When you first purchased or leased your car, you probably paid a great deal of attention to it. In fact, you would inspect your shoes every time before you stepped into the vehicle, and you always made sure it was up-to-date on oil changes. As time has moved on, you are less diligent about the upkeep. However, good reasons exist as to why you should return to your earlier, more responsible habits.
Terms of Your Lease Agreement
By signing up for a lease agreement, you are saying that you will abide by certain terms. For example, you might agree to drive your car only a certain amount of miles per year or take your care for oil changes on a regular basis. When you break the terms of the agreement, you could find yourself subjected to financial penalties.
Greater Accident Risk
Failure to take care of your car could mean that you are at greater risk for involvement in an accident. Imagine that your brakes are in poor working condition and the car in front of your stops short; you could slam right into in. A failed engine might leave you suddenly losing power on the entrance ramp to a parkway, and poor tires could cause your car to easily skid across the road. Keeping your car in good condition works against these potentially dangerous and fatal accidents.
Financial Opportunities
A time may come when you need to take out a loan. Loans generally require that you show some sort of financial ability or that you provide collateral. You can, for example, take out a loan against the value of your car. A car title loan can provide you with cash when you need it. However, if you do not keep the car in good shape, then its value is likely lower, which means you cannot take out as much money.
Resale Value
Whether you want to sell your car after only a few years or you keep it for the next decade, a time will likely come when you want to put it on the market. You may also decide that you want to try to sell it back to the dealership. Cars in excellent condition will usually generate more a profit than cars in good condition; cars in good condition usually come with higher price tags that vehicle’s in fair or poor condition. The better condition your car is in, the more money you can make.
Cars as a Down Payment
At the same time that you decide to sell your old vehicle; you may also choose to purchase a new one. You can use your old car to make a down payment on the new one. However, cars that are in bad condition may not reduce the price that you have to pay out-of-pocket too much. The dealership may not even buy the car at all if it is that bad.
Personal Pride
Even if you aren’t thinking about taking out loans or selling your car, keeping the vehicle in good condition gives you a sense of accomplishment and pride. Knowing that you kept the car in such good shape is a feat.
When you take the time to keep your car in nice shape, then you have some financial and personal benefits that you can gain.