When buying a new car, there are several things you should consider before making your final decision and signing on the dotted line . For instance, which make and model fits your needs and budget best? How does the vehicle compare to others concerning reliability and resale value? Does it depreciate more significantly than others?
Before spending your hard-earned money on a new vehicle, consider the models that hold their resale value the most and what you can do to minimize depreciation.
What Is Depreciation and What Causes It?
As soon as you drive a new car off the lot, it decreases in value. Over time, its worth continues to decline. This is depreciation, and unfortunately, it happens to every vehicle, whether you own a sedan, truck, or crossover SUV. There is no way to prevent it.
But, there are steps you can take to slow it down. Additionally, some vehicles will retain their value longer depending on the make, model, age, mileage, and condition. So researching which vehicles depreciate the slowest is crucial when buying a car, especially if you intend to sell it within a few years.
How Do I Extend My Car’s Resale Value?
Before we jump into our list of vehicles with the best resale value, let’s first explore the steps you can take to help extend your car’s value, despite the make and model you own:
Follow Your Vehicle’s Service Schedule
Keeping up with routine maintenance and documenting your service is a critical part of car ownership and a great way to preserve its value. Make sure you follow your vehicle’s factory-recommended maintenance schedule and record each service in a car maintenance log . Keep the receipts and have your repair shop stamp the book.
Should you decide to sell your car, you’ll have proof showing you’ve kept up with repairs and replacements . Potential buyers can also review the service records to estimate when they need to service the vehicle again.
Buy an Extended Car Warranty or VSC
The purpose of investing in a breakdown coverage plan beyond your car’s original factory warranty is to save on out-of-pocket repair costs when your vehicle needs a repair. When you buy an extended auto warranty, also called a Vehicle Service Contract (VSC), you choose the level of coverage you want or need. This might be a basic powertrain plan or one that’s more exclusionary, like a bumper-to-bumper warranty .
With a solid coverage plan, you won’t have to worry about expensive repair costs and whether you can afford to fix your vehicle. Additionally, you’ll likely be able to transfer the plan to the next owner if you choose to sell. Not only is this an attractive perk to potential buyers, but it also adds value to your car. There’s nothing better than buying a car that’s already protected!
Now that we’ve explored depreciation and how you can boost your car’s worth, let’s look at the top vehicles with the highest resale value.
Which Vehicles Have Excellent Resale Value?
Another way to protect yourself from depreciation is to buy a vehicle known for its reliability and retains its worth over time. Consider the following 10 automobiles as you shop for your next set of wheels:
#10. Subaru WRX
This high-performance Japanese vehicle has a starting MSRP of $28,420. As an affordable sports car, data shows that it retains over 45 percent of its resale value for at least the first five years of ownership:
2018
- 57.8% resale value at 36 months
- 46.2% resale value at 60 months
2017
- 55.2% resale value at 36 months
- 45.4% resale value at 60 months
2016
- 65.2% resale value at 36 months
- 50.8% resale value at 60 months
#9. Honda Ridgeline
When you’re looking for a reliable truck that has the ride and feel of an SUV, the Ridgeline is a great option. The 2021 sports model starts at $37,665 and has towing capabilities of up to 5,000 pounds. Check out the resale value of the 2018 and 2017 models:
2018
- 60.7% resale value at 36 months
- 46.7% resale value at 60 months
2017
- 64.4% resale value at 36 months
- 47.6% resale value at 60 months
#8. Chevy Silverado
Considered by Kelly Blue Book (KBB) to be the second-best-selling vehicle in the country, the Silverado offers comfort, capability, and several options for trim and engines. The MSRP for the 2021 Chevrolet Silverado 1500 Regular Cab model falls between $29,300 and $33,900. Let’s take a look at the resale value of the 2018 and 2017 models:
2018
- 57.6% resale value at 36 months
- 50.4% resale value at 60 months
2017
- 61.8% resale value at 36 months
- 52.2% resale value at 60 months
#7. Chevy Colorado
The midsize Chevrolet Colorado provides a spacious interior and a sleek look and offers comfortable handling and towing capabilities. Buyers can also choose from a diesel engine or other powertrain options. The MSRP for the 2021 crew cab model ranges between $27,100 and $43,200. Consider the resale value for the 2016-2018 models:
2018
- 60.5% resale value at 36 months
- 47.5% resale value at 60 months
2017
- 61.3% resale value at 36 months
- 48.1% resale value at 60 months
2016
- 70% resale value at 36 months
- 58.6% resale value at 60 months
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#6. Ford F-Series
The Ford F-150 is an American classic that has “dominated vehicle sales in the United States for decades.” Buyers love its design, durability, powerful engines, and exceptional trims, and the model often sees repeat customers.
