All new cars gradually depreciate. This goes for all Toyota models, too. The good news is that you can keep depreciation to a minimum, and we are happy to show you how; the tips apply to both car owners and car buyers.
Maintain the Car
The benefits of maintaining your car are twofold: it keeps the car running optimally, and it also keeps its value from dipping. After all, a car with extensive transmission wear, for example, is going to be worth less since it’s going to require extensive repairs or rebuild. Apart from maintenance, you should also address cosmetic wear. Factors like a paint scratch or rip in the upholstery will have an adverse impact on depreciation.
Inquire About Tax Incentives
Speak with your accountant whether you’re eligible for traveling-related tax deductions. If you use your car for business purposes, it’s possible that you may be able to deduct a portion of the vehicle’s depreciation on your next tax return.
Buy a Car with a High Resale Value
Cars that are high in demand as a pre-owned vehicle can sell at a price closer to its value when it’s new. The Toyota Camry is one example of a car with a high resale value and known for a slower rate of depreciation. The midsize sedan, in fact, made the Kelley Blue Book’s list of 2021 Best Resale Value in the car segment. The Toyota RAV4 Hybrid made the same list in the electric vehicle segment. Resale value is definitely a factor to consider for car buyers.
Visit Heritage Toyota Catonsville to see our inventory of cars with good resale value. If you’re an existing Toyota car owner, get your car serviced at our service department. This will keep depreciation to a minimum.
