When buying a vehicle, the cost of depreciation is often overlooked by most people. It’s an important component to consider during the car-buying process to ensure a good return on investment.

By understanding your vehicle’s resale value, you will be better prepared to know whether trading in your car or putting it up for sale will be the best option when the time comes.

WHAT IS DEPRECIATION?

The moment you drive your vehicle off the dealership lot, it begins to depreciate. In simple words, depreciation represents how much of an asset’s value has been used. So, how do you ensure you’re not losing out on valuable dollars due to depreciation on your next car?

That’s where resale value comes into play! Some car models can be expected to hold onto their original worth more than others, and it pays to look into them when you’re in the market for a new ride.

We’ve done the research for you and put together a list of six cars with great resale value in 2023:

BEST RESALE VALUE CARS IN 2023

Here are six of the 2023 models that are expected to bring the highest rate of return after five years, along with the estimated percentages of value they retain:

• Honda Accord – Mid-Size Car (56.7%)
• Subaru Crosstrek – Sub-Compact Car (61.0%)
• GMC Yukon – Full-Size SUV (49.3%)
• Subaru Forester – Compact SUV (60.6%)
• Toyota Sienna – Minivan (59.3%)
• Toyota Tundra – Full-Size Pickup (73.3%)

HONDA ACCORD – MID-SIZE CAR

This is the 11th generation of the Honda Accord mid-size sedan and it boasts characteristics that really matter – reliability, safety, space, comfort and of course, value for money. Its hybrid technology and great fuel economy also put it at the forefront. It’s a multiple-award winner that you should definitely keep in mind if you are looking for a new car with great resale potential!

SUBARU CROSSTREK – SUB-COMPACT CAR

The 2023 Subaru Crosstrek is a solid choice if you are looking for a car that is efficient and affordable but also something that stands out from the crowd. It’s recognized for a generous list of safety tech features, making it a sensible car for your daily commute. It also has all-wheel drive, great ground clearance and off-road features that make it perfect for the adventurer at heart.

GMC YUKON – FULL-SIZE SUV

The 2023 GMC Yukon looks like an SUV but acts essentially like a truck. Towing capabilities, spacious interior and three engines are just some of its exciting features. If you’re looking for a powerful and modern SUV with a rugged feel, the GMC Yukon might just be a perfect fit.

SUBARU FORESTER – COMPACT SUV

The 2023 Subaru Forester is a sensible choice, but it also doesn’t skimp on adventure or luxury. It’s a compact SUV that provides a safe and solid mode of transportation with a strong resale value – a winning formula if you ask us. If you’re searching for a family-friendly vehicle with lasting worth, consider the Subaru Forester.

TOYOTA SIENNA – MINIVAN

Minivans are known for being a practical, family-friendly choice and the 2023 Toyota Sienna does not disappoint in these categories. With three roomy rows of seating, up to eight people can be seated comfortably. It comes with an efficient hybrid powertrain and optional all-wheel drive – which is especially practical for a snowy climate like Manitoba’s. With great value and a reputation for reliability, it makes sense why the Toyota Sienna is a top choice.

TOYOTA TUNDRA – FULL-SIZE PICKUP

The 2023 Toyota Tundra comes with rugged good looks, comfortable seating, reliability and strong resale value. Its coil-spring rear suspension also offers a softer drive. If towing capacity isn’t at the top of your priority list, the Toyota Tundra’s smooth ride and outstanding resale value make it a great option if you’re searching for a full-size truck.

At Birchwood Credit Solutions, we’re committed to getting you into an affordable and reliable vehicle as fast as possible. Our customers include people who are new to Canada or have yet to build their credit. We pride ourselves on being able to help with any type of credit situation. Fill out our online application today to find a vehicle that works for your budget and lifestyle.