More money in your pocket to put down on your next car!
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Most car buyers plan to keep their cars for at least a few years and it makes good sense to try to keep its resale value as high as possible. Ultimately, it will provide you with more money to put down on your next new car. There are many market forces at play when it comes to resale values of cars, however there are a few measures you can take to maximize the resale value of your car:
Buy the Right Car
There are certain car brands that are known retain its value. Car maker perceptions, desirability and reliability varies over time, but popular vehicle manufacturers such as Toyota, Mercedes Benz, Range Rover, and Ford amongst others have long been known and respected for its ability to retain its second hand value well.
Supply vs. Demand, perceived quality & reliability is the primary driving forces in the used car market and unproven, less popular brands such as GWM, Tata, Chery and other Chinese imports loses its value very rapidly.
Use a good used car guide such as the auto industry standard: ‘Trans-Union Auto Dealers’ Guide’, formerly known as the Mead & McGrouther Auto Dealers’ Guide, to research the resale history of models in which you are interested.