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Thats $3,240 on a $36,000 car.
By year six, your vehicle will lose about 60% of its original value.
Read on for his top three recommendations for reducing your cars depreciation rate.
Also here aresix specific cars that are plummeting in value.
3 Tips for Reducing Your Cars Depreciation
A car is a significant investment.
These tips can help ensure you recoup as much money as possible when you sell.
The average driver puts 12,000 to 15,000 miles on their vehicle annually.
So, driving your car less than 12,000 miles a year can help retain more of its value.
Additionally, mileage increases a cars depreciation after the odometer surpasses 60,000 miles.
Beyond 100,000 miles, mileage can cause asignificant value drop.
To keep mileage in check, Kamel recommended consolidating errands into one weekly trip and carpooling to work.
Walking, biking or public transit can also keep your cars mileage low.
Kamel said, Its the little things that make a big difference when it comes to car maintenance.
Consider the impact of a simple oil change.
By year six, many cars lose 50% to 60% of their original value.
Consumer Reports recommends buying a certified pre-owned car to split the difference between new and used.
These cars are often three-year lease returns that come with extended warranties.
Kamel also advises doing some research before buying [1].
Some car makes and models hold their value better than others.
However, they can also help you save on ownership costs.
Regular maintenance can help prevent costly repairs that may result when you forgo your car manufacturersrecommended service tasks.
Consider again the example of regular oil changes.
Thats assuming you buy a used engine.
Finally, buying used rather than new often means a shorter loan term, saving you on loan interest.
If you really want to save, take Kamels advice and buy agently used carwith cash.
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