The list of cars losing more value in US included electric cars, as well as popular and well-known brands. This list could be key if you are thinking of selling your car in 2024.
Why do cars lose value?
The make and model, age, condition, mileage, ownership history, and even color of the vehicle can affect its value. However, now the type of technology has also been added.
Electric cars lose value faster than hybrids. With a 49% devaluation in five years compared to hybrid cars, according to a study published by iSeeCars in 2023.
Who is most affected by the car losing its value?
According to experts, the pandemic also impacted the automobile market. Before 2020, the average depreciation of vehicles was 50% every five years. By 2023, the average dropped to 38%, indicating that some vehicles maintained their value.
After the production stoppages and the limitations of large distribution chains during the covid pandemic, there was a shortage of new vehicles. Therefore, the used car market increased in value due to demand.
Two years after the global health crisis, the automotive market is also trying to recover production levels, but the trend in vehicle prices is no longer the same.
What cars are on the list of the most depreciated in 2023?
If you are curious about the vehicles that experienced the highest depreciation in 2023, ISeeCars has compiled a list of the top 10 vehicles with the greatest loss of value in five years. This list includes luxury brands such as Maserati, BMW, Cadillac, INFINITI, Jaguar, and Audi. These vehicles experienced depreciation rates ranging from 57.2% to 64.5%.
Electric cars are among the losers?
Yes, according to the experts’ study, EVs entered the list of cars with the worst depreciation, with a 49% average depreciation in five years.
Who is most affected by the car losing its value?
According to experts, the vehicle devaluation process most affects those who constantly change vehicles.
For those who prefer to get more out of the long life of their cars, the loss of value in a short period of time is not of great impact.
However, with high levels of inflation, vehicle repairs are likely to cost more than the value of the vehicle itself.
How do I get a profit from my car?
Before going to a dealer or placing an ad for the sale of your car, it is advisable to check with a professional used car buyer as an alternative.
Trade In Solutions, for example, has a long history as a professional car buyer.
Since 2007, it has served the West Los Angeles area. On the Yelp platform, it is rated 5 stars for its ability to surpass competitors’ offers, the exclusiveness of its offices, and the speed of its process.
If you are thinking of selling your car, call us at (310)445.8900 or schedule an appointment, and we will answer all your questions.
