The Volkswagen Up has been voted the lowest depreciating car, with depreciation over the past three years
Car valuation experts CAP have announced that the Volkswagen Up is the lowest depreciating car on the market. Gap insurance experts, Click4Gap, have responded to the news.
The Volkswagen Up has been voted the lowest depreciating car, with depreciation over the past three years averaging £4,410. This is less than half of the vehicle’s original new price tag. This was estimated using CAP’s top 10 depreciators chart. This measures the actual money lost by a vehicle, rather than the percentage. Other runners up in the new chart were the Kia Picanto, which lost an average of £4,665 since April 2012, and the Perodua Myvi, which has depreciated over the past three years by an average of £4,873.
Phillip Nothard, CAP’s retail and consumer expert sated: “Some cars do achieve fantastic percentage value retention and very low cash value reduction and the most impressive combination in our latest top 10 is the Audi A1, which has hung onto around 65% of its cost new while losing only £6,000 in cash. But anyone who bought a Volkswagen Up three years ago should be celebrating now because they have lost less money than people who bought any other type of new car.”
As leading providers of comprehensive gap insurance policies, Click4Gap takes a keen interest in relevant industry news. A spokesperson for the company made the following statement: “It is an unfortunate reality that many new vehicles will lose more than half the value of their original price tag. Should a driver be unlucky enough to have their vehicle written off or stolen, most insurance companies will only refund the current market value of the car, rather than the original retail price.
“This can be particularly problematic for those purchasing premium luxury vehicles. However, with the right gap insurance policy car owners will be refunded the full retail price of their vehicle. Owners of the Volkswagen Up may feel that due to incredibly low depreciation values, they do not require gap insurance. However, the vehicle will continue to depreciate further and owners could be in danger of losing a significant amount of cash.”
Click4Gap is a UK based firm and online provider focused providing flexible insurance products to their consumers. As well as being FCA registered the company is also a member of the Financial Ombudsman service (FOS) and the Financial Services Compensation Scheme (FSCS).
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