Most people shopping for a car focus primarily on the price. They want a good deal on the vehicle, as this can usually result in a more management payment. But while price is important, there are other factors to take into consideration, such as the resale value of the car.
If you typically buy brand new cars and keep these vehicles until they die, resale values may be of little interest to you. But if you trade in your cars every two or three years, or if you sell your cars after paying off the loan, it pays to know which used cars have the best resale value.
1. Scion tC
This vehicle is an excellent choice if you’re planning to sell down the road. With a suggested retail price of only $20,000, the Scion tC averages 31 miles per gallon. The resale value after 36 months is 60 percent of the new price, and after 60 months, the resale value is 46.5 percent of the new price.
2. Honda Civic
With a history that spans 30 years, the Civic remains a top selling compact car in the United States, and for good reason. This vehicle comes in a wide range of styles, with most styles priced under $20,000. After 36 months, the Honda Civic has a resale value of 62.5 percent, and after 60 months, the resale value holds strong at 46.9 percent.
3. Porsche Cayenne
Although a bit pricey, this car is a good choice if you can afford to shell out $53,000. This vehicle has been around for a little more than 10 years, but in this short time, it’s become the best selling Porsche in the United States. The Cayenne averages 22 miles per gallon and it has a 67 percent resale value after 36 months, and a 47.3 percent resale value after 60 months.
4. Honda Accord
With its excellent fuel economy (27 miles per gallon), sleek design and roomy interior, the Honda Accord is one of the best sedans. This car has a base price of just over $21,000, and after 60 months, a resale value of 46.1 percent.
5. Toyota Avalon
The Avalon is available in four different styles, with three styles available as a hybrid. While the hybrid models average about 40 miles per gallon, the other models get about 31 miles per gallon on the highway and 21 miles per gallon in the city – not bad for a sizable sedan. Prices for this vehicle start around $30,000, and the resale value after 60 months is 42.5%.
Things That Affect Car Resale Value
Understand, however, that these percentages are averages, as other factors also play into the resale value of a used car. For example, vehicles with neutral colors (black, white, grey) typically have a higher resale value. If you’re thinking about selling or trading in your car, avoid customizing with bright or offbeat colors, unless you plan on repainting the vehicle before selling.
Keeping your mileage low is another way to increase resale value. A two-year old car with 48,000 miles is going to be less appealing than a similar model with half the mileage. Additionally, stay on top of your vehicle’s maintenance, and keep the interior and exterior in good condition.