Why Does the Value of a New Car Decrease So Rapidly? Why Does the Value of a New Car Decrease So Rapidly?

If you aren't able to put up a down payment that covers that initial hit in value, you could find yourself in a frustrating situation if you need to sell or trade in the car after a couple years and still owe money on the car loan. So, what causes this drastic drop in value? This reduction in value is known as depreciation, and pretty much everything you buy suffers from it. In the case of automobiles, new models are rolled out, and advances in driving technology are made.

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man sitting in self-driving car, autonomous car Letting Your Car Take the Wheel

As automakers take strides to improve vehicle technology, we are coming ever closer to taking a passenger seat - or at least to doing less driving while we are in the driver’s seat. Though driverless cars are still a distant promise for the everyday consumer, the technology needed to make this future a reality is already well in place, thanks to the telematics industry.

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