As part of their brand new Ageing Fleets study, the experts at Confused.com reveal the ten car brands that depreciate the most and least over their first five years and how holding onto your used car could put you out of pocket in the long run.
Examining ten popular makes and models, the experts determine the fastest depreciating car brands over one, five and ten years.
Alex Kindred, car insurance expert from Confused.com, explains why motor brand loyalty or holding onto a car for too long could be putting drivers out of pocket.
“Owning an older car may seem cheaper at the point of sale, but owning a used car or staying loyal to your brand can often cost you more, further down the line. Motorists who stick with the same manufacturer year after year could be worse off as the natural value depreciation could leave them out of pocket. But there are some other ways that loyal motorists could lose out.
“Motorists with an allegiance to a particular make usually spend less time searching for a new car, visit fewer dealers and spend less time comparing prices. For example, if you are a Nissan driver, as soon as you drive onto the forecourt in your current Nissan, you sign brand loyalty to the salesperson, which could mean you have less bargaining power to negotiate the price down.
“It would be wise to keep the make and model of your current car secret from the salesperson until negotiations are complete. If you give the impression that you will compare prices and visit other dealerships, you may end up with a better deal.”
For all the latest automotive news, reports, and reviews, follow us on Twitter, like us on Facebook, subscribe to our YouTube page, and follow us on Instagram, which is updated daily.
Hyundai Motor America reported total April sales of 68,603 units, a 3% decrease compared with…
Lynk & Co Cyan Racing returns to Morocco and the streets of Marrakech this weekend…
With software-defined vehicles (SDVs), in-car payments and cars that communicate are becoming possible, enhancing experiences…
Protecting electric vehicle (EV) batteries from thermal runaway and fire is an important topic. Safety…
Hyundai will bring its most prominent team to the Nürburgring Nordschleife to contest this year's…
Classic car owners must consider many things before storing their vehicles. Our guide explains the…