While your new car is an excellent piece of machinery, it will start to lose value as soon as you drive it off the lot. Here are some tips to help you preserve your investment and keep your car in top condition.
1. Keep up with Routine Maintenance
This is one of the most important things you can do to preserve the value of your car. Routine maintenance includes changing the oil, checking the fluid levels, and rotating the tires. All of these things help keep your vehicle running smoothly and prevent any costly repairs down the road.
During these check-ups, pay attention to detail. For example, if the mechanic tells you that something needs fixing, don’t wait until it’s a significant issue. Addressing these minor problems as they come up will help keep your car in good condition and preserve its value.
2. Avoid Driving in Bad Weather
Storms and other bad weather can do a lot of damage to your car. Driving in these conditions can cause the vehicle to rust, the windshield to crack, and more. If you can avoid driving in bad weather, you’ll help keep your car in good condition.
Driving in bad weather can also lead to accidents, damage your car and decrease its value. If you have to travel in bad weather, make sure to take it slow and be careful.
3. Park In a Garage or Covered Parking Spot
If you can, try to store your car in a garage or covered parking spot. A car cover is a great way to protect your car from the elements. It can keep the car from rusting, getting scratched, or becoming dirty. Car covers are also a great way to protect the interior of your car from sun damage.
Avoid parking under trees or on hills, as this can lead to scratches and dents. Try to park in a well-lit area where there’s less chance of it being hit by another car or being vandalized.
4. Watch the Mileage
The average yearly mileage in the United States is around 13,500 miles, according to the US Department of Transportation. Keep your mileage within this number to avoid additional depreciation of your vehicle’s value.
Keeping your car’s mileage down requires you to be shrewd. For instance, if someone else can drive you to work, let them. You can also combine trips or use public transportation when possible. For long trips, you can rent a car instead of driving yours.
5. Avoid Mods and Customizations
Adding aftermarket parts to your car can be a great way to customize it and make it your own. However, adding mods or customizations to your automobile can decrease its value. These alterations are often irreversible and can be challenging to sell or trade-in. If you’re not planning on keeping your car for a long time, then it’s okay to add some mods. But if you want to preserve the value of your new vehicle, avoid making any significant changes.
According to Lantern by SoFi, refinancing auto loans can be a great way to preserve the value of your car. If you have a good credit score, refinancing can help you get a lower interest rate and save money on your monthly payments. This allows you to keep more money in your pocket and helps maintain the value of your car. Overall, preserving the value of your new vehicle requires a proactive approach.