One day, you’re driving around in a shiny-new car that more than justified its £10,000 price tag. The next, you find yourself struggling to get more than £2,000 for the same vehicle. Even though it’s still in decent condition, nobody wants to give you even a quarter of its original value.

You could even find yourself in a position where scrapping is the only option.

But why is it that some cars have a tendency to lose their value faster than others? More importantly, which are the primary factors that influence depreciation?

Factors That Influence and Accelerate Depreciation

All cars depreciate at different speeds, but the same factors contribute to depreciation across all vehicles without exception.

Examples of which include the following:

  • Vehicle Age – As soon as the new version of a model is introduced, most older versions lose a ton of value. Aside from those that become scarce and desirable classics, which tend to be few and far between.
  • Number of Owners – The more frequently ownership of the vehicle has changed hands, the more likely it is to have lost value. Thought this can be augmented slightly with maintenance of a full service and repair history.
  • Total Mileage – Irrespective of how fantastically a car has been looked after, total mileage is a major depreciation factor. Statistically speaking, the more miles there are on the clock, the greater the risk of major mechanical failure.
  • Wear and Tear – The difference even a few slight cuffs and signs of use can make to a car’s value is remarkable. At least, when compared to a car that looks like it was literally just driven off the forecourt.
  • Reliability – Sometimes, fantastic-looking new cars are launched, only for it to be determined shortly after that they’re catastrophically unreliable. At which point, their market value takes a devastating tumble.
  • General Desirability – As there’s no accounting for taste, it can be difficult to predict which cars will eventually become classics and hold onto their value. Though it often turns out to be the weird and wonderful models you’d never have guessed!

Each of the above should be taken into account when purchasing a car in the first place. Unless your goal is to run a vehicle until it is ready to scrap and recycle, depreciation is something to take seriously.

Responsible Car Scrapping and Recycling

If you do decide to go with the scrapping option, we can help.  Here at Take My Scrap Car, we promise to pay the best possible price for every scrap vehicle we collect.

This applies to all makes and models without exception, with price calculated in accordance with scrap values on the day. We don’t charge a penny for any of the services we provide, meaning the price we quote is the price you’ll receive.

For more information or to discuss any aspect of our service in more detail, contact a member of the team at TMSC today.