What are the best practices for storing a bike outside to ensure its longevity and protection from the elements?

To ensure the longevity and protection of a bike stored outside, it is best to use a waterproof cover, secure it with a lock, elevate it off the ground, and regularly clean and lubricate its moving parts. Additionally, storing it in a shaded area and periodically inspecting for any signs of wear or damage can help maintain its condition.