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Stop-gap car?
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But if you think your Merc will be worth £390 this time next year, give me a ring and I'll take it off your hands for £400 giving you £10 "profit!!"
Then the following year I'll have to pay someone over a grand to take it off my hands...
That £1400 depreciation was calculated based on price difference between when I bought the car, and a few months ago, then divide by the number of years.
Over next year, the depreciation of the Merc will probably be £500, next year £300, 3rd year £180. Car depreciation is like radiation half-life, roughly factor of 0.4 every 3 years.0 -
Over next year, the depreciation of the Merc will probably be £500, next year £300, 3rd year £180. Car depreciation is like radiation half-life, roughly factor of 0.4 every 3 years.
I'm not looking for a debate, just pointing out the error in your calculations. The Mercs depreciation will now mostly be down to its condition rather than age and miles so keeping it was a good choice.0 -
Norman_Castle wrote: »So your ongoing average monthly cost would not be £378 which is what you were using to compare with a leased car.
I'm not looking for a debate, just pointing out the error in your calculations. The Mercs depreciation will now mostly be down to its condition rather than age and miles so keeping it was a good choice.
The reason I used that value for comparison was because I needed to upsize. So rather than calculate future cost of my current car, I used previous costs to calculate whether the car I'm buying is affordable.0
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