OMG! True cost of owning a new car

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If you own an MG6 don’t read on! Well, do but don’t shoot the messenger … it has been named as the UK’s biggest money pit motor.

The MG6 costs £18,600 but loses nearly £14,000 over the first three years of its life. This puts the Chinese-made motor at the top of a list of depreciation based on percentages retained after three years and 36,000 miles.

The Fiat 500L drops from £22,135 to £7,375 and the Vauxhall Meriva drops from £19,007 to £6,392.

Experts say some of the cars on the list are overpriced in the first place.

The study, by used car experts CAP for Auto Express, shows price reduction after 36,000 miles on the road after three years. 

Luxury, upmarket cars often lose more because they are so expensive in the first place, but the percentage loss is less.

The exception is the Maserati Quattroporte, worth more than £69,000 new but only £24,000 after three years.

Auto Express said: ‘The common legend is that your brand new car loses half its value the moment you drive it off the forecourt. Of course, that’s rubbish – unless you drive it off the forecourt and into a ditch – but the underlying message is correct. ‘Every new car loses money, but some lose it faster than others.

‘At the top end of the scale, there are limited edition supercars, desirable SUVs and rare performance cars which can even appreciate in value over time.

‘At the lower end, there are absolute stinkers which will be worth peanuts at the end of a regular ownership cycle.

‘These depreciation disasters can be good news for used buyers, but for the original owner, they’re a costly headache.’  

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