by Jessica Odom
VehicleMD Staff Writer
Originally published in Summer 2010 Issue

You balance your checkbook, don't you? Of course! That's how you keep track of what condition your finances are in.

But have you ever thought about keeping a ledger to tell you the condition of your car? Maybe not, but it makes sense because your car is likely one of the largest financial investments you'll ever make. Here, we'll break it down so you understand exactly what you should do.

It's simple—any and all maintenance records, including services like oil changes and tire rotations, should be kept for each of your vehicles.

You may even choose to keep gas receipts, too. Fuel records will help you better understand your vehicle's fuel economy and will give a potential buyer an idea of what to expect when you are ready to sell your car.

Preventative maintenance records should be kept for your vehicle from the very first to the very last day of ownership, if possible. (Even if you don't have any records on your vehicle, now is the perfect time to start!) Plus, it only takes a few minutes each week to maintain your records.

Keeping preventative maintenance records on your vehicle will be a big help if you decide to sell it. This data can help increase your car's resale value, and can help you sell it faster.

Just like your checkbook, you should keep your vehicle records in a safe place. But as long as you can get to your records quickly and easily when a maintenance question arises, the method doesn't really matter.

One of the easiest methods for keeping these records is with your computer. While there are applications you can buy that will help, it's even easier with websites that are set up specifically to help you record your car's maintenance history, among other things.

"Because it's online, the data is always backed up and always available," said Steve Eppinger, president of Ownersite Technologies, an online automotive history recording firm. "Beyond the recordkeeping, we can provide detailed reports on expenses and costs, fuel economy, cost per mile, etc."

Records can be as detailed or as concise as you want to make them, and many services like Ownersite.com will allow you to customize your data (i.e. choosing liters per kilometer versus miles per gallon; tracking kilometers instead of miles, etc.).

Plus, with many online options you can select the option to be reminded whenever your car needs service based on the service intervals recommended by your owners manual. No more guessing if you need the service—now, you'll know!

If you drive a company car, keeping track of mileage and maintenance records is critical. Just ask the IRS. By keeping the data online, you can compile a complete list of business expenses related to the car, making your quarterly or annual expense reports a breeze.

You can even access sites like Ownersite.com via wireless devices, meaning you can record your car's critical maintenance history from anywhere. Plus, you'll know the data is always safe, because it's online and backed up.

In the end, keeping a careful record of your car and its associated expenses can be a big help when it comes to maintaining a healthy car.