us to learn more about how Allstate Burbank can protect you, and make sure to visit me on Facebook, Google+ and Twitter to stay updated on all the latest news from Allstate.
