Car Depreciation in Connecticut

Posted by James Richards on September 24th, 2019

Currently, it is no longer news that the car is one investment that is known to lose its value a lot. Why is this so? Well, there is something that has been termed "car depreciation," that is known to even get that your new car purchase in Connecticut, losing its value. Sometimes, depreciation can be seen to be gentle on its cars, and other times, it leaves little to be imagined. It could so beat a vehicle that one would wonder what the vehicle had done to deserve such. One bad thing of it is that depreciation is not known to be one that gives a head start, as the moment that you leave the dealership in Connecticut or immediately you purchase the vehicle, and take it home, the value is attacked. It is highly advisable that you get an auto insurance agent to protect the car in Connecticut immediately you purchase it. It is common to see a lot of drivers worried about how fast their car value is depreciating in Connecticut, calm down. The value will depreciate but at what rate.

Is It True that New Cars Depreciate Faster than Older Cars?

This question can only be answered with a positive response. Of course, new cars are known to depreciate faster than the older ones. The truth remains that immediately you buy your car and drive it out of the dealership in Connecticut, the value of the car will depreciate with at least 11%. When you look at its value in the first year, you will realize that its worth can plunge down by the rate of 30%. You are probably wondering how dumb this may sound.

 Are Car Depreciation Calculators Really Accurate?

One thing that you should note is that a lot of these car depreciation calculators are used as mere rough guesstimates to know the value of the vehicle. There are currently a lot of undefined elements that come into play like the gas prices, perceived conditions, as well as trends that could go ahead and affect the numbers. Therefore, it is common to see a lot of persons making use of averages.

A basic reason that many cars lose its value is not far from the basic term of demand for supply. Since a lot of persons won't be lining up for it, its price falls. Immediately, you purchase that car in Connecticut, the value depreciates. Remember, the moment you drive off the lot, your car begins to decrease in value. Maintaining the integrity of your car is integral if you plan to sell it later. Never miss an oil change or tire pressure check-up as wear and tear on a car becomes significantly more dramatic if you neglect the regular maintenance of your vehicle.

If a friend or family member is a mechanic, do seek their advice on how to get the most out of your car. Remember, a well-maintained car can become a classic car in a matter of decades if treated properly. The choice is yours!