When you buy a new or used car, you’ll often hear people telling you how it will lose its value as soon as it leaves the garage forecourt. Unfortunately, this is true, and the effects of depreciation are an unavoidable part of owning a vehicle.
It’s not all doom and gloom however, as while you can’t stop this from happening you can certainly work to slow the process down and help your car retain more of its value. Read on to find out the suggested ways to help in the battle against depreciation.
Choose The Right Car
The first thing to do is invest in a car which is known for its longevity. Naturally, this depends on the type and size of car you want in the first place, but long-established brands and manufacturers such as Ford and BMW have withstood the test of time for a reason.
If you’re buying second hand you should take into consideration the mileage, the car’s age, vehicle history and you should read up about the reliability of the models you’re interested in.
Drive It Sensibly
Next comes the physical act of driving the car around. Needless to say really but if you’re thrashing the engine, cornering aggressively and braking hard you’re not doing your car much good. Avoid doing this and drive in a more conservative fashion, keeping your revs low and your control steady. This will help to avoid costly wear and tear.
Look After It
Along with how you drive, you should also look after your car by maintaining it and ensuring it gets an annual service. In this helpful post you can find other detailed examples of different ways and means you can look after your car.
So remember that whilst depreciation is unavoidable with cars (they are by very nature a depreciating assets), it doesn’t mean that there aren’t steps that you can take to make your car last you much longer and slow down those depreciation rates.