Drivers could lose up to 50% of the value of their cars just three years after rolling off production lines, with thousands of pounds slashed off prices. Experts at WeBuyAnyCar have claimed drivers could lose up to half their total value three years after ownership, depending on the make and model.
Drivers are then likely to use 80% of a car’s value 10 years after launch, with many second-hand petrol and diesel car owners now at risk of losing out on their investment. WeBuyAnyCar stresses that cars tend to depreciate by around 132% every year with the steepest loss in year one. Data shows drivers could use thousands of pounds after 12 months, with over £10,000 less over half a decade. But motorists can now get a rough estimate of what their model could be worth and how much value has been lost.
WeBuyAnyCar’s online number plate checker will tell drivers what type of vehicle their car is classified as.
Motorists can then take this information and compare it to WeBuyAnyCar’s online depreciation calculator.
WeBuyAnyCar said: “After experiencing sharp depreciation over the first three years, most cars will then depreciate at a modest pace until they are around 10 years old.
“By this stage, a car will typically have lost around 80% of its brand-new value. The only exceptions are the small number of rare and collectable cars that buck the usual trend and rise in value.
“The depreciation curve for most cars will taper off after around 10 years.”
The online depreciation calculator breaks down average price loss based on the type of vehicle owners have the keys to.
The analysis found that the average price of a car in year one is around £20,495, dropping to £16,750 a year later.
Average rates then fall to £12,486 in year three before falling to just £1,388 after a decade on the roads.
Unsurprisingly, supercars see the highest drop in price with average values dropping from £132,490 in year one to just £43,633 a decade on.
4X4’s also suffer from a dramatic loss with rates down around £25,000 over the lifespan of a vehicle.
These cars fall from £30,281 in year one to £12,756 five years later before dropping to £5,450 at the end of a decade.