Car depreciation refers to the loss of a vehicle's value over time due to various factors, such as age, wear and tear, mileage, impact of the driver, and changes in market demand.
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In the majority of examples, as a vehicle gets older, it becomes less valuable and worth less than what it was initially purchased for.
Depreciation typically happens most rapidly within the first few years after purchasing a new car.
However, some cars retain their value better than others. Also, the more miles a car has, the less it's generally worth.