Why do cars depreciate so fast?

date_range 23-May-2023
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Depreciation is the gap between an automobile's value at the time of purchase and its eventual sale.

Depending on the make and model, this decrease in value can range from 15 to 35% in the first year and up to 50% or more over the course of three years. Moreover, when your car has more miles, the value will decrease which leads to decrease in price when you sell it.

Some automobiles have a bad reputation for being unreliable. Surveys of consumer satisfaction may serve as a basis for this. Damage to the bodywork, interior, or exterior will lower value in general condition. Make sure to give a used car a thorough inspection before purchasing. Maintain your vehicle well and get any damage fixed right away. To avoid the greatest depreciation, get a nearly-new or used vehicle.