When you drive a new car off the lot, its value starts decreasing almost immediately. On average, vehicles lose around 20% of their value within the first year, with depreciation reaching as high as 40% in the first five years. However, there are ways to slow this process down.
Keeping up with regular maintenance is key to ensuring your car stays in great condition, which can help preserve its value over time. Routine tasks such as oil changes, tire rotations, and scheduled inspections play a big role in extending your car’s lifespan and reducing depreciation. Following your mechanic’s advice can make a significant difference.
It’s also important to maintain detailed records of all services, including dates, mileage, and repairs. A well-documented history not only shows that your car has been properly maintained but can also increase its resale value down the line.
Given the large financial commitment that comes with buying a vehicle, it’s smart to consider its resale or trade-in value early on. Partnering with a reputable car auction company can provide insights into your car’s current value and help you secure the best deal when it’s time to sell or trade in.
For more information on how to maintain and boost your car’s value, check out the infographic below.
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