When it comes to buying a car, drivers often think about what the resale value of their car can be. Because cars are depreciating assets, you will never be able to make back the money you spent on a car when you sell it. For this reason, drivers are constantly trying to think of ways to maximize the amount of money they can make back on their vehicles should they choose to sell.
Why do people resell their cars
Consumers choose to resell their vehicles for a number of reasons. Generally speaking, you get two types of drivers: Those who purchase a vehicle and drive it for an indefinite amount of time before the car gives out entirely, and those who constantly trade in their car for newer models. If you fall into the later camp, you are probably more concerned about your resale value than the former.
There are a number of factors which can affect the resale value of your car. Generally speaking, the biggest factor which plays a role in how much you can resell your car for is how old the model is and how many miles you have on it. Older cars are worth less than newer ones, however, this is not always the case. Collectables can be worth quite a lot of you have a rare car which is no longer in production. Other factors which can affect the resell value of your car is the brand, the condition the car is in, if you have kept up with annual services, the aesthetics of the car, and if it has modern technology implemented into it.
Your vehicle’s brand affects its resale value
The brand of your vehicle plays an important role in determining its resale value. Luxury brands’ vehicles will typically always have a higher resale value than more entry level brands. However, certain brands have ensured that they have achieved a reputation of reliability, which means that their models can go for a higher resale value even if they are not considered a luxury or high end brand.
According to the latest Car Edges report, these are the top five brands which have the highest resale value for their vehicles after give years:
Toyota
Taking first place in the report, Toyota vehicles have the highest resale value after five years. Coming in at a resale value of 69.31%, the Japanese automaker has established itself as one of the most reliable and trustworthy brands on the road, putting their clients needs first and foremost. The brand’s 4Runner, Tacoma, and Highlander are to thank for the impressive resale value the brand pulls in.
Mazda
Taking the second position, another Japanese vehicle brand take a podium position. Mazda vehicles produce a resale value of 65.34% according to Car Edges’ report. Standout contributing vehicles include the MX-5 and CX-3. The brand has slowly built its way up over time to get one of the top spots, however, Mazda has been under fire recently for their decision to produce a new internal combustion engine instead of investing in more renewable solutions.
Honda
Taking the final podium spot, and causing Japanese vehicles to dominate, Honda comes in at a resale value of 65.22%. Known for being one of the most consistent vehicle producers, The Honda Civic and CR-V are popular vehicles which can account for the brand’s strong resale value.
This American brand just makes the cut
Coming in just behind Honda is Japanese automobile company Subaru, with a resale value of 63.64%. There is no doubt that Japanese automakers have dominated the industry, thanks to their innovation and reliable models. However, American company Jeep just makes the cut for the top five vehicles with the best resale value, coming in at 62.25%.
