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Vehicles from brands with less reliability or a history of frequent recalls can also lose value faster.
Also see car brands that lose value faster than the average vehicle.
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.
In 2024, the market is increasingly favoring SUVs and electric vehicles (EVs) over traditional sedans.
This shift in consumer preference means luxury sedans could see significant drops in value.
This is particularly true for older models that do not meet thelatest emission standards.
Factors such as high maintenance costs, expensive insurance, and rapid technology obsolescence contribute to their diminished appeal.
Brands known for their rapid depreciation include Jaguar, Maserati and Alfa Romeo, according to Sultanov.
Thecompact car segmenthas been losing ground to crossovers and small SUVs for years, according to Miller.
This trend is expected to continue in 2024, causing compact cars to depreciate rapidly, Miller continued.
Consumers prefer thepracticality and styleof crossovers, making compact cars less desirable.
As a result, older hybrids are expected to see a significant decrease in value.
Cars that have been discontinued by manufacturers often face steep depreciation, Sultanov said.
The lack of ongoing support, parts availability, and perceived obsolescence make these vehicles less attractive to buyers.
Notable examples, as highlighted by Sultanov, include the Ford Fusion, Chevrolet Impala and Toyota Yaris.
The high cost of maintenance and insurance further exacerbates their depreciation, Miller said.
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