What are the Best Ways to Preserve a Car's Value?

You’ve heard it—vehicles depreciate significantly the moment you drive them off the lot. And we hate to be the breakers of bad news, but it’s true. A recent article from Ramsey Solutions says that the immediate depreciation of a brand-new car is about 9%. But unfortunately, that’s not where our bad news ends. After just one year, your car will have a value of 20% less than what you paid. And after a year? Let’s just say the numbers aren’t pretty.

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This isn’t to say, however, that you shouldn’t purchase a new car if you have the desire and financial means to do so. There are plenty of benefits to justify the purchase. But once you have that car in your possession, you must do everything you can to preserve its value. 

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Let’s discuss how you can keep your car’s value as high as possible.

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Perform Regular Maintenance on Your Car 

One of the worst things you can do for your automobile is to overlook necessary maintenance. Car ownership comes with some responsibilities, and aside from safe and responsible driving, it's all about taking care of your car to keep it safe on the road. 

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Here are some tips from the RateWorks team on what you need to do.

• Scheduled Services: Regularly scheduled services are a must for keeping your car in optimal condition and maintaining its value over time.
• Oil Changes: Regular oil changes are a must in maintaining engine health. Change your oil per the manufacturer's recommendations.
• Fluid Checks and Changes: Regularly check and change fluids like brake fluid, coolant, and transmission fluid. Keeping these fluids at proper levels and fresh will help your car's systems operate correctly and extend the life of various components.
• Tire Maintenance: Proper tire maintenance, including rotation and alignment, can significantly impact your car’s value. Regularly rotating your tires helps with even wear, while alignment checks help maintain proper handling and lengthen lifespan.

Preserve Your Car’s Interior

Next up is protecting your car’s interior. Many people mistakenly believe that the interior isn’t as important as the exterior. But that’s simply not the case. How well you care for the inside of your car can be a big reflection of how well you care for your car overall. This can be a determining factor for buyers if and when you decide to sell your car.

Here’s what you need to do:

• Regular Washing: Wash your car’s interior regularly to remove dirt, salt, and other contaminants that can get dragged inside. 
• Waxing: Wax your car periodically to protect the paint and maintain its shine. The wax acts as a barrier against environmental elements.
• Interior Cleaning: Clean the interior regularly to prevent wear and tear. Vacuum carpets, wipe down surfaces, and clean the windows to keep the interior looking fresh.
• Avoiding Spills and Stains: Use travel containers to prevent spills and clean up any messes to avoid stains and odors. As an added tip, avoid the urge to eat in your car as not only does this increase the risk of accidents, but it is also a sure-fire way to add messes to the inside of your car.
• Managing Pet Hair: Stay on top of pet hair by using seat covers and regularly vacuuming to keep your car clean and allergen-free.

Protect Your Car’s Exterior

Think of your car’s exterior like you would your home's curb appeal. The condition of your car’s exterior makes a statement about you, your own cleanliness, and the pride you have—or don’t have—in car ownership.

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Here’s what to do.

• Parking Considerations: Park in shaded or covered areas to protect your car from sun damage. Prolonged exposure to the sun can fade paint and cause interior damage.
• Using Car Covers: Use car covers to protect your vehicle when parked outside for extended periods.
• Minor Repairs: Promptly fix minor dents, scratches, and chips to prevent rust and further damage. 
• Protective Films: Apply protective films and coatings to safeguard your car’s paint. These films provide extra protection against scratches, chips, and environmental damage.
• Exterior Washes: Wash your car's exterior regularly—at least once every two weeks—to remove dirt, grime, and contaminants. Consistent washing helps maintain the paint’s integrity and keeps your car looking new.

Keep Detailed Documentation and Records

Don't toss those receipts to the wayside when you have service work done on your car. Maintaining detailed documentation and records of your car’s maintenance history can help preserve its value. Proper records demonstrate to potential buyers that the car has been well cared for, which means you can get more money when you sell it.

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Here’s what to do.

• Keeping Service Records: Maintain a comprehensive record of all services and repairs. This helps track what has been done and proves to buyers that the car has been properly maintained.
• Using Digital Records: Utilize digital tools or apps to keep track of maintenance schedules and service history. Digital records are easily accessible and can be shared with potential buyers.
• Organizing Receipts and Warranties: Organize all receipts and warranty documents in an accessible manner. Keeping these documents orderly will help you quickly find them when needed and provide proof of services and warranty coverage.

Be Smart About Customizations or Upgrades

Last but not least, be mindful of the upgrades and customizations you put into your vehicle. We can’t emphasize this enough—some things can add value, and others can subtract value, and what might look good to you might not look good to others.

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Here’s what we suggest you keep in mind.

• Choosing Resale-Friendly Upgrades: Opt for upgrades that are likely to add value to your car, such as advanced safety features, quality audio systems, or enhanced navigation systems. Avoid modifications that are too niche or might not appeal to a broad audience.
• OEM Parts vs. Aftermarket Parts: Understand the difference between OEM (Original Equipment Manufacturer) parts and aftermarket parts. It’s generally best to use OEM parts for significant repairs as they are designed for your vehicle and often hold more value to buyers.
• Avoiding Over-Customization: Steer clear of overly personal or extreme customizations that may not appeal to future buyers. Keep customizations tasteful and consider their impact on the car's resale value.

Refinance Your Car with RateWorks

If you have preserved your car by following the recommendations we shared with you, it might be best to hold on to your car for a while longer instead of selling it. And if you are still paying on a loan, you might want to consider refinancing to lower your interest rate or monthly payments. 

RateWorks offers auto refinancing for car enthusiasts. Ready to get started? Get a free quote today.