You’ve probably heard the term “depreciation” in reference to vehicles, but do you know exactly what it means? According to automotive experts, a new car’s value decreases by more than 10 percent as soon as it's driven off the dealership lot, and it will drop a total of 60 percent in the first five years of ownership.
This loss of value over time is known as depreciation. The good news is that depreciation on Honda cars can be minimized by taking a few steps. Here are some tips from the dealers at Hall Honda Virginia Beach.
Keep Up With Maintenance
It’s likely that you’ll be able to get a better resale value for your car if you keep it in good shape, inside and out. This involves getting preventative maintenance at our Honda service center at least twice per year, and following the recommended maintenance schedule that you’ll find in your car’s owner’s manual.
Buy a High-Resale Model
The good news about Honda cars is that they typically have high resale values on the used car market. Some studies even claim that midsize sedans lose more than 5.5 percentage points more value than compact crossovers.
Consider Used Cars
The majority of depreciation occurs during the first few years of ownership, a fact that makes used cars an attractive choice. If you buy a car that’s three or four years old, you’ll still have some of the same features that you’ll find in a new model, and somebody else has paid off much of the depreciation for you.
Here at Hall Honda Virginia Beach, we have a wide selection of used Honda cars, SUVs, and trucks. Stop by today to browse.
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