Buying a new car is exciting, the trouble is, cars start to lose value quickly. There’s nothing more dissatisfying than losing money on a vehicle. To help you reduce the depreciation on your car, check out these five tips.
1 . Research slow depreciating cars
The bad news is that all cars start to lose value the moment that you start driving them. Fortunately, some cars retain values better than other models. By choosing a slow depreciating car, you can avoid losing money.
According to What Car, some of the slowest depreciating vehicles include the Porsche Cayenne, the Tesla Model 3 and the Alpine A110. It’s important to conduct your own research, (as the slowest depreciating cars will change each year).
2. Buy a used car
Buying a new car can be pretty expensive, when the car loses value, that’s money that you’ll never see back. If you buy a used car, much of the depreciation will have taken place. What this means is, you’ll get the vehicle for cheaper, and the depreciation hit won’t affect you so much. When you’re buying a used car, here are a few things to remember:
- Test drive the vehicle to ensure that you’re happy with the driving experience.
- Check the history of the car including all repairs and damages.
- Research the market price of the car you’re looking for.
- Check reviews and testimonials on the car dealership.
3. Keep the mileage low
Keeping the mileage low is another way to reduce the depreciation on your vehicle. If you come to sell your car in the future, you’ll be able to get a better price. Keeping the mileage down is also a great way to go green. For other ways to reduce your carbon footprint, consider driving a hybrid or an electric vehicle.
4. Maintain your vehicle
To reduce the depreciation on your vehicle, you’ve got to ensure that you keep your car in great condition. Book in regular service checks, and keep on top of all repairs. There are several apps that can help you to manage your car services including Autoist and Car Minder. To protect the paint work on your car it’s worth looking into ceramic coating or paint protection film. Paint Protection Film Vs Ceramic Coating is a topic that car enthusiasts often debate. Both have pros and cons so it’s best to carry out research.
5. Drive cautiously
Simply put, if you don’t drive carefully you’ve got more chance of being in an accident. Reckless driving puts you and others in danger, plus you could end up with costly repairs. You might consider taking a defensive driving course, to improve your safe driving habits. These courses can help you to become a better driver and reduce your insurance premiums.
When you take good care of your vehicle, you’ll keep your car looking new. Reducing the depreciation on your vehicle will help you to save money in the long run.
