Your car might be a depreciating asset, but it still has value. Protecting and safeguarding this value will ensure you get the most significant resale value and ongoing value out of your vehicle. (Image Credit: Olav Tvedt/Unsplash)
How to Get Value Back from Your Car
Selling It
The obvious way to get value back from your vehicle is to sell it, but this can take time, and you may not get a good deal.
Trading It In
If you have a new(ish) car and are looking to upgrade, then trade your vehicle in. You can often negotiate a better trade-in deal than you can a cash-value sum.
Title Loans
Another reason to keep your car in good condition is that it can be used to secure you a loan when you are in a pinch. The better condition your vehicle, the more money you can take out. Just be sure you know what happens if you don’t pay a title loan back and are fully aware of all the conditions of your loan before you sign your vehicle away. Your car, after all, will be used as collateral to your loan and will be held off-site until it is paid off.
In exchange, you don’t need a good credit score and can get money fast and quick but do go over a few guides and advice before you sign just any title loan.
Save Money on Your Vehicle Up Front
There are two ways to save money on your vehicle. You can do it by cutting down on the up-front costs, or you can do it by stretching out the use of your vehicle over time.
How to Choose a Vehicle Whose Value Lasts
All vehicles age and break down, but some are fixable, and because of that fact, their value endures. Just look at the muscle cars and the classics from a few decades ago. Kept in good condition by a mechanic, and they drive wonderfully.
A new, state-of-the-art vehicle? Even a small tap on your rear bumper can break the computer and write it off.
Tips to Save Money
If you want a good, functional vehicle, then it’s best to look in the used section. Many vehicles are one or two years old that have little to no mileage and significant savings to be had.
Alternatively, you could simply shop at the right time. If a car salesperson hasn’t met their quota for the quarter, they might sell you a car for cheap.
Keep Your Car in Good Condition
You need to keep your vehicle in excellent condition to prolong its value and its lifespan. Take it in for regular maintenance on schedule, and work to keep it clean. You can’t even imagine the damage that road salt can have on your vehicle.
Your beloved car is a life tool. It ferries you to where you want to go, it can act as an emergency shelter in times of need, and it can even help you get the cash you need in a pinch. Take care of it, and you’ll see more value out of it.
