If you own a vehicle, you can use the common car depreciation rates calculators found online to help you sort out exactly how much your car will decline in value each year after it was purchased. These calculators use algorithms to estimate your car's depreciation. In actuality, one cannot calculate a set depreciation rate for any car, as there are a number of external factors that may come into place in the calculation, such as the general economy, the auto market and more.
New Car Depreciation Factors
When you find car depreciation rates calculators online, you'll be asked to input some specific information about your car. This includes the type of car, the original price, the year in which it was built, the trim type or level and more. You'll also need to answer some questions about how you've used the car. This includes a total number of miles driven, regular oil checkups, whether you've regularly changed the replacement parts like spark plugs and more.
Other Information
For a true sense of how your vehicle has depreciated, you'll need to consult with a car dealership or an expert in the field. These people can help to determine how the local and national auto market may play into the depreciation rate for your vehicle. Keep in mind that a vehicle purchased five years ago that is otherwise exactly the same as one purchased today may depreciate at a different rate, depending upon these important external factors.
For more information, ask a dealer or a car expert in your area.
