Depreciation is something we’ve all learned to, or if you’re just starting off, will learn to have to deal with. After all, the car becomes less valuable and more used the longer you have it. The moment you drive off that showroom floor, wrapped up in a nice new car smell, the value of your vehicle will drop by 10% and after a year of driving it, another ten will be gone. New cars can depreciate by as much as 15-25% per year, reducing the value of the car to as little as 40% in five years time. The mileage you’ve accumulated also has an influence on the price, lower numbers on the odometer mean a better price for the seller. We have compiled a list of vehicles that depreciate the fastest, keep reading to find out if your car is one.
Smart cars might be fun to drive, but the value of the ForTwo drops by about $14,000 in its first year. The 36% depreciation is a serious worry for anyone who’s buying a new car, but if you’re getting it used then you are sure to be looking at a nice price. Smart was born of the German group Daimler AG. Other than the Fortwo, the Fortwo is the major attraction and selling point for Smart.
The Genesis is a model from Hyundai that competes in the luxury car league, but unfortunately, it does not retain its value in the same way as more established brands like Mercedes or Lexus. While it’s the retailing price is in the same bracket, it loses as much as 38% in the first year. Great news for those looking to get a used luxury car, you’re looking at about $16,000 less than the new price.