Once a new car leaves the showroom, it embarks on a relentless race. While the owner races up and down the open roads, the car’s value is only racing in one direction: the bottom.
Research shows a new car loses 20% of its value in the first year of ownership, followed by 10% every subsequent year.
If you’re in the market for a new one, it’s prudent to focus on finding a car that can hold up as much value as possible. In this article, we’re telling you how to choose the best resale value cars.
Consider Used Cars
Buying a used car might not be the first thing that comes to mind. After all, used cars are usually at least a couple of years old, meaning they might not be packing the latest automotive and infotainment technologies. Imagine buying a car that doesn’t have Android Auto or Apple CarPlay.
However, when you need a car that you can resell later on without losing a lot of money, it’s best to go for a used one. Used cars don’t depreciate as much as new cars. Plus, they’re cheaper to buy, so if you’re working on a tight budget, that’s another added benefit.
Keep in mind that not all used cars hold up value. Car models that are known to lose a lot of value will still keep losing value even when they’re used.
Avoid Luxury/Sporty Vehicles
Let’s admit it: there’s no better feeling than hitting the freeway in a luxurious sports car.
While there’s no one preventing you from buying a luxury car if you can afford it, when resale value is a factor, you have to look the other way. Otherwise, you’ll spend $100,000 on a car that will fetch less than $50,000 after three years.
If you must purchase a luxury or sports vehicle, do extensive research and zero in on car models that have a well-established reputation for maintaining their value. Find a mechanic to evaluate the car and ensure it’s mechanically sound.
Since luxury or sports cars will typically lose value much faster than other car types, it’s advisable to take additional steps to protect its value. For instance, you can take it in for XPEL paint protection, so as to preserve its factory car paint.
Go for Car Brands Known to Hold Value
Some car manufacturers make cars that hold value. Others don’t. It’s as simple as that, really.
You don’t have to be a car expert to know that Toyota, for instance, has long been known to make cars that rarely break down or lose value at an alarming rate. On the other hand, you can name a handful of German car manufacturers whose cars depreciate just as rapidly as they break down!
If you need a vehicle with the best resale values, don’t stray away from the trusted car brands!
Find the Best Resale Value Cars
If you’re anything like the average person in the U.S., you want a car that you can sell later on. You don’t want to incur a big loss doing that, so it’s better to find the best resale value cars when you’re in the market.
Explore our blog for more car buying and ownership advice.
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