One of the most overlooked costs that comes with buying a vehicle is the cost of depreciation. It’s a key component to making sure you get a better return on investment. Understanding your vehicle’s resale value prepares you to know whether trading it in or selling is the better option.
According to the Canadian Black Book (CBB), depreciation is typically the largest expense in a full buy-own-sell cycle. The moment you drive your new vehicle off the dealership lot, it begins to depreciate. In fact, most vehicles lose 10% of their value within the first year.
The majority of us don’t drive our vehicle until the day it dies, meaning you’re probably going to want to drive something else within a few years. But how do you ensure you’re not losing out on thousands of dollars? By purchasing a vehicle with a good resale value!
We’ve done our research and put together a list of six cars with the best resale value based off of the Canadian Black Book’s 2019 Best Retained Value Awards.
Cars With The Best Resale Value
Here are the six vehicles we selected each from a different category:
- Toyota Camry — Best Mid-Size Car
- Toyota Prius C — Best Sub-Compact Car
- Chevrolet Tahoe — Best Full-Size Crossover/SUV
- Jeep Wrangler — Best Compact SUV
- Toyota Sienna — Best Minivan
- Toyota Tacoma — Best Pick up
Toyota Camry — Best Mid-Size Car
You probably have at least one family member who’s owned a Camry at some point in their lives. This is because of its long-standing reputation for both reliability and quality. Since 2016, the Camry has snagged the top spot in its category and the demand for used models only continues to grow. Toyota has also been recognized time and time again as the brand with the best resale value by Kelly Blue Book, so keep it in mind when you’re car shopping!
Toyota Prius V — Best Sub-Compact Car
It doesn’t come as a surprise that another Toyota vehicle makes the 2019 top list. An interesting feature of this front-runner is that it is also a hybrid, meaning great fuel efficiency. The Prius V’s spacious interior and cargo space paired with great fuel efficiency have helped it take the top spot for the second year in a row. You won’t go wrong choosing this sporty option.
Chevrolet Tahoe — Best Full-Size Crossover/SUV
Though competition is less fierce in this category, the Chevrolet Tahoe earns its spot because of its utility, styling and proven mechanical package — all of which help deliver excellent resale value. With the ability to carry 9 passengers, this SUV can act as a substitute for a minivan or wagon. And according to Kelly Blue Book, it retains as much as 55% of its value even after 36 months — now that’s impressive!
Jeep Wrangler — Best Compact SUV
2019 is the 9th year in a row that the Wrangler has won for its category over at Canadian Black Book. So what makes it stand out from the competition? It has incredibly impressive durability. Thanks to its timeless style and reliability, the demand for both new and used models continues to grow. The 2019 edition of the Jeep Wrangler had an astounding 66.5% retained value over at Kelly Blue Book and was ranked in the number two spot for all vehicles.
Toyota Sienna — Best Minivan
Another vehicle in the Toyota family ranking supreme. The Sienna’s reliability, safety and fuel-efficiency give it excellent resale value for families looking for that extra space. Though the demand for minivans has been declining over the last few years, the Sienna is still a top contender thanks to its trim versatility, going from sporty to luxurious based on your preference.
Toyota Tacoma — Best Pick up
If you’re looking for a truck with a value that reigns supreme, look no further than this model. The Tacoma has remained in the top spot of its category at Canadian Black Book for over ten years, and over at Kelly Blue Book, has earned number one since the organization started making the list! It has an incredible 69.4% resale value at 36 months and remains high at 62.2% at 60 months.
Looking to trade-in your vehicle? At Birchwood Credit Solutions, we encourage our customers to find their freedom by driving the vehicle that fits their lifestyle. Visit one of our three Winnipeg locations to find out how our trade-in program works.
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