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The Depreciating Value of Cars

The Depreciating Value of Cars

A recent study compiled by Carspring has drawn light on the various aspects of depreciation that have been affecting the car industries across this country in the year as compared with the rest of the countries around the globe. The initiative to do this came as a result of an announced objective on the 25th January of this year to rank the levels of vehicle depreciation in Britain as compared with the levels of the rest of the world, in order to see how far Britain has fallen in this sector and whether this is a significant cause for alarm or not.

It was found that Mini cars held the biggest amount of value longer than any other brand of car in the United Kingdom with Audi cars running not far behind in the table. In contrast to this, Toyota branded vehicles suffered a major loss in value at a rate of 74.59 per cent regulated at the same usage of all of the thirteen other brands investigated by Carspring, which was a total of 56,000 kilometers. What the figures compiled by Carspring equally demonstrated was that Britain was one of the worst in terms of its vehicles losing value after a distance of 56,000 kilometers, beating only the United States of America in this particular category. This clearly indicates the importance and emphasis of mileage in enabling customers wishing to buy cheaper second-hand or used cars rather than face the expensive rates of a brand new vehicle with no mileage on it whatsoever.

What Carspring’s study showed therefore is that Britain is currently, due to the low levels of the pound currency, the second cheapest place for customers to buy used vehicles.  Of course, this statistic will probably change following the various fluctuations of the currency and of the economy, and Carspring make it clear that the results of Brexit will gave way to a new series of statistics for the industry that  will change depending on whichever way the market swings in the near future.

 

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