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It's often said that the moment a car rolls off the dealership lot, it'll lose about $1,000 in its value. Though this may not always be true, it's impossible to deny that cars depreciate in value with time.
Trying to sell a car that hasn't been labeled a classic is difficult, especially when you're trying to get as much money as humanly possible. The thing is, not all cars retain their value at the same rates. Due to brands, design, and engineering quality, some cars stay pricier for longer.
If you want to be able to resell your car for a lot of cash in the future, you should avoid buying cars with the fastest depreciation on value. According to experts, the following cars are the worst depreciators in recent history.
The Cadillac CTS was supposed to be one of Caddy's final luxury sedans, and in 2012, sales were pretty good. The initial asking price of the CTS was $54,333 when it was brand new.
Unfortunately, the fact that it was the last of its kind really hurt value. Despite it being the second-highest rated upscale midsize sedan of 2012, the CTS lost over half its value in five years. You can now get one for around $22,000 at maximum price. Many can be found for $17,000 or less.
On average, a new Cadillac CTS will lose a third of its value after a year on the lot. So, you better buy this baby used.
Volvo is known for being one of the most reliable car brands out there, but somehow, the Volvo S60 just didn't keep its appreciation despite that reputation. In 2012, a brand new S60 would cost an impressive $41,909. Nowadays, this car can be bought for about $17,000 on average.
According to critics, it wasn't an engineering flaw that made the Volvo S60 a flop. It was the car's cramped seating and trunk.
Okay, Kia is not exactly known for being one of the a super reliable car brand, but you might be shocked to find out its top-selling SUV was recently cited as one of the cars with the fastest depreciation in value.
The roomy and cushy Kia Sedona loses about 30 percent of its value in the first year alone. In five years, the Kia Sedona dropped in price from $27,000 to around $7,000 a pop.
The Mercedes-Benz S-Class is one car that looks like high-end luxury, but resells like a low-end potato. The luxury sedan, when it was brand new five years ago, sold for over $90,000. These days, you can get one of these same models for a way more affordable $20,000.
It seems like Mercedes doesn't fare well when it comes to depreciation terms. The Mercedes-Benz E-Class isn't too hot either; this car loses about 35 percent of its value in the first year of use alone and drops in price by 50 percent within three years.
How odd, considering that both are considered to be some of the most reliable luxury cars to buy. That's the thing about depreciation; it doesn't always make sense.
BMW 5 Series
Currently topping the charts as one of the cars with the fastest depreciation over the course of three years is the BMW 5 Series. Most cars, over the span of their first three years, will lose about 35 percent of their ticket value.
Not to be outdone, the BMW 5 Series decided to go hard and lose around half of its value over that same course of time. High maintenance costs and the ever-tempting possibility of getting a newer Beemer are to blame.
Land Rover Range Rover
If you're really looking for a trendy car that drops in price dramatically, you can't go wrong with the Land Rover Range Rover series. Over the course of five years, you can expect a 60 percent drop in price from typical dealership MSRP.
The issue with Range Rovers is the fact that Land Rover is one of the most unreliable brands of its kind. All those power features that make Range Rovers awesome tend to break down quickly, and most owners find that the repairs aren't worth the money after a while.
Should you buy a Range Rover, make sure you have a budget for repairs. You'll need it.
Chevrolet has become pretty well-known for having the Volt as its first electric car line. The first Chevrolet Volts, though, are some of the cars with the fastest depreciation in history. They drop in price painfully quickly.
Due to the fact that the Volt was still working out kinks in the 2012 and 2013 years, these cars lost about 59 percent of their value over five years. You can now buy a Volt that once cost $35,000 for under $18,000.
The Volkswagen Passat is one of VW's most popular models, but shockingly, it's also one of the cars with the fastest depreciation they make. A typical Passat will lose about 50 percent of their value in the first three years of their time on the road.
It's hard to say what makes Passats lose value so quickly. Passats are pretty reliable. Maybe it's the temptation from all the newer, shinier Passats on dealership lots?
The Jetta, another VW darling, doesn't fare much better. Jettas will lose around 48 percent of their value over the course of their first three years in existence. (Ouch!)
BMW 7 Series
The bigger they are, the harder they fall. At least, that's how we can explain how the BMW 7 Series ended up on so many lists of cars with the fastest depreciation. The BMW 7 Series, on average, cost about $107,000 back in 2012. You can now find 2012 BMW 7's for as little as $38,000.
Truth be told, this seems like a trend. Most BMW 3 Series and BMW 5 series will lose around half their value in the first three years.
The Nissan Leaf was one of the very first mass-marketed electric cars, and remained one of the most anticipated reveals of its kind. Despite the fanfare, the Nissan Leaf is literally hemorrhaging value. Since the two years it's hit the road, the Leaf has lost over 68 percent of its resale value.
Poor engineering, glitchy car issues, and inconvenient driving has made the Leaf a major loser in value. What was once a car that was bought for over $30,000 can now easily be found for $11,000 or less used.
The five-year loss won't look too rosy, from what we're seeing.