When buying a car, you must consider its resale value. It will help determine the automobile’s long-term worth and significantly reduce ownership costs. A brand-new car loses 9% to 11% of its value immediately after you drive it from the showroom and 60% in the next five years. This post details the vehicles with the best five-year resale value. You can refer to our list before making a purchase decision.
What is a vehicle’s resale value?
A vehicle’s resale value is the estimated monetary worth or value it retains over time, mainly when resold. In other words, it’s the amount you can expect to receive after listing the automobile in a used car market. A car’s resale value is influenced by various factors, such as its brand reputation, model popularity, overall condition, mileage, demand, and market trends. Vehicles with higher resale prices tend to depreciate slower, making them more desirable to buyers.
Vehicles with the best five-year resale value to consider
After the first year, a car’s value depreciates by 15% to 25% each year until it turns five. This shows the importance of calculating the resale price of any vehicle before buying it. Here are eight vehicles with the best five-year resale value you can consider driving home:
2023 Toyota Tundra (Resale Value: 73.3%)
The 2023 Toyota Tundra is a robust and reliable full-size pickup truck with a reputation for its exceptional resale value. Toyota sold around 94,429 Tundras in 2022, achieving a yearly growth of 15.71%. The vehicle boasts a comfortable interior, advanced safety features, and cutting-edge technology. It also has a strong track record for holding its worth. Data and statistics show its average five-year resale value to be 73.4%. This impressive figure solidifies the vehicle’s favorability as a wise investment for those seeking long-term ownership satisfaction.
2023 Toyota Tacoma (Resale Value: 66%)
The 2023 Tacoma has gained a strong reputation for retaining its value over time. Toyota saw a 6% decrease in Tacoma truck sales in 2022, selling 237,323 units that year. But this drop was due to a supply shortage and had nothing to do with the vehicle’s performance. A current resale value of 66% indicates buyers can expect a significant return on their investment when selling or trading in their Tacoma. Whether tackling off-road adventures or hauling heavy loads, the pickup truck offers high performance and reliability.
2023 Tesla Model X (Resale Value: 66%)
The 2023 Tesla Model X is a premium electric SUV known for its impressive performance and cutting-edge features. It has a sleek and futuristic design with advanced technology and spacious interiors. The car has a resale value of 66%, tying with the Toyota Tacoma. In 2022, there was a significant increase in preowned Tesla Model X car sales, with a yearly growth rate of 329.39%. This indicates the high demand for the variant in the used car market, making it a compelling choice for those seeking a long-term investment.
2023 Ford Bronco (Resale Value: 65.4%)
The 2023 Ford Bronco is a rugged and versatile SUV that pays homage to its iconic predecessor. It combines classic Bronco styling with modern features and capabilities, making it a sought-after choice for adventure enthusiasts and off-road lovers. Ford sold 38% more Bronco units in 2023 Q1 than in 2022 Q1. Even after five years of ownership, the vehicle retains approximately 65.4% of its original value, making it a standout choice for those looking to maximize their investment and minimize depreciation.
2023 Chevrolet Corvette (Resale Value: 65.3%)
The 2023 Chevrolet Corvette is a legendary sports car known for its performance, style, and cutting-edge features. In 2022, Chevrolet sold over 34,510 Corvette units, 4% more than the previous year. The 2023 model holds its ground impressively, with a resale value of 65.3% after five years. It delivers an exhilarating driving experience and boasts an elegant design and strong engine options.
2023 Toyota 4Runner (Resale Value: 64.4%)
The 2023 Toyota 4Runner has impressive features, including a powerful V6 engine, available four-wheel drive, a spacious interior with seating for seven people, and a towing capability of up to 5,000 pounds. It also has advanced safety features and a user-friendly infotainment system. With its robust build quality, reliability, and high demand, Toyota 4Runner remains a sought-after vehicle in the used car market. It has an outstanding five-year resale value of 64.4%.
2023 Honda Civic (Resale Value: 62.5%)
The 2023 Honda Civic is popular among compact car enthusiasts. Its reliability, fuel efficiency, and stylish design make it a long-standing favorite in the automotive market. In 2022, Honda registered a total sales of 133,932 Civic units in our country. The 2023 model holds its ground impressively, with a resale value of 62.5%. This figure indicates its desirability and the trust it instills in buyers.
2023 Ford Maverick (Resale Value: 61.7%)
The 2023 Ford Maverick is a versatile, compact pickup truck that combines functionality and fuel efficiency. It has an impressive resale value of 61.7%, making it a sought-after option in the automobile market. In 2022, the sales of Ford Maverick surged to 74,370 units, a remarkable increase of 461%. This affordable and capable truck offers a range of notable features, including a spacious interior, advanced safety technologies, and efficient hybrid powertrain options.
Remember, purchasing a car is not just about the initial price but also the long-term ownership costs. The resale value directly impacts the overall expense of purchase and maintenance, making it an essential factor to consider during the buying process.
