10 Cars With the Best Resale Value in 2023
As we all know, a brand new car will lose at least 9-11% of its value as soon as it’s driven off the lot. Each year thereafter, with consistent use, it’ll continue to depreciate in value more and more.
However, there are some cars that hold value better than others. It’s important to know what cars these are, especially when it comes to buying and selling them.
Below are the top 10 cars with the highest resale value:
1. Jeep Wrangler 2 Door
Average 5-year depreciation: 7.6%
It’s safe to say that the Jeep Wrangler will always be a trending model of car and therefore always in demand. It’s synonymous with freedom and being carefree, atop rugged off-road capabilities unrivaled by other makes and models.
High demand is one of the most important variables that determines which are the best cars for resale value. Due to Jeep Wrangler essentially being a “lifestyle” vehicle, with very few aesthetic changes, most Wranglers will retain a decent amount of their value for up to seven to twelve years, minimum.
The Jeep Wranglers sold new in 2022 have barely decreased in value, with a depreciation rate of only 2.16% for the year. This means a new Jeep Wrangler purchased in 2022 may retain roughly 70% of its value by 2028.
2. Jeep Wrangler Unlimited
Average 5-year depreciation: 8.7%
The Wrangler Unlimited is the Wrangler’s four-door counterpart, meant to suit those who loved the Wrangler lifestyle but needed extra room for their growing families. While many die-hard Jeep fans turned their noses up at the thought of a Wrangler with four doors, the Wrangler Unlimited found its way into their hearts and is now among the top cars that hold value.
In fact, the Wrangler Unlimited’s depreciation rate is about four times lower than the average vehicle and is predicted to only depreciate by about $3,344 per year over the next few years.
3. Toyota Tacoma
Average 5-year depreciation: 14.9%
Toyota’s mid-size pick-up is another of the most sought-after cars with the highest resale value. The Tacoma is an increasingly popular model as it offers exceptional value for its practicality, reliability, and ruggedness.
A two-year-old Toyota Tacoma today will only cost around $6,383 less compared to a new model while still retaining much of its life and luster. Another year older and the total cost of depreciation will be around $7,380, which means the Tacoma will have retained 67.05% of its value by the three-year mark.
4. Honda Civic
Average 5-year depreciation: 16.3%
The Honda Civic has always been considered among the top used cars with the best resale value. This is because they’re essentially problem-free vehicles, meaning that with regular maintenance and care, they’ll last for about as long as you want to take care of them.
Due to the COVID pandemic, chip shortages and manufacturing slow downs nearly new Honda Civics have held their value better than most vehicles. Whether you’re buying or selling a Honda Civic that’s two years old, the monetary difference may be only $2,899 compared to one that’s brand new. Within five years of ownership, the Civic may retain about 84% of its value.
5. Subaru BRZ
Average 5-year depreciation: 18.2%
While Subaru is mostly associated with dog lovers and camping sites their performance vehicles — like the BRZ — are often sought out by drivers who have a need for both speed and escapism. Subarus have always had a high demand, but this demand especially peaked during the pandemic as did the need to escape.
Having said that, a two-year-old BRZ may only depreciate by $4,547. It’ll also retain up to 75% of its original value once it hits the five-year mark.
6. Toyota Corolla
Average 5-year depreciation: 19.8%
The Toyota Corolla, aka: Old Reliable, is well known for being a car that’s safe, user-friendly, gas-saving, and long-lasting. It’s also one of the few cars that hold value remarkably well. This is arguably what makes it one of the most popular compact cars on the market today.
After two years, a brand new Toyota Corolla only depreciates by $3,641. With a 19.8% depreciation rate, that means a five-year-old Corolla will still have retained 79% of its value.
7. Porsche 911
Average 5-year depreciation: 14.6%
The Porsche name is synonymous with luxury and performance. While you wouldn’t think that a sports car would retain much value after the first year, the Porsche 911 is considered one of the top luxury vehicles with the best resale value. This is all thanks to a long history of reliability in performance and the strong demand associated with that.
A two-year-old Porsche 911 will generally retain 93.97% of its MSRP value. Even after five years of depreciation, it’ll still have 85% of its value intact.
8. Ford Mustang
Average 5-year depreciation: 19.4%
There’s only one way to describe the Ford Mustang: Iconic. Today, Mustangs aren’t just made with performance in mind but also reliability and better handling — hence the reason for their continuing popularity.
This is why Mustangs hold their value so well. After two years, these high-performance sports cars hang on to 82.14% of their value. After five years, some trim levels still retain 76% of their residual car value.
9. Nissan Versa
Average 5-year depreciation: 19.9%
Nissan models tend to be hit or miss, but the Nissan Versa has maintained its popularity over the years thanks to its spaciousness, efficiency, and inexpensive MSRP. That’s why nice ones only depreciate by $2,677 in its first two years. Once they reach five years of age, it’ll still have at least 76.45% of its original value.
10. Chevrolet Camaro
Average 5-year depreciation: 20.2%
The Chevy Camaro has always had distinguishing features that set it apart from the rest. We’re talking about an iconic body style and the many powerful power plant options. It’s also known to be an incredibly reliable vehicle.
In its first two years, some Camaro models will only lose $5,787 from their original MSRP and still retain 83.47% of its value by year five.
10 Cars With the Best Resale Value in 2023
Ultimately, you can’t stop your car from depreciating, no matter how well it holds its value. However, there are a few factors that determine how much your car will depreciate over time — some of which are within your control.
Here are a few tips to help you retain a decent resale value on a new car:
- Regular maintenance. Keeping your car clean and in good working condition is a key factor in maintaining its value.
- Keep the mileage low. Vehicles with higher mileage will depreciate much faster. Aim to keep your mileage at or below 12,000 miles per year if possible.
- Purchase a high-resale model. When you do your research before buying a new car, make sure it includes the car’s predicted resale value over the course of 10 years. Remember, high demand or a low production model equates to more value!
- Intend to keep your car for a long time. Buy the right model with the right powertrain and plan on keeping it for a while. Sure, it’ll depreciate a little more over time, but you’ll enjoy it even more once the loan is paid off and you own it outright.
- Consider a used car. New cars depreciate quicker than older cars. Buying a vehicle that’s a few years old with some miles already on it is a good way to avoid the initial depreciate hit of new car ownership.
Selling your car privately will also help you get more out of it and eliminate some of that depreciation. A private sale could result in a 10-30% higher sale price return, essentially eliminating a few years of depreciation versus trading it into a dealership and allow them to make the money.
When you sell with Motobyo, you’re guaranteed to get the most value for your pre-loved car, no matter how you decide to sell it. Learn more about buying or selling a car with us today!
Source: https://www.cnbc.com/2022/11/11/these-10-used-cars-have-held-their-value-the-most.html
