Depreciation refers to the natural process of your car losing value over time (yes, even your beloved Ford Ranger). Not all vehicles have the same depreciation rate, but most cars depreciate about 15-30% yearly. This drop in value is factored in when we work out a payout.
What is "Depreciation" in relation to vehicle value?
Vehicle Depreciation explained.
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Written by Ishmael Hlapolosa
Updated over a week ago