Question

When looking at the total cost of owning a vehicle, what is the specific term for the financial loss that happens as the truck gets older and worth less money?

Accepted Answer

The specific term for this financial loss is depreciation. Depreciation is simply the drop in a vehicle&#x27;s value over time as it gets older, gets more miles on the odometer, and undergoes normal wear and tear. Think of it like a brand new loaf of bread; it is worth the most the moment you buy it, but as it sits on your counter for a few days, it becomes less valuable to others. Even if you take perfect care of your truck, it will lose a chunk of its resale value every year. This is one of the biggest costs of owning a vehicle because it is money you essentially lose without ever having to write a check.

When looking at the total cost of owning a vehicle, what is the specific term for the financial loss that happens as the truck gets older and worth less money?

The specific term for this financial loss is depreciation. Depreciation is simply the drop in a vehicle's value over time as it gets older, gets more miles on the odometer, and under....

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When looking at the total cost of owning a vehicle, what is the specific term for the financial loss that happens as the truck gets older and worth less money?

The specific term for this financial loss is depreciation. Depreciation is simply the drop in a vehicle's value over time as it gets older, gets more miles on the odometer, and under....

Community Answers