When it comes to owning a vehicle, most people know their car won’t keep its value forever. However, how fast that value drops often comes as a surprise. Whether you’re planning to sell soon or just want to protect your investment, it helps to understand what causes car depreciation and what you can do about it.
What Is Car Depreciation?
Depreciation is how much your car drops in value over time. The second a car drives off the lot, the vehicle is worth less than it was just moments earlier. In fact, most cars lose about 20% of their value in the first year alone and up to 60% within five years. It’s a natural part of ownership, but that doesn’t mean you can’t slow it down.
Top Reasons Why Cars Lose Value
- Age and Mileage: The older a vehicle is and the more miles it has, the less it’s usually worth.
- Accident History: Even minor accidents can lower resale value, especially if repairs weren’t done properly.
- Poor Maintenance: Skipping regular car service or ignoring small issues can lead to big drops in value over time.
- Outdated Features: Cars without modern tech like backup cameras or Bluetooth often appeal less to buyers.
- Market Demand: Some models just don’t hold their value well, depending on trends and demand.
5 Ways to Improve Your Used Car’s Resale Value
While you can’t stop depreciation completely, you can slow it down by doing a few smart things:
- Keep up with regular maintenance – oil changes, tire rotations, brake checks.
- Wash and vacuum often to protect both the paint and the interior.
- Skip the wild mods – stick with stock parts and features when possible.
- If you’re not using your car for long stretches, store it in a garage or covered area.
- Avoid rough driving habits like hard braking or fast cornering – they wear out your car faster.
Getting the Most When It’s Time to Sell Your Car
Don’t let car depreciation cost you more than it has to. At Ken Ganley Buying Center, we make it easy to get a real offer with zero pressure. Get a no-hassle appraisal today from the comfort of your home, or contact our team online or at (330) 427-3656 for any additional questions. We’ll get you fast answers and fair value for your vehicle.
Car Depreciation – Frequently Asked Questions (FAQs)
What car features help keep resale value high?
Tech and safety features like airbags and anti-lock brakes, advanced driver-assist technology, navigation, and high-performance engines tend to help, along with good maintenance.
Do modifications reduce car value?
Yes. Most customizations appeal to a small group and can lower your car’s resale value and shrink your buyer pool.
How much is my car worth right now?
That depends on your car’s age, mileage, condition, and market demand. A quick appraisal can tell you.
