New Zealand has been ranked as the worst in a global survey for car depreciation, with a 54% decrease in value after 56,000 kms, surpassing both the UK and the U.S., according to the New Zealand Herald newspaper. The country with the lowest percentage of passenger car depreciation is China.

The survey by Carspring, an online vehicle trading site based in the UK, showed that not only do cars lose their value fastest in New Zealand, but the country ranks well down the field in terms of the affordability of used cars at 19th. The U.S. is the cheapest place to buy a used car followed by the UK and Russia, while Singapore ranks as the most expensive. Carspring, launched as a start-up in 2015, didn't provide an explanation other than to note that taxes, tariffs, and currency valuations play a part.

But the national body of car dealers, the Motor Trade Association, says factors that affect New Zealand car values include the large volumes of used imports on the market and the tendency for new vehicles to sell below their list price.

The Carspring survey covered 40 countries.

Australia ranks better than New Zealand for depreciation, with a drop of 45% in a car's value after 56,000 km.