Automotives, especially vehicles purchased for everyday use, aren’t typically known for being in terms of accumulating value. That said, certain types of cars are currently expected to drop significantly in value from now through December 31st. “Certain types of cars are likely to take a nosedive in value during the rest of this year,” said Geoff Cudd, the founder of .
“Large sedans and luxury cars that are less fuel-efficient may see significant depreciation due to rising fuel prices and changing consumer preferences towards more economical and eco-friendly vehicles.” Additionally, Cudd stated that “..
.cars with outdated technology or those lacking advanced safety features will also depreciate more quickly as buyers increasingly prioritize these aspects. Vehicles from brands with less reliability or a history of frequent recalls can also lose value faster.
As a result, these types of cars are not-so-good buys in 2024, as their resale value will likely drop, making them less financially viable in the long term.” Cudd, along with some other car experts, . “Despite their [long-standing] popularity, traditional sedans are expected to plummet in value,” said Emil Sultanov, the founder of .
“With the increasing preference for SUVs and crossovers, sedans are losing their appeal. Buyers are gravitating towards vehicles that offer more space, versatility, and perceived safety.” “Luxury sedans from brands like BMW, Mercedes-Benz, and Audi often suffer from stee.