Family cars lose their value quickest in the United Kingdom, while prestige brands such as BMW suffer the least price depreciation, a report claims, according to the BBC.
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According to the BBC, the Alliance & Leicester report said family cars lost nearly two-thirds of their value after three years while compact executive cars and 4X4s lost only a fraction of their value after one and three years.
The report suggests that buyers looking to keep total costs down pay a little extra for cars with high resale value, the BBC noted.
“Careful buyers can make sure their investment continues to hold its worth over the years – factoring in depreciation is key to saving money in the long run,” Andy Bayes, head of personal loans at Alliance & Leicester, reportedly said.
German car brands dominate the list of cars suffering the smallest loss in value in the UK, according to the report.
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By GlobalDataThe BBC said the BMW 3 series and the Volkswagen Polo are both worth around 70% of their new price after three years.
The Mercedes C-Class is worth 86% of it is initial purchase price after one year according to the report.
