It's a well known fact that a car's value depreciates sharply the moment you drive out of the dealership. While some depreciation is inevitable, it is possible to minimise your losses by following a few tried-and-tested strategies. Here's how to get the highest possible price when it comes time to sell your used car.
The following infographic was put together by the advice blog Property Update. As the accompanying blog post notes, nearly half of all new-car buyers lose around $20,000 of their vehicle's value in the first four years of ownership. Meanwhile, the average resale value for used cares after four years is 44% of the original purchase price. In other words, your car is an expense, not an asset.
With that said, there are a number of effective ways to slow the rate of depreciation. These range from reducing your annual mileage (try walking more - it's good for you!) to keeping your service history up to date. Naturally, it's also important to choose a car with a reliable reputation to begin with.
The graphic below lists the main depreciation factors to be mindful of. It also lists some of the best cars for holding their value. Unfortunately, they're pretty much all luxury cars. You gotta spend money to make money, right?
[Via Property Update]