If you were planning to sell away your car last year but failed to do so, then you are in for some bad news. A research study on the automotive economy was conducted by Black Book and Fitch Ratings revealed that 2015 will be the year where resale values hits a record low-tide.
The firm shared that the automotive market has flooded has led to average vehicle depreciation rate rising from 12.1% in 2014 to 14.5% today. That is a whopping 2.1% increase in vehicle depreciation.
Furthermore, the most common segment which is compact cars will be suffering from poor resale value the most. This is due to the falling oil price that has caused a bigger demand for performance vehicles, SUVs, crossovers and others. With many car owners selling away their compacts, it will result in a huge depreciation loss.
Of course, the ones suffering are those that are going to sell their cars. For the average consumer, they will have a fun time shopping for a used vehicle at any auto-shop as the cars are definitely going to be much cheaper than before.
