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Estimate your vehicle's current value based on age, mileage, and condition.
Car depreciation is the reduction in a vehicle's market value over time due to age, mileage, and wear. The average new car loses 20% of its value in the first year and 15% more in year two.
| Vehicle Type | Year 1 | 5-Year Total |
|---|---|---|
| Sedan | 20% | 49% |
| SUV | 18% | 45% |
| Truck | 16% | 40% |
| Luxury | 27% | 58% |
| Electric Vehicle | 22% | 52% |
| Minivan | 24% | 54% |
Formula
Current Value = Purchase Price × (1 − Depreciation Rate)^YearsPurchase Price = original amount paid for the vehicle
Depreciation Rate = annual rate (Year 1 ≈ 20%, Year 2 ≈ 15%, Years 3–5 ≈ 13%)
Years = number of years since purchase
Worked Example
$35,000 car, 3 years old, 45,000 miles, good condition
Did you know? New cars lose an average of 23% of their value in the first year of ownership, according to Carfax data. That means a $40,000 vehicle loses about $9,200 in value the moment you drive it off the lot.
Sources
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