Consumers Tell CarMax What Drives Depreciation

Depreciation is typically seen as the largest cost of ownership in driving. But what do Americans see as the biggest reason for all this decline in the value of their vehicles?

According to a study from CarMax, close to a third of consumers believe that the strongest cause of depreciation in their vehicles is the mileage put on the car.

Gaining 29 percent of the vote, this factor was the most popular choice, with accident or frame damage (26 percent) in a close second.

Third on the list was not keeping up with regular maintenance. Twenty-two percent of respondents listed that factor as the top depreciator.

Meanwhile, current market data (12 percent) was fourth, followed by flood damage (7 percent) and title issues (3 percent).

"Several factors can lead to a vehicle’s depreciation, including mileage, maintenance and overall condition,” says Chad Moudry, purchasing manager of the CarMax of Richmond. “Taking a few preventative measures can really protect your investment when it comes time to sell.”