Getting a car loan? Factor in depreciation

Depreciation – it’s a feature common to almost all cars, but the amount and speed of depreciation will depend on the kind and value of the vehicle you purchase. It’s easy to put this in the “worry about it later” pile, but if you’re buying a car on finance, it really is worth thinking about upfront.

Nobody likes the idea that they are still paying off a loan for an asset that may not even be worth what is left to pay. As your car gets older, the value of the car reduces, due to wear and tear, mileage, and the fact that as newer models come to market, your car is less desirable than the newer models with more “mod cons.”

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