Zeitwerts

Zeitwert is a valuation concept used in German-speaking countries to express the value of an asset at a specific point in time. It reflects depreciation due to age, wear, and obsolescence as well as current market conditions. Zeitwert differs from Anschaffungswert (acquisition cost) and from Wiederbeschaffungswert (replacement cost) or Neuwert (new value). In many sectors it is used as an estimate of what it would cost to replace the asset today, less any accrued depreciation.

In insurance, the Zeitwert is commonly used to determine payouts for damaged or lost property. Depending on policy terms, the insurer may indemnify to the Zeitwert, or to a higher level such as the Neuwert or Wiederbeschaffungswert. In accounting, Zeitwert is used in depreciation calculations and impairment tests under the Zeitwertprinzip, affecting balance sheet values at reporting dates.

In the context of real estate, motor vehicles, machinery and other durable goods, the Zeitwert mirrors the asset’s market value in its current state, yet factors such as condition, maintenance, and demand influence the result. There is no universal formula; methods range from linear or age-based depreciation to market-based appraisals.

Zeitwert should be distinguished from Marktwert (market value), which is the price a willing buyer would pay in an open market, and from Nutzwert (use value) which reflects the economic usefulness of an asset. The term is widely used in practice, but exact definitions vary by jurisdiction and sector.

See also: Wiederbeschaffungswert, Neuwert, Marktwert, Nutzwert, Zeitwertprinzip, Barwert.