If you're in the market for a new car, then one thing you'll want to be aware of is that brand new cars are the most prone to depreciation (a reduction in value), especially over the first few years of ownership. In fact, your vehicle's value will depreciate the second you drive it off the lot. Still, if you're set on buying new instead of used, then there are a few steps you can take to slow down depreciation of your new car and maintain its value for as long as possible.
Be Mindful About What You Buy
Slowing down depreciation starts before you even make a purchase. It's a simple fact that some cars depreciate more than others, so do your research on the car makes and models that are known for maintaining their value as much as possible and buy accordingly. It helps to think about the future target buyer for your vehicle; for example, a car that comes in a well-liked, neutral color and is fuel-efficient is going to have higher resale demand than a bright pink, gas-guzzling truck. You can also talk to a professional dealer like Western Avenue Nissan about which cars will retain value longer.
Negotiate for a Fair Price
Another important aspect of reducing depreciation in your car before you even drive it off the lot is to make sure you get it for a fair price. After all, the more you pay above the dealer's original purchase price for the vehicle, the greater the loss you'll incur as the car depreciates over time. Be sure to follow some tried-and-true negotiation tips to ensure you get a fair price on your vehicle.
Keep Detailed Service Records
Once you have the keys to your vehicle, one of the best things you can do to slow down depreciation is simply to take good care of your car. This means bringing it in for regular oil changes, replacing the tires as needed, and following all other maintenance recommendations. And be sure to keep detailed records and receipts for all work you have done on your car; this will help you get top dollar when the time comes to sell or trade it in.
Try to Keep the Mileage Low
Finally, because today's buyers tend to prefer used cars with low mileage, you'll also want to do what you can to keep the mileage down on your new car, which you can do by car-pooling or taking public transportation from time to time. In some cases, this might simply not be possible, but it is worth exploring methods to reduce mileage on your new car.