The depreciation value of 2022’s most popular cars has been revealed
According to a new report by Go.Compare Car Insurance, a high depreciation value would stop 70% of drivers from buying a particular make or model of car.
Most young drivers have future finances in mind, with 73% of those aged 18 to 24 being put off a car if it depreciates quickly. Even loyal lovers of the latest motors may be convinced to try second-hand, as 83% of habitual new car buyers say they could be persuaded to choose a nearly-new or used car if it saves money.
The insurance comparison site has revealed the depreciation values of the most popular cars of 2022. This includes the bestseller of the year, the Nissan Qashqai SUV, which depreciated by up to 48% since 2020. Other popular models including the VW Golf Life, Ford Puma and Kia Sportage have depreciated by up to 33%, 34% and 40%, respectively.
|The UK’s best-selling car lost an average value of over £12,000 in three years.
Some 83% of new car drivers would consider a nearly-new vehicle to save money.
High depreciation value would deter more than two-thirds (70%) of car buyers.
These drops in value are less than what is typically expected over three years, which is a depreciation of 50% or more.
This is how well the best-selling cars of 2022 held their value:
It’s clear that the current economic climate has had a staggering impact on car-buying budgets. Only 22% of drivers have the same budget as before the cost of living crisis, and one in five (20%) have completely changed their minds about buying a new car.
Meanwhile, Go.Compare’s report has also found that almost a third (32%) of young drivers aged between 18 and 29 will search for a cheaper car because of the poor economy, while older generations are less affected.
Ryan Fulthorpe, at Go.Compare said, “We’re all familiar with the old adage that a new car loses value as soon as it’s driven off the forecourt. With the current state of the economy, it’s unsurprising that most drivers are willing to relinquish that ‘new car feeling’ to save money.
“So, if you’re thinking about purchasing a used car this year, consider its depreciation, as you could bag yourself a nearly-new vehicle at a bargain price. Or, if you’re still planning to buy new, choose a model with low depreciation so that you don’t lose out.
“Young drivers in particular are being savvy with their car purchases, though it’s important that buyers aren’t misled. Be sure to conduct the right research and ask the right questions to avoid unexpected costs later down the line.”
In Britain, Mercedes-Benz is facing claims from 300,000 owners alleging their vehicles were fitted with devices to cheat emissions tests and produce lower figures than in real world driving, making their bills higher.
The car maker said it will contest the High Court claim and there is no foundation in the claim.