English
SpanishHow to Track the Depreciation of Your Vehicle
Whether new or used, buying a car is a huge investment. Like any investment, most of us prefer to lose as little as possible. So, how can you keep track of your car’s depreciation rate and avoid losing your shirt? Our Indy Car Financing experts put together a few facts about depreciation and how to get the best deal when buying new or used cars around Indianapolis.
Keep Tabs on Your Car’s Depreciation Rate
If you’re interested in keeping track of how your vehicle is depreciating, there are tools that allow you to do that easily. Online car depreciation calculators allow you to track the car depreciation rate for your particular vehicle in the Indianapolis area. While they are pretty accurate, do make sure to leave room for error and do additional research.
Your local library or book store should also stock annual listings of your car’ values—the most popular listing being the Kelley Blue Book. You can cross reference your vehicle with its mileage and condition and get a pretty good idea of its worth.
Steps You Can Take to Slow Down You Car’s Rate of Depreciation
If you’re concerned about losing money on your current or future car purchase, there are a few ways to limit losses due to depreciation:
- Take Care of It: The first, and most obvious way to slow down the depreciation of your car is to take care of it. Cars that are well-maintained and kept clean are easier to sell than cars that are dirty, misused, or obviously damaged.
- Buy Used: Since new cars lose as much as 11-percent of their value as soon as you drive them off the lot, buying used can save you. In fact, the older a car is, the more slowly its value depreciates.
- Keep it: The longer you keep your car, the more value you receive from it and the less depreciation matters. After 10 years, depreciation almost stops.
Indy Car Financing Can Help You Calculate the Depreciation Rate of Your Car and Save You Money.
For more money saving tips and access to competitive auto financing rates in the Indianapolis area, contact Indy Car Financing online or at (855) 468-6215. Otherwise, come see us at Andy Mohr Speedway Chevrolet, located at 5252 W 38th St in Indianapolis.