How fast do new vehicles depreciate?
It’s no secret that vehicles don’t typically hold their value well. You’ve likely heard before that a vehicle loses value the second it leaves the dealership lot. This is true, and it varies from automaker to automaker. Find out how fast new vehicles depreciate as well as what you can do to slow down the depreciation of your vehicle!
When you drive your vehicle off the new car lot, you’ll begin to feel the hit in depreciation. In fact, the average new vehicle loses about 10 percent of its value when it leaves the dealership. After one year of ownership, it will lose about 20 percent of its value followed by 10 percent each year afterwards. The older the vehicle gets, the less it will depreciate. Generally, luxury vehicles like Porsche retain their value much better than conventional automakers because they have better interior features and higher quality.
Unfortunately, there’s nothing you can do to stop the depreciation that will occur in your vehicle. Each mile you drive lowers its value that much more. However, there are some steps you can take to slow the depreciation. Mileage is a huge part of resale value, as a car with 80,000 miles will be more valuable than the same car with 100,000 miles. Limit unnecessary trips if possible and carpool when you can. You can also keep your vehicle well maintained. Bring it in for regular checkups, make sure the fluids are all replaced properly when they should be and get it checked out if the check engine light comes on to keep the engine in good shape. Since looks are also important, be careful to avoid needless dents and scratches on the paint and windows. First impressions are everything, and a car that looks bad on the outside might be perceived as a dud to some car shoppers.
Get more tips and tricks here on our blog or contact the team at McDaniels Porsche for more info!
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