Our cousins across the pond have ranked as suffering the worst vehicle depreciation in a survey covering 40 countries.
According to the UK-based online vehicle trading site, Carspring’s survey found a 54 per cent decrease in value after 56,000km travelled, higher than the UK and U.S. Additionally, NZ also ranks in 19th for used car affordability, with the US UK and Russia first, second and third cheapest countries for second-hand buys. Singapore is the most expensive.
“The fluctuating value of cars around the world has always mystified buyers and experts alike,” Carspring co-founder Maximilian Vollenbroich said.
“But we took it upon ourselves to make the complicated simple and present a snapshot of the current global value of used cars,” he added.
Kiwi cars saw an average percentile devaluation of a massive 53.67 per cent, while Chinese cars saw only 29.42 per cent decline in value.
New Zealand’s Motor Trade Association says large volumes of used imports and a trend of selling new cars below list price as major contributing factors.
Australia’s rate of depreciation showed a drop pf 45 per cent in vehicle values after 56,000km.