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What Makes a Used Car Lose Value in its Price?

So you've bought a new car, and you want to make sure to take great care of it, so, in the future, you can sell it for a high price. That's a smart idea, since most people buy a new car every three to seven years. And there are some things you can do to make sure your used car doesn’t lose too much value in price over the years.

KEEP GREAT RECORDS: Keep a file folder or envelope for all your car's maintenance records over the years. Include things like oil changes, tire changes, brake pad changes and repairs. If you replace the timing belt, transmission, alternator or other major component in the car, make sure you have a record of that, too.

MAINTAIN IT PROPERLY: Wash and wax your car's exterior regularly. If you have a garage or carport, do your best to keep your car away from the elements like rain and snow. Remember to wash any salt off your car during the winter. Use protective cleansers on the interior to keep the vinyl and leather from fading or cracking. Repair any dents, dings and scratches when they occur to prevent rust.

DRIVE LESS: High miles can make a car's value drop, so do your best to keep mileage to a minimum. Arrange errands so you can do them at one time rather than driving on multiple days. Car pool to work or occasionally use public transportation if possible. Split your driving between two vehicles if that's an option for you.

AVOID "COSMETIC" DAMAGES: The smell of smoke, a cigarette burn in the seat, or a coffee stain on the floor can bring down your car's value. Avoid cosmetic damages like these by banning smoking inside of your car and cleaning any spills immediately. Even things like melted lipstick or muddy feet can leave your vehicle's interior looking dingy and dull.