The car you drive says a lot about you. Maybe you’ve chosen a make and model that would make your teenage self feel alive, or perhaps circumstances insist that you sport a sedan or minivan. Regardless of whether you own a coupe or an SUV, however, it’s important to maintain the value of your vehicle.
The trouble is that while many assets may appreciate over time, cars and trucks tend to drop in value as soon as you purchase them. Drive it off the lot and it’s already worth less than what you paid for it. That’s the reality of owning a vehicle. While the amounts may vary depending on the model, a car may lose about 30% of its value during the first three years of ownership and about 50% of its value after that. However, a number of factors can affect a car’s depreciation rate, and it’s smart to address these issues early regardless of when you plan to sell your vehicle.
Whenever you decide to sell the car, it’ll be incredibly helpful to have plenty of documentation on hand. Keep all of the paperwork related to your vehicle, including records of maintenance and repairs. It can demonstrate that you’ve taken good care of the automobile and could help maintain a higher resale value. To learn more about how to keep your car’s resale value high, check out the accompanying resource.