Definitions for "Useful Life"
The length of time that a depreciable asset is expected to be useable. see also salvage value.
The number of years equipment costing more than $5,000 is expected to be in use. The useful life is employed in the annual depreciation calculation. Most commonly, the useful life defined by the state is used for the calculation. The equipment classes and their useful lives are found at the State Administrative and Accounting Manual website.
The legal life of a vehicle during which the manufacturer is responsible for meeting emission requirements and offering an emissions warranty. (i.e., For cars built from January 1, 1968 to the 1993 model year, the useful life is five years or 50,000 miles, which ever occurs first. A longer useful life of ten years or 100,000 miles which ever occurs first, is being phased in with the 1994 model years).
Determined when contamination causes an adverse flow rate, low efficiency or high differential pressure.
The period of time over which a building or building system continues to generate benefits or savings.
The time during which a property can provide benefits to its owner.