Wear And Tear (Noun)
Meaning
Decrease in value of an asset due to obsolescence or use.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The accountant factored in the wear and tear on the company cars when calculating their current value for tax purposes.
- Over time, the camera's price decreased significantly due to wear and tear as new, more advanced models were released.
- As a result of years of wear and tear, the once-state-of-the-art factory equipment now required frequent and costly repairs.
- The property's value depreciated significantly due to wear and tear from years of neglect and lack of maintenance.
- The insurance company would cover damages from accidents, but not from normal wear and tear on the vehicle over time.