Most people will think this is a waste of time and effort, but my 15 year old MB puts 5 year old cars to shame for underside condition.
First thing to do is give that underside (and underbonnet lower body avoiding electrics as much as poss) a good wash, hose out the wheelarches and in all nooks and crannies you can get to, get rid of the salty crud that will be lying all round. Give the brake calipers and near suspension parts a good wash off too, and a good hose down of the radiator and front end, and dont forget the tail end of the exhaust either, this should be done every spring, but only a handful of people do it, and the rest winge when their brakes seize up.
When dry jack it up, have the wheels off, thorough inspection of everything in sight, if you are so minded remove pads, lubricate the pistons with brake grease, and the back of the pads with coppaslip, also lubricate any sliding parts of the calipers, and handbrake cables/pivots etc.
Check brake pipes for corrosion, there shouldn't be any but exposed ones likely to suffer could do with a wipe of grease.
If the calipers themselves are starting to corrode, clean up with a wire brush and a coat of Hammerite will see them looking good for years, i use black.
Check the exhaust system for rust, if you find any a rub down and paint with chiminea or similar heatproof paint will help prevent *outside* corrosion, similarly Hammerite any brackets that look as if they could do with it.
If you don't mind getting filthy a good slosh round with warm Waxoyl won't do any harm at all to everything you can get to underneath.
Obvious about good servicing, keep to the makers specified service schedule as a minimum.
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