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Does My New Car Really Depreciate When I Drive It Off The Lot?

Does My New Car Really Depreciate When I Drive It Off The Lot? Buying a new car is an exciting time for most people, but it can also be a bit stressful.  Often, potential car buyers wonder if their new car will significantly depreciate the moment it is driven off the car lot.

The short answer is, generally, yes.  A new car technically is not new anymore the moment you take possession and drive it home.  As a result, your new car becomes a used car.  There is no way to revert back to “new”  status. 

There is a general rule in the industry that states that a car will depreciate approximately 20 percent of its value each year.  There are exceptions, of course, and a few highly sought-after cars can actually increase in value as the demand for them exceeds supply.   On the other hand, a car with a bad reputation for quality and excessive maintenance might depreciate faster than the norm.  It’s important to do your homework to make sure that your selected car’s reputation among other buyers is competitive in the marketplace.

There are a few simple things that you can do to help keep your car’s value as high as possible.

  • Have proper maintenance performed.  Make sure you follow the manual’s scheduled maintenance, particularly during a new car warranty period.
  • Keep your service records.
  • If possible, garage your car or use a car cover when parked for an extended period.
  • Keep your car’s exterior clean and interior vacuumed and uncluttered.
  • Don’t ignore problems initially that might grow into more substantial ones down the road.

There are many elements that go into keeping your car’s value as high as possible.  Service after the sale is an integral part of car ownership.  Taking your car to the specialized mechanics at NYE Automotive Group is your assurance that your car is receiving the most professional and qualified service available.  It’s the kind of investment that pays dividends when you consider selling or trading your car and want the best possible price you can obtain.

 

Photo courtesy of shutterstock.com.

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