Tips for Retaining Your Car’s Value

It’s no secret that cars tend to depreciate fairly quickly. If you elect to buy a brand new vehicle, you should expect it to lose around 10 percent of its value as soon as you drive off the lot. After one year of ownership, the car will likely be worth about 20 percent less than its purchase price and after 5 years of ownership, the car has long lost over half of its value. 

What most car owners fail to realize is that there are some key ways to help your car retain its value. Time of ownership is not the only factor at play. Here are some value preservation tips from your auto repair experts at Orem Tunex.

1. Choose Your Vehicle Wisely 

Whether you are buying a new or used car, the make and model of your vehicle have a significant bearing on its rate of depreciation. According to Dave Ramsey, here are the 5 vehicles with the lowest 5-year depreciation:

1. Jeep Wrangler (27.3%)
2. Toyota Tacoma (29.5%)
3. Toyota Tundra (37.1%)
4. Nissan Frontier (37.8%)
5. Toyota 4Runner (38.1%)

…and here are the 5 vehicles with the highest 5- year depreciation:

1. Nissan Leaf (71.7%)
2. Chevrolet Volt (71.2%)
3. BMW 7 Series (71.1%)
4. Mercedes-Benz S-Class (69.9%)
5. Ford Fusion Energi (69.4%)

As you can see, there is a significant difference between these two groups of vehicles in terms of depreciation. When you are buying a car, do your research. It can save you a lot of money in the long run. 

2. Be Conscious of Where You Park

A staggering amount of fender benders occur while a vehicle is stationed. For this reason, where and how you park can prove to be very important. Follow these tips and you’ll be better able to avoid disaster: 

1. Drive slowly in the parking lot
2. Aim to center your car in the middle of the two lines
3. Choose a spot where you can pull forward instead of backing out
4. Park away from other cars and poles
5. Be extra careful when leaving your parking spot
6. Be defensive. Don’t let others’ negligence ruin your car.

3. Drive Smart

Of course, mileage is a big determinant of your car’s value, but so is engine health. Although limiting your driving can help you hold onto value, how you drive is even more important. Here are some driving tips that will help you maintain a healthy vehicle:

• No need to punch the gas. Accelerate gradually whenever possible.
• Use your parking brake. Using the emergency or parking brake when parked eases the load of the transmission.
• Don’t ride your brakes downhill. Having a constant foot on the brake puts undue strain on your braking system.
• Avoid large bumps and potholes. Hitting bumps at high speeds can damage your suspension.

4. Maintain the Aesthetic 

Setting some ground rules such as ‘no eating in the car’ can go a long way in keeping your vehicle looking fresh and new. It is also a good idea to wash and wax your exterior frequently— weekly if possible. Fixing scratches, dents and chips as soon as they manifest is also a good practice to adopt. 

6. Keep up with Maintenance 

Although a shiny exterior looks great, it is of little importance if your vehicle is dead on the side of the road. Routine oil changes, tune-ups and inspections will help make sure your car is running as smoothly as possible. At Tunex, we are Orem auto care experts and our experienced mechanics know how best to preserve the life of your engine. If you have any questions about your vehicle or need auto repair/maintenance, bring your car into Tunex. We’d be happy to help you out.