May 26, 2023
There are several specific factors that cause a car to depreciate. Here are the 10 biggest car depreciation factors that affect resale value
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There are several specific factors that cause a car to depreciate. Here are the 10 biggest car depreciation factors that affect resale value
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Before you contemplate putting money into your next sedan or SUV, check out this list of 10 cars with the highest depreciation rates.
Car depreciation can be costly. So whether you're planning to buy another car or have a car that is no longer needed, sell your used car before it's TOO LATE. For car evaluation, schedule an appointment at www.buymycarsf.com.
Compare the costs after 3 to 5 years of buying a used car vs. a new car
Depreciation
One of the biggest reasons I will always advise you to buy a used car versus a new car is because a new car’s value depreciates SO quickly. Your car loses 11% of its worth with the simple act of driving off the lot. Five years down the road and your car could only be worth 35% of what you paid for it! Take a look at this:
Compare the costs: used car vs. new car And this infographic really only depicts if you keep your car in tip top shape and have never had any accidents or problems. Mileage also comes into play. If you drive 100 miles a day because your work sucks, that’s going to hurt your resale value. On average you can subtract anywhere in between 20-25 cents per mile from the value of your car. On the other hand, if you buy this car at the 3 year mark odds are you can get it below that depreciation value which gives you the upper hand and saves you a ton of cash. In a previous article Is it financially smart to buy a used car vs a new car? I laid on the financials on buying new versus used.
After THREE years
New car Used car Now you may be thinking that I just proved myself wrong. But that’s not the case.
After FIVE years
New car Used car The numbers clearly show buying a used car vs. a new car does work in your favor financially while your car depreciates over time. Click to Post