With several options to meet various needs and budgets, the 2021 F-150 has an MSRP ranging between $37,000 and $74,600. Even better, it has a solid resale value.
On average, the F-Series will retain:
- 57.5% of its resale value after 36 months
- 50.6% after 60 months
A 2018 model will retain:
- 58.7% resale value at 36 months
- 49.6% resale value at 60 months
#5. GMC Sierra
The GMC Sierra’s full-size pickup truck makes it convenient to transport your family or haul a load of gravel. This well-liked American vehicle offers several engines, such as the fuel-efficient four-cylinder and the 6.2-liter V8. The 2021 GMC Sierra 1500
MSRP range averages between $36,400 to $59,600. Let’s look at the resale values for the 2016-2018 models:
2018
- 58.4% resale value at 36 months
- 51.9% resale value at 60 months
2017
- 56.8% resale value at 36 months
- 47.5% resale value at 60 months
2016
- 57% resale value at 36 months
- 48% resale value at 60 months
#4. Toyota Tundra
Receiving the KBB best overall resale value of 2021, this full-size truck has a strong reputation for reliability and durability. With its roomie rear seating and V8 power, the Tundra is an excellent option for regular towing and hauling, as well as transporting a family. Furthermore, RepairPal notes that significant repairs are infrequent for the Tundra. The MSRP for the 2021 Tundra is between $38,420 and $53,500, and it posts high resale values year after year:
2018
- 64.7% resale value at 36 months
- 54.2% resale value at 60 months
2017
- 60.7% resale value at 36 months
- 49% resale value at 60 months
2016
- 64.1% resale value at 36 months
- 53.8% resale value at 60 months
#3. Jeep Wrangler
Known as a world-class off-roader, the Jeep Wrangler lets drivers go anywhere and do anything. Displaying a rugged style, the Wrangler is known for standing up against harsh weather conditions, including high snow accumulation and standing water.
The 2021 Wrangler MSRP ranges between $28,900 and $73,500. And while it may not be the most comfortable vehicle to travel in, it does provide two- and four-door options and outstanding resale value across the board:
2018
- 65.2% resale value at 36 months
- 54.1% resale value at 60 months
2017
- 63.7% resale value at 36 months
- 51.1% resale value at 60 months
2016
- 65.6% resale value at 36 months
- 54.9% resale value at 60 months
#2. Toyota 4Runner
The various configurations of the Toyota 4 Runner accommodate its diverse buyer’s needs and provide versatile cargo space with the option to slide out the floor. Not only does it offer off-road capabilities, but the 4Runner seats seven and gives drivers the benefit of being able to tow if needed. The MSRP for the 2021 model falls between $36,765 and $50,745. But how does it stand up when it comes to resale value?
2018
- 65.8% resale value at 36 months
- 54.2% resale value at 60 months
2017
- 64.3% resale value at 36 months
- 54.5% resale value at 60 months
2016
- 66.7% resale value at 36 months
- 60.3% resale value at 60 months
#1. Toyota Tacoma
As a midsize pickup truck with a superior V6 engine, the Toyota Tacoma exudes off-road ruggedness, offers user-friendly interior controls, and is known for its reliability and endurance. Even better, the Tacoma has received a Kelly Blue Book Award for best overall resale value for 10 years and ranked number one several years in a row. See why below:
2018
- 69.6% resale value at 36 months
- 61.1% resale value at 60 months
2017
- 71.8% resale value at 36 months
- 58.4% resale value at 60 months
2016
- 72.9% resale value at 36 months
- 61.7% resale value at 60 months
Can I Protect My Vehicle With Breakdown Coverage Now?
Keeping up on routine maintenance is a critical part of prolonging your car’s life and helping it retain its value. But, so is having a reliable extended car warranty from a reputable provider. Without one, you could face a massive maintenance bill when faced with an extensive repair.
If you decide to take the plunge and buy a new car but it’s no longer under contract or has a factory warranty that’s about to expire, start researching your options now. Visit our website and check out our top warranty program picks for car owners and protection program reviews.
