Haven’t Changed Your Oil?: Don’t Wait Any Longer…

It’s a question that many might not even think of, after all, does changing your oil impact the value of your car anyway? YES it does, in a very large way. Have you ever thought about the lifetime value of your car? How about the fact that your car is a steadily depreciating “asset”? We’re going to shed some light on these topics, so we can all be smart car buyers, making us all wealthier in the long term.

Lifetime Value of a Car 
When buying a car, you need to think about the fact that the better you take care of it on a daily basis, the longer your car will last. This may sound obvious, but millions treat their cars horribly in the U.S. alone, and end up paying a high price long term. The first step to this equation is looking at the right car for longevity. Why do people buy Toyota’s so often? It is primarily because they have been proven to last years longer than other car brands. Changing your cars oil is a huge part of the longevity process of your car. If you are neglecting to change your oil on a regular basis then you are likely costing yourself more money in the long term as your car will simply not last. When your engines oil is not at appropriate levels many issues can occur that will impact the health of your car. Stopping by a trusting car shop in your town will help ensure that you are doing everything you can to help your car live up to its potential and keep its value longer. That way when you want to trade in that Toyota for a new Porsche, your old car still looks good on Kelley Blue Book!

A Car Depreciates in Value Each Day
Remember when purchasing a car, that unlike a stock, it is not something that can potentially increase in value each year, but rather it will definitely decline in value everyday. We have all heard the saying “a new car loses half of its value when you drive it off the lot.” While they may not lose half their value necessarily, this proves the point that cars are in fact only depreciating in value. (An exception being a car deemed an antique). This is because the parts of the car only decline in value over time, they do not appreciate. This is the same reason why an IPhone 5 is much cheaper than an IPhone 7.

Why is Changing Oil Important? 
Changing your oil is very important to do, and according to experts, every 3,000 miles or so, or every few months will do the trick. Changing your oil will not cost too much, and will keep your car running smoothly, and allow your car to last much longer on a relative basis.

Do you Need A Car? 
The next question you should ask yourself is whether you truly need a car or not. Maintaining a car (oil changes etc.) can be very expensive over the long term, and it may make sense to simply live closer to work and walk to work or take the train if you can. Although it is such a nice and freeing feel to be able to drive around in a car, it’s a liability from a financial standpoint, so it is something that all of us should consider carefully before making the decision. And if you decide it is the right step for you, please change the oil when recommended. It will keep your wallet healthy long term, and also keep all drivers on the road (including yourself!) safe

Join our newsletter

Get financial tips from a licensed professional directly to your inbox.

Powered by ConvertKit

Speak Your Mind

*