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A major factor that contributes to depreciation is how much $$ you optioned the car, and the range of the MSRP price across trims. Higher optioned cars tend to take a larger hit to value, because they are above the average price of the car.
For example, if a base Camaro SS is ~$36k, and a more loaded model is ~$45k, then the average sale price is going to be somewhere in the middle. So, if a dealer or auction is analyzing average used prices on Camaro SS', the value of the more loaded models will be brought down by the sales of the lower-end models. This holds particularly true in the used market, where buyers are shopping for deals, and not custom ordering the car.
Case-in-point - I bought a 2015 M3 a couple years ago. I ordered a stripped-down base model at ~$65k. Most M3 buyers option the cars closer to $80-90k. So, there is a very big spread in the MSRP, and most are optioned at the higher end. One year later, I was able to resell the base M3 for $64,500k, because the higher average sale price of the loaded models boosted the average price of the car across the range.
The M3 is a bit more extreme example then the Camaro, but you get the point.
Yes, I understand that options and trims do make a difference even in the used market, but those options lose more of their value then the base MSRP of the car.
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