When it comes to buying a car, most people hope to make a worthwhile purchase that will last them a long time and retain its value when it’s time to sell. However, some cars quickly lose their value, making them a risky investment. Six cars that are rapidly losing value include the Hyundai Genesis, Kia Cadenza, Maserati Ghibli, BMW 7 Series, Ford Expedition, and GMC Yukon.
The Hyundai Genesis, a luxury coupe from Hyundai, loses 38% of its retail value in the first year, making it a poor investment for those looking to sell later. Similarly, the Kia Cadenza, a larger sedan from Kia, also depreciates by 38% in the first year, making it a better choice to buy used rather than new.
Luxury vehicles like the Maserati Ghibli face similar issues with depreciation, losing 56.3% of its value over five years due to its high starting price and questionable reliability. The BMW 7 Series, known for its top-of-the-line features and technology, depreciates by over 50% over five years, as newer models with advanced technology drive down resale prices.
The Ford Expedition, a popular SUV from Ford, rapidly depreciates in value over five years, with an average depreciation rate of 50.7%. While it may be great for carrying families, it is not a good choice for those looking to retain value. Another large SUV, the GMC Yukon, is reliable and perfect for families but depreciates quickly due to its poor gas mileage, with a first-year depreciation rate of 33%.
In conclusion, when buying a car, it is important to consider not only the immediate value but also the long-term resale value. Cars like the Hyundai Genesis, Kia Cadenza, Maserati Ghibli, BMW 7 Series, Ford Expedition, and GMC Yukon are quickly losing value, making them risky investments for those looking to sell their vehicle later. It may be better to look for cars that retain their value over time to ensure a worthwhile purchase.
