A study done by iSeeCars found that, after three years, the average depreciation of a car is 39.1%. The automotive research firm noted that three years is the average term of a lease and the ideal age of a used car for prospective buyers. “Three years is a popular age for used car buyers because the cars have taken a major depreciation hit, but likely have many of the latest modern safety and technology features,” stated Phong Ly, iSeeCars’ chief executive officer.
iSeeCars compiled a list of the top 10 cars with the greatest depreciation by percentage. These include the Audi A6, with a three-year depreciation of 55.8%, followed by the Ford Fusion Hybrid (54.9%), BMW 3 Series (53.4%), Volvo S60 (53.2%), Mercedes-Benz E-Class (52.7%), Lincoln MKZ and INFINITI Q50 (both at 51.8%), and the BMW 4 Series (51.7%). Rounding out the bottom of the list were the INFINITI QX60 and the Audi A4 (both at 51.0%).
If you decide to keep your car longer than three years, it will depreciate even more. Soon, your vehicle will develop problems; you can pay to keep the car running, but, sooner or later, repair costs will be greater than what your car is worth. If your older car starts to break down, don’t waste money trying to get it fixed. Sell it to Gershow Recycling instead.
It doesn’t matter how old your junk car is, what condition it is in, or if it’s running or not. Gershow will tow away your unwanted vehicle for free and pay you cash on the spot. If your car is more than eight years old, you don’t need to produce a title.
When it comes to selling your car to a Long Island “cash for cars” junk and auto salvage company, contact the experts at Gershow. Call (631) 371-2036 or visit http://scrapmycarli.com/.
RESOURCES:
https://www.businessinsider.com/three-year-old-off-lease-cars-best-deals-2020-7
https://www.iseecars.com/cars-for-sale#section=studies&study=off-lease-car-deals&v=2020
