The value of an automobile depreciates or decreases over time due to natural wear and tear. A automobile value calculator may be used to determine this depreciation. As a result, automotive depreciation refers to the gradual loss of a vehicle's worth over time, which is impacted by a variety of circumstances.As soon as you drive your automobile off the lot and onto the road, it moves from being a new car to becoming a used car, and its value drops significantly. In reality, this reduces your car's original market worth to 91 percent, and it continues to decrease with each passing year. A car depreciation calculator is used to calculate the worth of your old car. This tool examines the price of your automobile, and it may also be used to determine the fairness of a price for a used car you want to buy. You can determine the annual cost of automobile buying with a car depreciation calculator. The Insurance Regulatory and Development Authority of India has laid forth a format to assure the rate of depreciation of automobiles for the calculation of their Insured Declared Value (IDV) (IRDAI).
