LOS ANGELES -
Nov. 4, 2024 -
PRLog --
lFactors That Cause Car DepreciationWhile car shoppers differ in how they prioritize the following features, these are some of the most commonly considered factors in purchasing a car. Therefore, they will affect how much the resale value of the car will be.
- Mileage: Low mileage indicates a longer life for the car so people will pay more.
- Make and model: People usually want a newer model. In some rare cases, certain years are more expensive than others.
- Market demand: Some cars are more reliable than others or have luxury appeal. Certain cars will resell better, even with age.
- Age: Usually, the newer it is, the more expensive it will be.
- Accidents: Some buyers refuse a car that's been in an accident, and those who will buy a car with an accident history expect to pay much less.
- Number of owners: The more the car has changed hands, the less valuable it will be.
- Overall condition: The interior and exterior of the car will determine how much a car costs.
- Fuel economy: Most people want to pay less on gas each month, unless they want a specific car that is known to be a gas guzzler, like a classic Cadillac, and they are willing to put up with the high cost.
- Color: Neutral colors sell better than other colors. Some colors give away the fact that it's a used car too.
- Warranty: Whether or not a car is still on warranty is a big determinant of pricing, because it means fewer out-of-pocket costs for car problems, at least for the duration the warranty is valid.
- Technology: Older cars don't have the latest technology and safety equipment and wil therefore cost less in most cases, unless it is a classic car.
Top 10 Luxury Cars That Depreciate the Most
Luxury CarDepreciationChange in ValueMaserati Quattroporte 64.5% -$90,588
BMW 7 Series 61.8% -$72,444
Maserati Ghibli 61.3% -$58,623
For the full list of fast depreciating cars and cars that hold their value, visit
https://smartfinancial.com/cars-that-depreciate-the-most
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