An expensive car, yesterday
A new study has calculated the cost of depreciation for owners of new cars at a staggering £510 a month.
That's an unbelievable £17 a day and comes before factoring in the costs of fuel and insurance.
Latest research shows that the top ten selling cars in 2007 depreciated by an average of 43 per cent or £6,124 in the first year alone leaving consumers an incredible £5billion out of pocket.
Obviously, the level of depreciation varies from one car to the next according to factors like the car's popularity, the number of vehicles manufactured and the perceived value or quality of the brand among consumers.
But depreciation accelerates after a car's first birthday hitting 54 per cent by the second year of purchase, 61 per cent by year three and 68 per cent by the fourth year.
In fact, uSwitch.com - who undertook the study - estimates that an average of £9,800 is wiped off the value of a new car in just four years.
The worst performer is the UK's 10th best-selling car - the Vauxhall Vectra 1.9 CDTI - which loses 58 per cent of its value after the first year alone, and 75 per cent after four years - which equates to a £550million loss for owners.
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