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Car Depreciation

  • 30-09-2009 12:55pm
    #1
    Shanio100
    Closed Accounts Posts: 64 ✭✭


    Hey guys

    Looking for some advice in relation to what, in the current climate, is an accurate valuation of a car. Is there any sort of measurement that is generally accepted as being the formula for working out the value of a second hand car. I'm pretty sure I remember seeing tables in magazines where car's on average are worth about 40 - 45% of their sale value after 3 years. Is this still a reasonably accurate tool?

    To give an example, I've been looking around a few cars and one particularly takes my fancy, thats the Mazda 6 MPS. On the CBG.ie site, there are two 2007 models, one being priced at €32995 and the other at €17995. Obviously a car is only worth what someones willing to pay but that sort of disparagy is a joke no?

    Another site has a 2006 MPS for €14995 which to me seems like a pretty fair price, but its hard to gauge when you're dealing with a car that isn't very popular (or more accurately widely available).

    Anyone car to put a value on a 2006 / 7 Mazda 6 MPS?

    Thanks.


Comments

  • #2
    EPM
    Closed Accounts Posts: 13,822 ✭✭✭✭EPM


    One advert could be quite old. Sounds like it is to be honest. I suppose there is a formula that they use to calculate depreciation but the variables (reliability, cost of repairs, popularity...) within it would differ from car to car


  • #3
    Shanio100
    Closed Accounts Posts: 64 ✭✭Shanio100


    Thanks for the reply EPM. Its a kinda hard question to answer as people valuations on a car are always subjective (kinda like how longs a piece of string).

    Just difficult to put the value on it when things like the Revenue VRT calculator wont even guess at the current market value! :pac::pac:


  • #4
    Drummerboy08
    Closed Accounts Posts: 12,102 ✭✭✭✭Drummerboy08


    The only way of doing it at the minute is by guessing. Market prices for everything is changing so quickly - be it up or down, and it is happening all the time.

    The best way to look at depreciation is to generalise the car - a Mazda 6 MPS is a large engined, petrol car, so there is a very small market for it. Add to the fact that it is a high performance vehicle, thus needing alot of TLC (not to mention tyres and brake pads) to keep it on the road, and it will depreciate even faster!

    Something like this car, will depreciate alot more, and alot quicker, than say a comparable diesel, like a 2.0TDi VRS Octavia (its not THAT comparable, but it was the only performance diesel that came into my head, excuse me, i'm working on BIK figures for a big bastard of a fleet :()

    If you want to buy a car, but are worried about the resale value in a few years time, buy a car that you, your friends, and anyone else think may be desireable in a few years time. It may help slow SOME of the depreciation, but its no guarantee not to lose money on it.

    And, before you ask, I dont know what that car may be. ;)


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