Here's why cars depreciate so quickly

A car loses about 10% of its value, on average, as soon as it's driven off the lot. In three years, it has often lost 50%. Depreciation, the rate at which that happens, is a number everyone in the automotive world thinks about including consumers, automakers and the massive used car market, which makes up more than double the sales of new cars. But the Covid-19 pandemic turned used car prices upside down. Those odd times have led to lasting changes, and industry insiders say it is likely to remain.