When you decide to sell your car, you often want to get a good price for it. Most drivers know that selling a standard used vehicle often doesn’t yield the same profits as selling a new car.
Vehicles usually lose value over their lifetime of use. Therefore, you want to do everything you can while you own the car so that you get a good value when you decide to sell.
Why Cars Depreciate
Like all commodities, vehicles depreciate in value after use. The vehicle begins to age, and that age eventually begins to deplete the vehicle’s vital systems. For example, engine systems may age and become clogged, the suspension system may become unaligned, HVAC systems may fail, and warning lights may burn out.
Accidents, regardless of their severity, also usually depreciate the vehicle’s value. Even if you have repairs, accidents usually leave invisible scars and paper records. Therefore, it is crucial to always have vehicles repaired completely.
Steps to Maintain Your Car’s Value
No matter how often or how strenuously you use your car, you may be able slow its depreciation. Doing so will help you keep the car in good order and also get a good price when you decide to sell.
- Keep records on your vehicle. This may include accident records, insurance files and even a vehicle history report. Additionally, keep a record of any dates of major maintenance, service and repairs.
- Attempt to keep your vehicle's mileage low. You might do this by using another vehicle, walking or taking public transportation when appropriate. Many vehicles depreciate faster with excessive use. Manufacturers also often place warranties on the car, usually to around 100,000 miles.
- Have a licensed mechanic perform regular vehicle maintenance. This may include diagnostic tests, suspension balances, oil changes, fluid replacement and more. Doing so can help keep the car’s vital systems functioning. Most manufacturers recommend maintenance after a certain number of miles
- If you begin to notice problems in the vehicle, have it inspected sooner rather than later.
How Insurance Can Help Protect a Vehicle’s Value
Most states require drivers to carry at least the minimum levels of car insurance. However, the required coverage may not be enough for every vehicle. Drivers often need to consider the vehicle’s value before getting a policy. Value can help you determine the appropriate collision and comprehensive coverage you need.
Over time, you might be able to adjust the coverage levels as the vehicle’s value decreases. Furthermore, insurance can improve your ability to afford costly repairs to the vehicle. Therefore, you may be able to slow depreciation with adequate repairs.
We’ve got you covered. Call Educators Insurance Agency at 888.908.6822 for more information on an affordable auto insurance policy for MA teachers.