The severe truth of purchasing a car can be explained in one word and that is depreciation. According to car experts, a new car can lose 11% of its worth the minute you start driving it.
To decrease depreciation, you need to continually keep it in good condition. Of course, there are other factors such as how much it is known for its model and type, how it looks, and how it looks on the outside.
HOW DO YOU KNOW YOUR CAR’S VALUE?
Several causes include the mileage, physical appearance, performance, and so on. I will discussed them in details below:
Do some researching to find out the resale value of the car you have chosen to buy to be certain that it can maintain its worth over the years. A few brands is incline to have a finer trade-in values compared to the rest because it is well known, reliable, which definitely has a greater resale prices.
Look for the vehicle that is just right for your budget and make sure that it also fits your way of life. This way, you easily maintain the car’s resale value at your own pace. Check sites such as Edmunds, Kelly Blue Book, J.D. Power, and find out the car value of the vehicle you are using right now. Take note, this is not a sponsored post. I am merely showing you where to start with your research.
Mileage matters more than your car’s age when it comes to depreciation. Normally, the mileage of a vehicle that is always used is between 10,000 and 15,000 miles on a yearly standard. The more you drive, the more it depreciates in value. If you decide to sell it later on, you can be certain that its resale value or trade-in value will be higher.
A superb or excellent condition rating is not easy to achieve as “less than 5% of all used vehicles fall into this category,” according to Kelly Blue Book. Still your vehicle might be either falls under the fair or good classification, which shows that you have done a great job in maintaining your vehicle.
When you want to spend more on whistles and bells, your car will maintain its value over the years. Adding features — such as engine or transmission type, navigation, sunroof, and many others — will surely assist you in sustaining the value of your car.
If you go for a greater trim level, then you need to shell out thousands in advance. So, before you even purchase a car, find out the kind of trim levels you prefer. That way, you can bargain towards a good price for the trims you have chosen. If you are lucky enough, you can even get a greater trim level at a bargain price.
This is not just for the resale value. To be honest, features for your safety is not something money can buy. Look for a more current car that has safety features installed. If you want to know, please refer to the 5 Things That Increase Your Car’s Value (Part 2).