4 Things To Consider About Vehicle Depreciation
Fight vehicle depreciation with our tips
Do you know what vehicle depreciation is and how it affects you as a vehicle owner? If you’re not familiar with the concept, Toyota of N Charlotte is here to help. We want to help you make a responsible buying decision but ALSO be a responsible car owner, and a big part of that is understanding what depreciation is and how to slow it.
Toyota of N Charlotte explains this concept of car ownership
Vehicle depreciation is the concept that over time, your car loses value. It’s inevitable; as soon as a car drives off the dealership lot, its value starts to drop. In fact, most vehicles lose between 15-30% of their value in the first year of ownership and up to 50% of their value in the first three years. That’s why it’s important to understand how you can combat vehicle depreciation, and Toyota of N Charlotte is here with tips.
Tip #1: Do research on makes and models before you buy.
Some makes and models – like our N Charlotte Toyotas – hold their value much better than others. Do research before you test drive to see which options will fight vehicle depreciation on their own without you even having to do any legwork.
Tip #2: Consider the region you live in.
Where do you live in the country? Will your vehicle be a desirable option there? Think about features – for example, a convertible car might be a more popular option in sunny, warm regions of the US. Conversely, vehicles with all-wheel drive are usually more popular in cold climates where winter weather means ice and snow.
Tip #3: Think about possible future buyers.
Besides your region, think about features that future buyers may want. Fuel efficiency is usually a big lure to potential buyers, and paint color can also play a part (neutral colors tend to sell a lot better than bright or two-toned schemes). You should also consider the fact that smaller, more affordable cars are more wanted than larger, more expensive options.
Keep your car’s value high with these tips
Tip #4: Watch your mileage.
It’s important to keep an eye on your car’s mileage. You bought your N Charlotte Toyota to drive it, but you don’t want to tack on unnecessary mileage because higher mileage means faster vehicle depreciation. Cut out trips that aren’t necessary and if need be, consider carpooling.
Tip #5: Stick to a routine car care schedule.
Sticking to a car care schedule can make a big impact on reducing vehicle depreciation. You’ll want to make routine appointments for things like oil changes, tire rotations, brake service, battery service, etc. A well-cared for car is more reliable and thus more desirable to potential future buyers. Also, be sure to nip repairs in the bud as soon as they develop as to avoid bigger and more expensive problems in the future.
Now that you understand vehicle depreciation, it’s time to get shopping and possibly trade in… so why not make Toyota of N Charlotte your first stop? We’re open seven days a week at 13429 Statesville Road, just off I-77 at exit 23.