It seems that I was talking about a place with one of the highest depreciation rates (1) in the world, so what I said may not be widely applicable at all. I didn't realise it varied so much by country. I should have remembered that New Zealand has unusual prices because it gets a lot of used car imports from places like Japan and Singapore who get rid of their cars quickly.
This is an old study which points to New Zealand having quick depreciation in the first year. Looking around briefly, I think depreciation reduced substantially since COVID, and I think those numbers in that study may have been too high anyway (the study found over 50% in the first year). I'm interested in what happened, so I'll try and find what the reality is when I get a chance.
1) https://www.stuff.co.nz/motoring/news/89145417/new-zealand-h...
This is an old study which points to New Zealand having quick depreciation in the first year. Looking around briefly, I think depreciation reduced substantially since COVID, and I think those numbers in that study may have been too high anyway (the study found over 50% in the first year). I'm interested in what happened, so I'll try and find what the reality is when I get a chance.