Saturday 26 May 2018

How depreciation can cost you three times your fuel bills

Buying a car that subsequently plunges in value can cost you a fortune.
Buying a car that subsequently plunges in value can cost you a fortune.
Eddie Cunningham

Eddie Cunningham

THERE was an interesting reminder from some experts this week on how we can lose focus on how much a car is REALLY costing us.

Sure, fuel consumption is important. And we all want to get as much as we can on a tank of the precious stuff.

But buying a car that subsequently plunges in value can cost a veritable fortune in hidden value slippage.

That is why it is so important for drivers to weigh up a car's true worth when they are making the decision to buy.

You have to ask yourself if the difference of a grand or two between two similar vehicles will expand or contract over their respective lifetimes.

One may look a bargain, the other expensive.

Ask why thousands are being knocked off one model while a rival stays the same?

Is the market speaking?

Chances are it is.

Anyway, these CAP Automotive experts insist how choosing a car that holds its value well results in far greater savings over time than its fuel efficiency.

They do their sums and come up with the following conclusion.

"Depreciation has cost the typical motorist three times as much as they have spent at the pumps."

Worth bearing in mind.

Any thoughts?

EMAIL: ECUNNINGHAM@INDEPENDENT.IE TWITTER: @ECUNNINGHAMCARS

Indo Motoring

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