How Does Age Affect a Car’s Value?
Just like every person you meet of the same age doesn’t act the same, so is it with the age of a vehicle. A 10-year-old car driven primarily on highways may have a very different current profile and desirability than a 10-year-old truck of the same age that was driven off road a lot. How does age affect a car’s value? Our team at Auto Depot Sudbury have broken down some key components regarding vehicle age, especially as to how depreciation plays a factor, how service history can make an older vehicle still greatly appealing, and how the different driving conditions a vehicle was driven in may change its worth. Read on to explore more, and to greatly inform your next used vehicle shopping experience.
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Age has an obvious effect on a vehicle, as cars, trucks, SUVs and vans are quick to depreciate. It’s true that a new vehicle depreciates as soon as it’s driven off the dealership lot, and continues throughout its life, although not at the drastic level it is immediately right off the hop. This original value slowly decreases throughout the life of the vehicle. As we’ll get into in the next sections, certain factors like service history and driving conditions may help mitigate some of these effects to a certain extent, but it’s impossible to fully prevent depreciation. This is because the vehicle has more wear than a newer one and has been exposed to elements that may affect its look, performance and more.
There are a few factors within the age of a vehicle that may make it more appealing than others even in its advanced age, namely a well-kept and maintained vehicle. If a used vehicle has consistently been serviced on a regular basis, and has the records to back up this work, it can often fetch a higher price than similarly aged vehicles due to this attention. This not only helps to ensure that it is in proper working order, but that it has been especially cared for throughout its life, so you can more greatly trust it to continue to perform for you, thus the increased value.
Another major condition that affects the value of a vehicle over its advanced age is exactly where the vehicle was driven over its life. Not all miles and kilometres are created equally, for example, a vehicle used during commuting in traffic that constantly starts and stops or a vehicle used frequently in off-road environments will have more wear than one predominantly used on consistent highway journeys. Similarly, vehicles like trucks may hold a larger value over their age due to their durable construction and features. Make sure you know the history of the used vehicle, how it was driven, in order to properly evaluate it for sale.