Car depreciation
Discussion
For my second car I've decided I'd like to get an MG3 (I know this is probably seen as a bad car by a lot of people but I've test driven one and really liked it!) When looking round a garage the sales guy suggested trying one and I was really pleasantly surprised as I'd never really heard of them before, the only thing is the cheapest ones are on sale for about £4000 which is about £1000 more than I was originally thinking of spending (as they're 2013 onwards which is a newer age range than I was originally looking at).
The car I've got at the moment needed £600 of repairs to get it through its mot, with the garage saying it might not last much longer anyway, my question is if I repaired my current car and carried on driving it for a year or two how much do you think the MG3 (or cars in general) would depreciate in that time?? I know you can't really predict it but I'm trying to work out if they'd be significantly cheaper and whether it would be worth waiting!
Thanks
The car I've got at the moment needed £600 of repairs to get it through its mot, with the garage saying it might not last much longer anyway, my question is if I repaired my current car and carried on driving it for a year or two how much do you think the MG3 (or cars in general) would depreciate in that time?? I know you can't really predict it but I'm trying to work out if they'd be significantly cheaper and whether it would be worth waiting!
Thanks
ab5 said:
For my second car I've decided I'd like to get an MG3 (I know this is probably seen as a bad car by a lot of people but I've test driven one and really liked it!) When looking round a garage the sales guy suggested trying one and I was really pleasantly surprised as I'd never really heard of them before, the only thing is the cheapest ones are on sale for about £4000 which is about £1000 more than I was originally thinking of spending (as they're 2013 onwards which is a newer age range than I was originally looking at).
The car I've got at the moment needed £600 of repairs to get it through its mot, with the garage saying it might not last much longer anyway, my question is if I repaired my current car and carried on driving it for a year or two how much do you think the MG3 (or cars in general) would depreciate in that time?? I know you can't really predict it but I'm trying to work out if they'd be significantly cheaper and whether it would be worth waiting!
Thanks
As a rough rule of thumb i use the "50% every three years" rule. Probably after 2 years its going to be worth £2,500 if its worth £4,000 now and assuming it would be worth £2,000 in three years time.The car I've got at the moment needed £600 of repairs to get it through its mot, with the garage saying it might not last much longer anyway, my question is if I repaired my current car and carried on driving it for a year or two how much do you think the MG3 (or cars in general) would depreciate in that time?? I know you can't really predict it but I'm trying to work out if they'd be significantly cheaper and whether it would be worth waiting!
Thanks
Deep Thought said:
As a rough rule of thumb i use the "50% every three years" rule. Probably after 2 years its going to be worth £2,500 if its worth £4,000 now and assuming it would be worth £2,000 in three years time.
ahenners said:
Same as above, expect roughly 50% every 3 years and any extra is a bonus.
Thanks for your help sounds like it's probably worth waiting a bit thenGassing Station | Car Buying | Top of Page | What's New | My Stuff