Maintaining Your Car’s Value - NYCM Insurance Blog

Find an Agent

Home Top Ad

Responsive Ads Here

Apr 30, 2019

Maintaining Your Car’s Value

Unfortunately, it is not a myth that your car depreciates in value the moment it is driven away from the dealership.  While there is no way to completely prevent your car from losing its value – there are some ways in which you can control the rate at which it depreciates. 

Take care of your car:

Nothing beats that “new car” scent and fresh feel.  Keeping the car as clean as possible inside and outside, will prove to future buyers that the car was well-cared for.  Avoid smoking in your vehicle. The smell of smoke is very hard to get out of the upholstery.  Smoking also increases the chance of accidentally burning holes in your vehicle’s interior.

On the outside, washing your car regularly can help preserve the body and the cosmetic exterior of the vehicle.  Regular washes prevent rust and paint chipping.  Dirt tends to build up in wheel wells, tires, rims and lights.  Keeping them free of this build up will help to maintain them and make them last longer.  Find helpful car wash hacks here. 

Dents, scratches and minor rust spots:

It’s highly unlikely that your vehicle will retain a perfect exterior while you own it.  Whether someone opens their door and hits your vehicle, backs into you or you hit a curb – scratches and dents are extremely common.  When you begin thinking of re-selling your vehicle, it may be worth it to pay for these repairs. *Helpful tip* Paying for these repairs when they first happen will likely be cheaper than waiting until it’s time to sell the vehicle.  Scratches and rust spots can worsen quickly, so get them fixed right away and save money in the long run.

Keep a record:

While it is not required, keeping a file of your cars maintenance records will be helpful for future buyers.  This record will show them that the car was maintained regularly and cared for – especially if it is all done by the same service location/repair shop.  

Choose the right vehicle:

Do your research.  Some cars are worth more than others, some maintain their value, and some depreciate rather quickly.  Choosing a vehicle that has a high re-sale value will be worth it when it comes time to sell it in the future.  Take time to figure out what fits your lifestyle best.