Some things, like your home, gain value over time. Other assets, like your car, depreciate over time. According to Edmunds.com, a new car loses 11 percent of its value the moment it is driven off the lot. After five years, the car is only worth 37 percent of the price you purchased it at the dealership. These stats seem discouraging, but doing your part now to repair and maintain your car will ensure that it remains valuable for much longer. Here are some of the best tips to help you preserve the value of your luxury car!
Watch Your Mileage
The average annual mileage, according to the US Department of Transportation, is around 13,500 miles. To avoid further depreciation of your car’s value, try to keep your miles below this level. Use a different vehicle for those longer trips to protect the integrity of your luxury car. Doing so will make it easier to reach out to quality online car buyers who are looking for low mileage cars to add to their collection.
Repair and Clean the Exterior
If you get in an accident, file an insurance claim as soon as possible and utilize the money to fix the damages to your car. This not only prevents rust and other problems, but it also appears on your VIN record, demonstrating your attentiveness to purchases. Additionally, avoiding dents and scrapes should be your priority. Although they are only superficial, they create a bad first impression and lower your car’s resale value.
Protect Your Car From the Elements
If you have the option to park in a garage, take advantage of it. Extreme cold may wreak havoc on engine components, while too much sun can discolor your car’s bodywork. Do everything you can to preserve the paintjob, including washing and waxing your vehicle on a regular basis to help prevent chips, scratches, and fading. If none of these are an option and your car must remain outside, consider getting an outdoor automotive cover to help provide some protection against the sun and the elements.
Keep the Interior Clean
You shouldn’t eat, drink, or smoke while driving. Not only is it unsafe, but spills, stains, and foul odors can destroy the interior of your automobile and reduce its worth. Vacuum all surfaces, dust the dashboard, and shampoo the carpets at least once a year.
We hope you try these tips to help you preserve the value of your luxury car! If you are looking to get the best price for your car with minimum hassle, be sure to reach out to a quality online car buyer, as they are one of the parties most likely to give you an attractive offer. Otherwise, consider selling to a dealership that specializes in luxury and vintage cars, as they are more likely to appreciate the car’s value in relation to its age or quality when compared with a regular car dealership!