Why cars lose their value so fast?

Question

As soon as you drive your brand new car out of showroom, its value starts decreasing. What’s the reason for such fast depreciation?

In: Economics

Answer 1

Well I paid 17k for my used car, the dealer sent me the wrong paperwork and I saw they bought it at an auction for 8k so I’d say a lot of the depreciation is due to all the dealer mark ups