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9 Things That Increase the Value of Your Car

GOBankingRates Logo By Priscilla Aguilera of GOBankingRates | Slide 1 of 16: The harsh reality of car buying can be described in one word — depreciation. Depreciation is a scary word used to describe your car losing its value over time due to wear and tear. The car experts at Edmunds state that a brand new car loses 11% of its value the moment you drive it off the lot. Although not much “wear and tear” happens from the time you get the keys to driving off the lot, the value of your car is now closer to its wholesale price. After that, your car will depreciate in value by 15% to 25% each year during its first five years. So basically, after those first five years of ownership, your car has lost more than half of its value.
Depreciation will not directly affect you if you plan on driving your car to the grave. You will only be directly affected if you plan on reselling or trading in your car later on. But pampering your car will allow you to keep driving it for years, well past its expiration date, keeping hundreds of dollars in your wallet every month by avoiding a new car payment. Fortunately, whether you decide to part ways with your car or keep driving until the wheels fall off, there are many things you can do to keep your car’s value up over time.

The harsh reality of car buying can be described in one word — depreciation. Depreciation is a scary word used to describe your car losing its value over time due to wear and tear. The car experts at Edmunds state that a brand new car loses 11% of its value the moment you drive it off the lot. Although not much “wear and tear” happens from the time you get the keys to driving off the lot, the value of your car is now closer to its wholesale price. After that, your car will depreciate in value by 15% to 25% each year during its first five years. So basically, after those first five years of ownership, your car has lost more than half of its value.

Depreciation will not directly affect you if you plan on driving your car to the grave. You will only be directly affected if you plan on reselling or trading in your car later on. But pampering your car will allow you to keep driving it for years, well past its expiration date, keeping hundreds of dollars in your wallet every month by avoiding a new car payment. Fortunately, whether you decide to part ways with your car or keep driving until the wheels fall off, there are many things you can do to keep your car’s value up over timeContinue reading in the gallery above.

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