Vehicle ownership is a great privilege but with it comes a lot of responsibility. Owning a car isn’t just climbing behind the wheel and getting where you need to go; you also have to think about maintenance, repairs, cleaning and detailing, insurance, and your monthly payment. One other thing that you should always have in the back of your mind as a vehicle owner is vehicle depreciation.
What is vehicle depreciation?
What is vehicle depreciation? Basically, cars lose value over time. There’s no getting around it - every single car on the market loses value, even N Charlotte Toyotas. In fact, most vehicles lose between 15-30% of their value in their first year of ownership and continue to lose up to 50% of their overall value by the third year.
So, what can you do about vehicle depreciation to ensure you get the most bang for your buck when it’s time to trade in or sell in the future? Check out these 5 things you should know to keep your ride’s value high.
1) You should watch your car’s mileage.
Yes, you bought the car to drive it - we get it. But our N Charlotte Toyota dealership recommends you watch the mileage and avoid unnecessary trips if you can help it. Higher mileage means faster depreciation for a car.
2) You should do research before you settle on a make and model.
Despite the fact that all cars face vehicle depreciation, some makes and models simply hold their value better than others. For example, our N Charlotte Toyotas are renowned throughout the industry for their ability to retain value exceptionally well. Research which makes will offer you that perk before you sign the dotted line.
3) You should buy for your region.
Consider where you live when you buy, too. For example, in places up north where they face winter weather with snow and ice, all-wheel drive is a very desirable feature. However, if you live somewhere like Florida where winter is free of snow and ice, future buyers may not want to shell out extra for a feature like all-wheel drive.
Toyota of N Charlotte wants to help you retain vehicle value
4) You should stay on top of routine auto maintenance.
Routine auto maintenance like oil changes, brake service, batteries, and tire rotations will actually help combat vehicle depreciation. A car that is well-cared for will retain value a lot better than a car that has a spotty service history - who knows what kind of issues a vehicle like that could have?
5) You should consider what future buyers might want from your car.
What do you think future buyers would want out of your car? Fuel efficiency is usually a big factor - obviously people don’t want to break the bank to fill up the tank. Paint color is also a factor; neutral colors tend to hold value best. And smaller, more affordable cars are more desirable than their larger, more expensive counterparts.
Now that you understand vehicle depreciation, you’re ready to shop - call Toyota of N Charlotte today to schedule a test drive at (704) 875-9199!
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