Car depreciation is the reduction in cars’ value which is cause by wear and tear. When you buy your car, as years goes by, your car will be loosing its value like the engine getting older and other parts of your vehicle due wear and tear. That’s the reason why you can’t resale your car the amount you bought it due to the fact it’s has been used and its market value reduced. That is called car depreciation. Depreciation is the main reason why you sell your used cars at lower value per what you purchased it.
Auto depreciation is also considered by insurance agencies when filing claims.
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