Nov 8, 2022
6 min. read
Buying a new car? How exciting! There’s so much to consider before making your choice. Which car brand, model and colour will you choose? Have you considered what make of car holds the best value and depreciates the least? After all, eventually, you’ll trade your car in for a newer one. Knowing how to maintain your car’s resale value will help maximize the price you receive for it in the future. Here are some tips on how to maintain the value of your car.
Know which vehicles and what colours have higher resale value.
If you’re buying a car, consult this trusted source before you make your decision. Search by make and model to see what you can expect to get when trading your car in at the dealer or selling it yourself. You can browse through used and new vehicle prices as well, to check that you’re paying a fair price on your new or used car. Another option is to enter your vehicle details into the Carfax Canada Value Range estimator to see what it’s currently worth. Don’t forget, your vehicle colour can impact its resale value too, so that unique colour may not be the smartest choice.
Maximize your car’s resale value by having it serviced regularly.
Whether you’re buying a new car or are looking for ways to help maximize the resale value of your current one, regular oil changes, tire rotations and brake maintenance can go a long way. It’s important to find an auto mechanic you can trust for your service needs. Luckily, CAA does the legwork for you: just look for a CAA Approved Auto Repair Facility near you. These facilities deliver guaranteed quality service for fair prices.
A well-maintained car exterior can help boost your car’s value.
Accident-free cars can command higher prices than repaired ones, proving that safe driving can reap nice financial rewards. So can a rust-free exterior. If you’re a CAA Member, enjoy savings on rust control applications and products from Krown. Lastly, park away from other cars to minimize accidental door dings, which can lead to a decreased resale value.
Hold the value of your car by keeping your car clean.
Make it a habit to clean your car regularly. CAA sells all kinds of products to clean your car interior, and if you’re a CAA Member you’ll enjoy everyday savings on many of these. Also, refrain from smoking in your car; that odour will permeate the carpet and seats and be next to impossible to remove.
Keeping your mileage down can maximize your car’s resale value.
Cars with higher odometer readings tend to have lower resale values. So, if you can, try not to rack up your mileage. Any decreases in driving distances should be reflected on your auto insurance policy. For instance, if you’re driving less than 12km each year, you might be better off with CAA MyPace®. Canada’s only pay-as-you-go auto insurance payment program could save you money, so it may be well worth looking into.
Putting a little effort into the care of your car now can help make a difference in your car’s value down the road. If you want to get a little payback from your car right now, take a look at your auto insurance policy. CAA Auto Insurance offers complimentary policy reviews to see if you have the right coverage at the best possible price. This service is available to all drivers – you don’t have to be a CAA Member or have CAA Auto insurance to get a review. Just think: you may be able to put money in your pocket now through insurance savings and down the road when you sell your car.
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